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Hawkins C | IS IT LEGAL FOR A CARD COMPANY TO RAISE YOUR INTEREST RATE AND CHANGE YOUR ACCOUNT FROM FIXED TO VARIABLE? |
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Biggie @ Arbor Mortgage
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Y E S ! ! ! WHY ARE YOU SHOUTING? |
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larrybud2004
 |
Yes. Read your card agreement that you signed, and cut up those stupid credit cards! |
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Steve
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Yes it is. You probably received something in the mail stating that there were going to be changes to your account. It was a piece of paper that was in small print. Likely, you saw this and threw it away. Don't be surprised, most people do. |
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johnny c
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They can do this, it's in the small print.
However, there are some finer legal points. if you've missed payments then this change was probably buried in the small print.
if however you haven't missed payments, then by changing the rate and changing the basis from fixed to variable, they are creating a new agreement. You do have the option to reject this agreement by law. You can phone up and refuse to accept the change in terms, and they are legally obliged to accept this. However they will try and make life difficult, you may not be able to use that card in future, and they may make noises about insisting that you repay what you owe. However, it's usually possible to stand your ground and stay on the old terms and conditions. As few people know you can do this and most who do are fobbed off by the cell-centre agents, the card companies accept that a small percentage of people will take up their rights. Probably 99.9% of people don't, so that tiny percentage who do is acceptable.
A good argument if they try and fob you off is that interest rates have just been lowered, and it's unreasonable for them to try and increase yours. They may try and get out of it by saying that the rates they pay (LIBOR for example) hasn't dropped, but that's not your problem. If you don't get anywhere, ring up and make an official complaint. That usually gets things moving, campanies hate complaints. Don't make empty threats like phoning up Watchdog, they know that Watchdog won't do anything unless theres hundreds of complaints. |
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John C
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It depends on the contract you negotiated with them. It sucks but all that fine print that now one reads can have sentences that say, "At any moment the rate is subject to change without notice."
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MadMan
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Yes. |
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Floyito
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Yes, if you don't like it, cancel the card. A lot of card companies today are doing just that because they have lent out too much money to people who are not paying them back. Everyone is hurting from this credit crisis and they need to make more from you somehow. As always, when you carry a balance, you loose. |
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Josh K
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Yes, they are required to notify you though. The time lime for how far in advance they must notify you varies by state law. As far as how, usually it is a small piece of paper or brochure with fine print. Most people toss it out. Basically you agree to the new terms or don't and they close your account. If it has a balance you pay at the current rate until the balance is paid off, then the account is closed. |
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binky m
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its actually legal for them to change your interest rate b/c they are usually able to change em once every year (heard this on the enws the other day) but idk about changing it from fixed to variable |
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