My credit card company sent me a notice that they are increasing my interest rate by 13+%. Included in the fine print it states that I can opt out of this change by writing to them. What's going on with this?
2006-09-18 07:22:24 · 4 answers · asked by tlz 1 in Business & Finance ➔ Credit
A. you were late on a payment
B. you missed a payment
C. your initial lower interest period is over and now they have the right to increase the rate.
One of these conditions applies. Write to them or call them and complain. See if you can go back to the lower rate.
2006-09-18 07:29:51 · answer #1 · answered by when's my next vacation??? 4 · 0⤊ 0⤋
The credit card companies always have everything in fine print. If you check the welcome kit or guide you have received along with the card, you would probably realize that it says the rates and charges may change as per company's decision and even without prior info to the customer. It was good that you have received an intimation for changes. you can call them up to see if you can get lower rate of charges. Or you can get a balance transfer from other card and close this one.
Good luck.
2006-09-19 17:54:04 · answer #2 · answered by blossombaby84 2 · 0⤊ 0⤋
I had the same thing happen to me. They can rase the interest rate as high as they want to .Also, the more you put on a card, the higher the payment will be. The best thing I did was to opt out and cancel my card.You have to pay it off, but they cant charge you any high interest.
2006-09-18 14:50:58 · answer #3 · answered by mswildman2005 2 · 0⤊ 0⤋
Everything the first girl said or it is a variable rate and they can change it at any time! Make sure it is a fixed rate otherwise I would switch to a different company.
2006-09-18 14:32:41 · answer #4 · answered by lottie 3 · 0⤊ 0⤋