on a fixed rate of 5.99% until 2010,,,,can rate change and go over 6%?

Question

credit card offer

Answer 1

Read the fine print. If it states it's fixed at 5.99 until 2010, they cannot raise the rate until that time. But after 2010, it can go up as high as they want it to, 22-24% isn't unheard of.

All have to do then is find another card with a low introductory rate that lets you transfer your balance. I've been switching cards like that for years and have never paid higher than around 6.5%

Answer 2

Credit card companies reserve the right to modify their APR rates and policies.

I am very sure this is stated somewhere in the "legalese" of the "terms and conditions" disclosure you were provided upon opening your credit card account.

However, the credit card company is REQUIRED by law to notify you in advance IN WRITING should they make any changes in your APR, especially when they have previously marketed a fixed rate.

Usually, when the credit card company notifies you of a change in your APR, they will provide you with the option of notifying them that you do not accept the new "terms and conditions" of the credit card account.

They will then close your account and you can pay under the old terms. However, you can not make any new purchases as the account is closed.

Answer 3

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