Can a credit card company charge you 32% interest????

Answer 1

yes they can so cancel that credit card.

Answer 2

Yes , just try to raise your credit score . maybe this site will help you to get better credit !=======================================
The TRUTH About Credit Repair...

-by Terry Price

(C) Copyright Terry Price
All Rights Reserved

http://gaby1221.niesong.hop.clickbank.net
=======================================

Have you ever wondered what companies
send you when they claim you can erase
bad credit overnight? How about those
ads that say you can get any major
credit
card without a deposit or a credit
check?

Ads abound almost everywhere
these days (online and off) selling
books, systems and secrets to
help you fix your credit. Many
of these programs have claims
which read like the covers of
supermarket tabloids:

"In 3hrs my credit score jumped
from 580 to 676!"...

"Erase bad credit and smash your
debts with just 2 Magic Letters!".

Are these types of claims ALWAYS
too good to be true? The answer is
"Yes and... no".

While many people would love for
you to believe the only thing that
can fix bad credit is time; in
reality... nothing could be further
from the truth. The fact is, time
is only one factor which can fix
a credit report, but it's a far cry
from being the only factor. How
can I back this up? Easy.

Under a consumer protection law
known as the Fair Credit Reporting
Act (a.k.a. the FCRA) the only
negative information which can
remain on your credit report is
not what is accurate... but what
can be proved as accurate under
the FCRA. What's this mean
to you?

It means any negative item on
your credit report can only remain
there if it is accurate and CAN
BE PROVED AS SUCH under the
guidelines of the FCRA. This
undisputable fact presents
consumers with both good
news and bad news.

The good news is that through
the FCRA your credit score can
most likely be improved dramatically
in a very short period of time with
only a modest amount of effort on
your part.

The bad news is that while the
actual "work" will take very little
of your time, it is vital that you
have good information on "how"
to go about it. This is the bad
news; 9 out of 10 courses on
restoring your credit will do nothing
more than lead you into snake
pits because they will provide
you with what the industry refers
to as "Boiler Plate" dispute letters.
These are nothing more than form
letters and... quite frankly (more
bad news) the Credit Bureaus and
Creditors will laugh at you if you
try to use them.

While I agree with the Federal Trade
Commission (FTC) that "Anything a
Credit Repair Clinic can do for you
legally, you can do for yourself at
little or not cost"... the key element
you need for success is the latest
inside techniques and procedures
to get the results you want. This
involves strategies such as "Proof
of Contract", "Constructive Notice",
"Challenge of Procedure" or
"Restrictive Endorsement" and many
others.

All these terms may "sound" impressive
but they are really quite simple. In
the
end, it is nothing more than a method
of communication which exercises your
consumer protection rights, gets the
results you want and raises your credit
score. Even more impressive, once you
learn how simple it can be by doing it
for
yourself, you will find there is a
fortune
to be made doing it for others! Either
way, it all starts by requesting a free
copy of your credit report here:

http://www.AnnualCreditReport.com

In the next segment we'll talk about:

"Is Your Credit Score Costing
You A Fortune?"

=======================================
Terry Price is the founder of Consumer
Education Group which publishes the
Credit Secrets Bible (in print since
1994).

For more information on the CREDIT
SECRETS BIBLE you may visit:

http://gaby1221.niesong.hop.clickbank.net
=======================================

Answer 3

THey can but not if they want to keep your business!
Please shop around.
Obviously there are interest rates that are better than that (even if you have horrible credit that is high!) YOu will NEVER be able to pay off your debt if you have to pay that much in interest.
In a year with minimum payments, your balance will double!
Call bank of america
(1800 732 9194) and see if they can help you.
I have marginal credit (high 500's) and they gave me 0% balance transfers on my other accounts. The transfer was free and the 0% was for 12 months.
Whatever you do, DO NOT use that card again.
a $100 purchase will end up costing you double that by the years end!

Answer 4

This is America-- like it or not the govt. cant limit your economic freedom much. If your credit score is bad enough to be charged 32% then it is YOUR fault that you got yourself into that situtation, not the lender. In reality you should not be getting a card anyway until your credit situtation improves.

If your credit score is not bad, then just shop around because 32 % is VERY high

Answer 5

Absolutely.. They can charge as much interest as they like, that is why you have to read all the fine print when you apply for a credit card. Many cards can have fluctuating rates, while others have a fixed rate, but it is high. Always, always, always read the fine print before you get a credit card, because one you sign on the dotted line you are agreeing to pay whatever exuberant amount they choose.

Answer 6

Yes they can. They can do it automatically if you are ever late.

What is worse is that you can have a perfect payment history and still find yourself having to pay the default rate. This happens when you are late on another creditor's account, or if the credit card company determines that you are accumulating too much debt.

This right to increase your rate is found in your cardholder agreement. It is known as a universal default clause.

Answer 7

Yes:

It's a "bad risk" card for those with bad credit;
you have gone over your limit;
or simply because they feel like increasing the interest rate or APR.

Answer 8

Yes. This is commonly done as a penalty for late payments. It was probably in the "Card User Agreement" that you recieved when you signed up for the card.

Answer 9

If you shop till you drop, anybody would. By the way, 2.95% per month should make more than 32% per annum!

Answer 10

Yep. They can charge whatever they want. Especially if you credit is not so hot.