Man Develops Own Credit Card Contract–Then Sues Bank For Not Sticking to Terms

August 28, 2013, Written By Bill Hardekopf

When most people get frustrated with the terms on their credit card accounts, they rip up the contracts, click out of the pages or vent about it to their friends. Dmitry Argarkov had a different idea.

Instead of grudgingly agreeing to the terms of his contract, this Russian man decided to write his own terms to the credit card agreement. When the credit card company broke the terms of his new contract, he decided to sue them for much more than what he owes on his card.

Argarkov created the new terms for his credit card before receiving the card in hand. Sometime after he sent the agreement to the bank, the bank issued a card without reading the fine print of his contract. (Sounds like something they complain about, doesn’t it?)

Argarkov’s new terms granted him no interest, no fees and no credit limit.

When the bank tried to sue him for those charges and cancel his credit card, he fought back with vengeance.

The judge ruled that Argarkov had to pay his outstanding balance, equivalent to approximately $575, but he waived the fees the bank was demanding.

When the bank was confronted about the new contract, they said that they had not read it.

What makes this case even more unique is that in the contract, Argarkov included a fee for cancelling the credit card. Thus, he is now suing the bank for close to $730,000 in accordance with the terms he laid out.

The bank doesn’t seem terribly worried about the case.

Founder of Tinkoff Credit Systems, Oleg Tinkov, recently tweeted, “According to our lawyers, he is going to get not 24 million rubles, but 4 years in prison for fraud. Now it’s a matter of principle for @tcsbank.”

Perhaps the bank should have just taken its own advice and read the contract to begin with.



The information contained within this article was accurate as of August 28, 2013. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
View all posts by Bill Hardekopf