Credit Tips: Credit Card Change in Terms Notice

Posted On: April 1, 2005

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Post subject: change of interest rate.

cisco
Date: 11/26/2000 3:02 pm CDT

Are credit companies required to notify you in writing and give you the opportunity to close your account and repay the debt with the present lower interest rate before they raise your interest by seven percent without any prior warning?

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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GEORGE
Date: 11/26/2000 3:26 pm CDT

BANKS ARE REQUIRED TO NOTIFY YOU OF CHANGE IN INTEREST RATE WITH TWENTY TO THIRTY DAYS ADVANCE NOTICE, UNLESS YOU ARE LATE PAYING TWICE IN A YEAR AND YOU HAVE ALREADY BEEN NOTIFIED.

IF YOU HAVE NEVER BEEN LATE AND THEY JUST WANT TO INCREASE YOUR RATE…YOU CAN CLOSE THE ACCOUNT AT THE CURRENT RATE TILL PAID, EXCEPT (FLEET CREDIT CARDS…THEY STATE THAT YOU WILL PAY LIKE 25.00% IF YOU CLOSE THE ACCOUNT)

GOOD LUCK

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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