Why are credit card company has to raise interest rates anytime they want and whatever they want percent. It should be a fixed rate of interest on the amount of the loan.
As already mentioned, the credit card company, or different prices for the loan based on the level of risk getting “paid back. The higher the risk, not back, plus interest. The same goes for auto insurance premiums. The safest drivers, plus the premium pay.
In addition, the new law was signed CARD in the law, credit card companies you can view the interest if your promotional period ends increase, you have a card with a variable interest rate, or if you have a late payment. All other changes to your account terms must be in writing and allow you to get back out.
And finally, if you pay by credit card on time and credit card companies increased the rate, just call and ask how they go down. I have done countless times. I call and ask if they have a better rate of interest they can offer me. They put me on hold for a while and then offers me a lower rate, usually 5-8% less than what it was. If they refuse, firm and tell them you’re a good customer and paid on time. It is cheaper to keep them to find for a customer, as new.
