Money Tips: What to Do about Credit Card Interest Rate Increase

Posted On: February 1, 2006

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Posted: Thu Jan 13, 2005 1:58 am
Post subject: What to Do about Credit Card Interest Rate Increase
koebrick
Date: 7/1/2000 5:51 pm CDT

I have received a notice that my interest rate is going up.
Can I close this account and pay off the balance with the
current interest rate? Can I continue to make monthly
payments?

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Posted: Thu Jan 13, 2005 1:58 am
Post subject: What to Do about Credit Card Interest Rate Increase

Alex D.
Date: 7/2/2000 0:24 am CDT

Koebrick,

Unfortunately, if one has a balance with the credit card in which the notice is referring to, then unless one transfers the balance to another credit card, or pays it in full, it cannot be closed and the new rate will apply to that balance.

The notice should state when the new rate will go in effect, until that date, the cardholder can take advantage of the original rate.

Sincerely,
Alex D.
Author of “Credit Card Debt…”
CreditCardFreedom.com