Credit card rates increasing [View All]

[melm00se]

for non-default reasons? You DO have an option.

It's called opting out.


How to Opt-Out of an Interest Rate Increase
Let Your Creditor Know You Reject the Higher Interest Rate

By LaToya Irby, About.com
See More About:

* credit card interest rates
* rising interest rates
* the truth in lending act

When your interest rate increases, you’re given an opt-out period during which you can reject the new, higher interest rate. If you opt-out, the card issuer will allow you to repay the balance at the old interest rate, but will likely close your account, making it impossible for you to continue using it.

You only have a short period of time to opt-out of the new interest rate, so you must act quickly to make sure your opt-out is effective.

http://credit.about.com/od/usingcreditcards/qt/optoutinterest.htm