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Yes, if the card holder reads the original agreement they will find several notations of when interest rates can be raised. Such as late or missed payments or exceeding the credit limit. More than likely there will also be a variable rate provision on APR accounts stating the card issuer can raise interest in accordance with the prime rate.
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∙ 18y ago
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Why do you think credit card companies raise interest rates?
Not for devious promos
Is it legal and ethical for a business in Illinois to add a credit card convenience fee to a bill?
I don't know that it is legal or not, but most credit card companies will raise a stink about it! They don't want people to pay more for something because they use a credit card.
Can a credit card company raise your interest rate if you have never been late on a payment?
Unfortunately, yes.
Is Juniper a legitimate credit card company?
Yes, Juniper is a legitimate credit card company. Just be careful about the interest rate with them. If you are even 1 day late with your payment, they will raise your rate...and I mean raise it alot!
Is it legal for a credit card company to charge 109.96 percent interest on a cash advance?
Credit card interest and fees are determined at the state level at present. Congress has passed a law which makes bait and switch tactics more difficult but legal interest ceilings are still a state matter.
Are there any class action lawsuits against a credit card agency for overcharging interest?
There are maximum interest rates that a credit card company can charge that are set by law, but no credit card company is going to charge more than that. They can raise your interest rate as set out in the terms and conditions they gave you when you applied for the card. Most credit cards have a default interest rate that was communicated to you when you opened the card, which is what they can charge you if you miss payments. It is also required to be put on your monthly statements. You can't sue the credit card company for raising your rates as defined uder the terms of the card.
Can my bank raise my credit card interest rate without telling me?
Not without telling you. However - they can vary the interest rate at their discretion, at any time.
Can you write off credit card interest on your taxes?
Is there a way to write off credit card interest on corparation credit card?
Can a credit card just raise interest to 29.99 percent without good cause?
Credit card companies can do what they like with interest rates. You are effectively borrowing money from the credit card company (they pay the store for the goods you buy) then you pay the card company back. They are entitled to charge for the service they provide. The interest they charge pays for the production of the cards, the offices, computer systems and staff - and the interest THEY pay on the money they are lending you !
What is an advantage of having an interest rate credit card?
The advantages of having a credit card with an interest rate is it helps build one's credit faster. The higher the interest rate of the credit card, the higher the credit score.
Why would JCPenney raise their credit card interest rate at a time the Fed is cutting the discount rate on a customer who has superior credit?
i work for jcp....and because we can :-)
What is the interest on an express credit card?
The interest on an express credit card is 8.7%. They are not a very good alternative to a regular credit card such as a visa or mastercard because the interest is very high.
