Credit Card Interest Help Please

Matt_M_3

Can a credit card company up your interest rates as they please??

If they can don't they need your permission first??

Matt

wannabedebtfree_2

Nope, they don't need permission, in the original 'contract' it would have stated that they are at liberty to change the rate when they want to, and that they just have to tell you they are doing it, no permission required.

Matt_M_3

wannabedebtfree wrote: »

Nope, they don't need permission, in the original 'contract' it would have stated that they are at liberty to change the rate when they want to, and that they just have to tell you they are doing it, no permission required.

Thankyou. But they do need to inform you they are doing it then?? Ive only found out when i saw the big interest jump on my new statement

wannabedebtfree_2

I think they should send a letter, but it probably varies from lender to lender, it depends on the original credit agreement.

Matt_M_3

wannabedebtfree wrote: »

I think they should send a letter, but it probably varies from lender to lender, it depends on the original credit agreement.

thanks again.I will contact them