credit card rate
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credit card rate
| Wed, 06-01-2005 - 10:51am |
Is there a consumer law that states credit cards companies can raise your rate without notification? Chase recently raised my rate to default, not because I was late, but because of the amount of revolving debt I have. They say they notified me and I had to send written notification to them that I wanted to "opt out" of the new terms. I did not receive the notification and to me that is the same as them not notifying me. I have asked them several times to decrease the rate back to the original terms because I did not receive any notification about changing the rate. They will not. I just need some leverage in getting them to reduce the rate back to the original agreement. What makes me so angry is that I am current and have always been current on my payments. I think this is just a scheme to be able to charge a higher rate of interest.

Unfortunately, in the fine print of the credit card agreements, almost all of them state they can review your credit report at any time and basically jack up your rate if they feel your credit risk has changed.
Becky
CL of 4th, 5th & 6th grade Scoliosis
For what it's worth, the notification of rate changes often look like advertising sent along either with your statement or with transfer checks, or other sales offers that they send along to you.
All my best,
Danni
Chase just did the same thing to me. I think they sent something that said it could be lowered to 4.99% and they sent what looked like a check along with it. I was planning on paying off Chase and have done so. Mine went up 10% from the original rate, and I have never been late with a payment. I think it's because I just refinanced and that has changed my situation somewhat. Who knows? They gave the same reason about the amount of revolving credit, though my credit score is fairly high.
Question: Should I close my Chase card?
Yes, you should close the card out. Close out all the cards you can. Leave one for your convenience and pay it off each month. I only wish I had done this years ago, then I wouldn't in the mess I'm in. While you have choices, CLOSE OUT THE CREDIT CARDS.
Sorry, I'm tired. I finally got into a CCCS debt management plan, and it is going to take 5 years of living lean to get this paid off. I just want better for you.