Did your credit card company raise your interest rate ? Opt Out !

Thomas J. Sherwood is an expert  loan modification attorney Illinois  and can help you save your home from foreclosure by reducing your interest rate, lowering your monthly payments, and in some cases even reducing your principle balance owed.
 

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AMEX almost doubled my APR.  I didn't have the option of opting out.  They were applying this new APR to my past balances.  They said there was nothing I could do. I might note they never received a late payment from me...nor did any other credit card companies.  Was it legal for them to do this to me given my excellent repayment history?  I will never get this card paid off at this rate.  I am a single mother, a college student...and it's so upsetting to be punished for no reason...

Not my card, but my mother's.  My parents are elderly and my mother is legally blind, and they raised her interest rate from 17.99 to 24.99.  They should not be allowed to do that to old people on fixed income.  She called and they told her that is the way it is and there was nothing she could do about it. 

I am having the same problem with AMEX. I have excellent credit and paid on time always but yet they are reducing my credit line and increasing my interest in October. The new Credit Card Act has royal screw all of us because they have all the time in the world before it starts to raise everyone.

How will the new law going in to effect in 2010 effect existing balances on cards.  Will the interest rates we are being charged now be lowered?  Or will they remain what they are, and on all new purcheses be at a lower rate?
 
Just wonering?
Kat

Citi Bank sent me a letter saying they were going to rase my rate to 29.9%, or I could opt out and pay off balance at my current rate.  The bummer of this is that that card has a high credit limit, so by closing it my credit score will drop. If I do close the account, which I am going to becasue 30% is bobbery, but if their over all rate goes down will mine fall as well or am I suck paying the 24.9% that I am going to be closing it at?

hey, i just received an "important account price increase notification" from amex,  (i was not late) and it says the are changing my apr from a fixed rate to a variable, "as of august 1, 2009, the prime rate plus 11.9 is an apr of 15.24 and a dpr of 0.0418.  but it also says this does not go into effect until october 1, 2009...does that mean i still have time to opt out...and nowhere on this paper does it say anything about opt out instructions...i guess amex doesnt want you to know:)
 

They will actually be a little more helpful then a visa or mastercard since they aren't the biggest player or have a real low interest credit card you can negotiate with them or just tell them you'll close your account and just use visa / mastercard since it's accepted everywhere.

I provide legal representation to folks whose interest rates are hiked. Mark Bonner; 127 NW 10th St.; OKC, OK 73103. (Anywhere in the nation through local counsel.) Feel free to write or send an e-mail if you are looking for financial relief. lmb@nemw.com.

Two of my credit cards doubled my rates. Other than opting out, or accepting the higher rate, is there anything folks like us can do?

More importantly, is there any legislative effort to get the new credit card "abuse" law instituted earlier than 2010? Is there any point in writing my senators and congressmen?

Thanks, Matt

What happens if my credit card company doesn't give me the time to reject the higher interest? Can they do that? Indeed we are facing tough times that's why I want to be prepared for everything. Also it's a great advantage for customers to know where to turn to for help, this is not the case for those with a low interest credit card, they are just fine, don't need further support.

You know what I find fascinating?  WaMu, now Chase, in October 2008, offered me a new introductory rate for a new (read second) line of credit with them for any balance transfers I send to them on my new card.  I had a balance at a department store which I thought was high.  OK.  I'll open the new card and transfer this credit balance (which carried a finance charge of $30..It was still cheaper to do this)
I opened the new line and when I received my next billing statement for my first card, for some reason my rate on that first card was going to now go up from 14.99% to 25.99%!!!
I didn't think they could do this.  They offered me a new line of credit and when I accepted my credit risk went up (on the new line of credit with the SAME company) so they were able to raise my rate on my original line of credit with them. 
I believe someone wondering how they could raise their revenues thought it would be a good idea to try to find ways to raise rates on their existing customers.  They seemed to have found a way to do this. 
NEVER believe that a new introductory rate at 0% doesn't come with some kind of strings attached.  If you are ready to pay out the nose on your other cards, then go for it.  Otherwise, I say we all just stop taking any credit at all and let those slimeballs FAIL.
I had an opt-out (because I was never late).  But I didn't catch the notice to the raise in my rate in time and missed my opt-out deadline.  So, now I'm straddled with a new higher rate on my first card!!  AND the ONLY change to my credit rating came from the new card they offered me at 0% until May, 2009.
I say this is a scam just as big as any other out there.  There should be some law protecting consumers from hockers like this offering something in one hand while picking your pocket with the other.

RBS raised my interest rate because they say my payment was two days late.  I mailed the payment 8 days before the due date.  They raised my rate from 3.99% to 19.99%.  I have no late payments for the life of this loan.  It was supposed to be a good rate until the loan was paid off.
How on earth can I know when they received the payment?  I see the need for the new legislation, but am I stuck with this interest rate.  I want to pay this balance off by getting a loan from my credit union.  Must I pay that 78.00 interest under the new rate in order to settle the account.  I want the late fee refunded and to pay off the balance with the 15.00 original rate.
How would you suggest I do this with the least hassle or what do you advise?

I have  an Advanta credit card.  I noticed on my bill that they had raised my rate to 24%.  I called to ask them why and got the reason as high debt.  I never received notice that they would raise my credit card.  I was pretty much told too bad.  I cancelled my cc but am stuck with the high rate.  Is that legal?