Can a credit card company increase your interest rate if you’ve never been late or went over the limit?
You are currently browsing comments. If you would like to return to the full story, you can read the full entry here: “Can a credit card company increase your interest rate if you’ve never been late or went over the limit?”.
Dana
ask them to pro rate the fee or if just a few days ask them to credit you the full amount. I am guessing they will.
Jerry
Yes, they are doing it left and right for no reason at all. It’s not just you, but you can talk to them about it. My guess is they won’t care because they need the money.
After all, all they have to do is stick their hand out for another loan from Obama, give all their top execs a big raise and make YOU and ME pay for it with higher interest rates!
Beatrice
Yes they can and most banks have been doing that. I received a notice from Discover Card and the GM MasterCard last week notifying me that they are increasing the interest rate and minimum payments.
I have never been late or gone over the limit with either card but it doesn’t bother me since I always pay the balance in full each month.
Clarence
Yes, they can, and they will, and they have been. Most are doing this sort of thing in anticipation of the law that will go into effect in Feb 2010. It’s perfectly legal for them to jack up rates, min payments and do whatever else they want right now. The annual fee, may be on your back still. As the other guy said, maybe they would prorate it for you.
Did you get this card with an introductory 9% rate?