Credit Cards: Interest Rates
I just received a notice saying that the rate on my credit card account is going to increase in 45 days. Can I continue making purchases with my card at the existing rate for 45 days?
No, you will not be able to continue using your card for transactions at the existing rate for the entire 45-day period. The existing rate will apply to transactions that occur 14 days or less from the date the bank provided […]
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How often can the bank change the rate on my credit card account?
It depends on whether your account has a variable rate. If your credit card account has a variable rate, the credit card rate is tied to an index. This index rate can change periodically. The bank can change your interest […]
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The bank raised my interest rate because I made a late payment on a credit card account with another bank. Can the bank do this?
The bank cannot increase your rate for making a late payment to another bank during the first year after the account was opened. However, during the first year after the account was opened, the bank can impose a penalty […]
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My credit card has a fixed rate. Is the bank allowed to raise it?
Yes. Banks generally can make changes to a fixed rate, but there are limits to the changes banks can make and certain notice requirements. For credit card accounts, the term "fixed rate" usually is used to distinguish the […]
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Can the bank raise my interest rate on my credit card account because of a change in my debt-to-income ratio?
Yes, a bank may change the interest rate on already-existing credit cards because of a change in your debt-to-income ratio. The bank must provide you with the required notice of the changes, according to the terms of your […]
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The bank is charging a higher interest rate than my state allows. Which states' usury laws apply to credit card accounts?
The maximum credit card interest rate that a national bank may charge is generally determined by the law of the state where the national bank has its designated headquarters. Under certain circumstances, a national bank […]
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