I've been using my dad's CC for about 8 months now. Whatever I spend, I would pay it off the same month. This past month, I took out about 3k in purchases. The balance is 6k now, with a 9k limit. Like I said, I've been paying way more than the minimum. My dad just called me and told me that the interest rate has been raised to 35%. We haven't late in 2 years.
I think he must have read it wrong. If not, could they do this without any good cause?
2007-11-25 16:57:16 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
Not everybody here has the right answers. I happen to know the facts from personal experience and what you should do to go back to the original APR% before it jumped to 35% (which I have had). What you will tell them however will make you not be able to use this particular credit card anymore, but you will not be stuck with this insane apr rate. Call them and tell them first off that you know your rights as a consumer. Tell them that you do not agree with the increased apr rate. (by the way this only works if you did not use this card with the new apr rate). Tell them you want to cancel the card and will not agree to this new rate. Tell them it is in the small print on your credit card agreement that you can object to the new rate given the fact that you will not use this card anymore. You will be suprised that they have to get a supervisor to agree to this, but it is your right and it works. Don't let them get away with this. You don't need to be a slave to their ways anymore. Good luck.
2007-11-26 01:19:43 · answer #1 · answered by Jill S 5 · 0⤊ 0⤋
They sure can. Its called universal default. Read the fine print.
They make all the rules and can change the rules in the middle of the game. and thats exactly what it is, a game. If you play the credit card game sooner or later you are gonna lose. And when you start losing the game its hard to get out of the game. High interest rates, late fees, over the limit fees.
Debt free is the way to be!
2007-11-26 04:09:15 · answer #2 · answered by heybulldog 5 · 0⤊ 0⤋
They can raise it without giving a reason, but 35% sounds higher than they'd be allowed to in most places. Double check the bill before you call them.
2007-11-25 17:12:06 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Yep.....they could say "because the sky is blue" and get away with it....They like when you get to a certain high level of debt then they hit you with exorbitant interest.
If your FICO score is good....apply for another card with a zero balance transfer and balance transfer the debt to the next card with zero (or very low interest)...
2007-11-25 17:08:21 · answer #4 · answered by CatDad 7 · 1⤊ 0⤋
they are elevating your rates because you're a volatile client. They see this because you have severe balances and are not paying them off at as quickly as. you're able to touch the cardboard provider and clarify the area you're in and spot in case you will get the fee decreased and so forth.
2016-10-18 03:44:25 · answer #5 · answered by ? 4 · 0⤊ 0⤋
They can do anything. Read the contract.
2007-11-25 17:04:46 · answer #6 · answered by Lauren P 4 · 1⤊ 1⤋
Not in the United States........rates do not go that high.............
2007-11-25 17:13:49 · answer #7 · answered by richard t 7 · 0⤊ 1⤋