When did the government authorize the credt card companies to increase your APR on their card even if you didn't miss a payment on their card, but another one? So if you miss a visa payment, your mastercard APR can go up. anyone know when the law was passed? i need a year.
2006-12-07 15:16:16 · 5 answers · asked by supergirl21416 1 in Business & Finance ➔ Credit
They have always had the ability to do so but have not. As the credit market tightens they make profit with fees. So if you pay late on any card,car,or house payment (they check the CBR once a quarter) they can raise your rates and will usually come down if you make 6 months of on time payments for all bills
2006-12-07 15:25:46 · answer #1 · answered by ML 5 · 0⤊ 0⤋
Read you initial terms and conditions, check what you signed up for there will be a section explaining Company's right to increase APR.1 credit card is OK for emergencies, 2 credit cards you have why not just have 1 would stop you forgetting to pay.
Or any assets you have put them in to someone you trust, legally, Start applying for more cards as many as you can, also apply for as many large loans as possible, if you can get 100000
could you not make yourself bankrupt
2006-12-07 16:25:35 · answer #2 · answered by dinaro5 2 · 0⤊ 0⤋
The government has no regulations regarding interest rates charged on credit cards. My reaction would be to call the credit card company which raised the rate, and tell them that they can choose to lower the rate or close the account (which, of course, you would then pay in full). Threatening to close the account can work wonders.
2006-12-07 15:58:51 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Govt does not control credit card companies.See whether any clause was there in the agrement signed with the company for getting the card contains a similar clause.Most of them contain that you have to pay chages precibed by them from time to time
2006-12-07 15:23:21 · answer #4 · answered by leowin1948 7 · 0⤊ 0⤋
The rationale is that if you're missing other payments you're more likely to miss theirs, too. Your agreement with the CC company probably gives them the right to adjust you rate for any number of reasons. If you agreed to it by taking their card, then you're only recourse is to try to convince them to lower it or transfer it to another card. (or better yet - pay it off)
2006-12-07 15:34:15 · answer #5 · answered by msmith7811 2 · 0⤊ 0⤋