Increase in Charges

Wisewords

If Credit Card comapnies increase your rate when your credit rating goes down, do they have an obligation to reduce the rate once your credit rating has returned to normal or improved further ?

Anthorn

No they can charge whatever they want. If you don't like it you have the option of clearing the balance, paying all charges and closing the account.

grumbler

Anthorn wrote: »

If you don't like it you have the option of clearing the balance, paying all charges and closing the account.

There is another option: Reject Credit Card Rate Hikes

Wisewords wrote: »

...do they have an obligation to reduce the rate once your credit rating has returned to normal or improved further ?

For this to be possible even theoretically, so called 'credit rating' has to exist or be defined at least. The fact is that any universal 'credit rating' doesn't exist, and any internal rating is kept secret from customers.
I hope you don't pay anything to CRAs for the pretty much meaningless figure that they give you.