Why your credit card rate just went up
‘Imagine opening your credit card statement to find that your low, low rate has more than doubled, even though you’ve always paid your bills on time.
It happens, and it’s happening more and more frequently, says a consumer-watchdog group. Nearly half of banks surveyed by Consumer Action now penalize cardholders for changes in their credit history — changes that can range from a late car payment to a mortgage inquiry — with “universal default rates” of up to 35%.’
Read more at Why your credit card rate just went up
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November 18th, 2005 at 9:53 pm
In many cases, the first time consumers learn of a rate increase is when they open their statements, because advance notice isn’t required. Several large banks such as Citibank, Chase and MBNA have announced their intentions to give cardholders advance notice of such interest-rate increases and allow cardholders to “opt out” of paying them. However, when consumers decline to accept the change, they lose use of the card.
“It’s nice to get a warning,” said Sherry, who coordinated the survey, “but for many folks, there is nothing they can do with the heads-up. They can’t afford to pay off the balance, and to transfer the balance to another credit card, they need a clean credit record.”
Sherry noted that people who reject the change of terms lose the use of their card, immediately or at the end of the expiration period, depending on the bank. “The opt-out protects you from the higher interest rate, but it’s unfair in any case to raise the interest rate on an existing balance.” -Neuro-
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