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Help!! Credit Card interest just keeps increasing

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Help!! Credit Card interest just keeps increasing

Old 02-19-05, 11:53 PM
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Help!! Credit Card interest just keeps increasing

Hi, can anybody help me. I have a credit card that I had for over 6 years and when I signed up interest rate was at less than 10% and after a while it jumped to 12.6% no big deal, since it's not a real big difference. Then just starting last year my credit card merged or bought by Bank of America and for the past 6 months the interest rate for my credit has jumped up every single billing. And now the interest rate is 19.8%. Is this legal? Is there anything I can do about this?
Old 02-20-05, 12:25 AM
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Originally Posted by blackchubby
Hi, can anybody help me. I have a credit card that I had for over 6 years and when I signed up interest rate was at less than 10% and after a while it jumped to 12.6% no big deal, since it's not a real big difference. Then just starting last year my credit card merged or bought by Bank of America and for the past 6 months the interest rate for my credit has jumped up every single billing. And now the interest rate is 19.8%. Is this legal? Is there anything I can do about this?
Yes it is perfectly legal. Check your account disclosures if you have any questions. They can change the rate at anytime without notice.

And one way to beat this...DON'T CARRY A BALANCE!
Old 02-20-05, 12:33 AM
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Originally Posted by blackchubby
Hi, can anybody help me. I have a credit card that I had for over 6 years and when I signed up interest rate was at less than 10% and after a while it jumped to 12.6% no big deal, since it's not a real big difference. Then just starting last year my credit card merged or bought by Bank of America and for the past 6 months the interest rate for my credit has jumped up every single billing. And now the interest rate is 19.8%. Is this legal? Is there anything I can do about this?

maybe get a new card and transfer your balance to that one
Old 02-20-05, 01:22 AM
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Just eff them and get a new card. You could call them before you do and ask for lower rate but why go through the hassle of that. Also try to pay the card off completely at the end of the month. CC bread and butter are people that can not manage their money.
Old 02-20-05, 02:01 AM
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Are you paying your bills on time?
Old 02-20-05, 09:26 AM
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Originally Posted by vdadlani219

And one way to beat this...DON'T CARRY A BALANCE!
That's probably the single most important piece of financial advice there is.

Quite often, if you call your issuing bank and tell them you've receieved an offer to transfer balance to a card with a substantially lower rate, they will counter-offer. Worth a try.

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