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When can my credit card company increase my interest rate?
Your card issuer generally must give you 45 days of advanced notice before it raises your credit card interest rate for new purchases you make with that card. Card companies are generally restricted from raising the interest rate for your existing balance, but there are certain exceptions.
Can my credit card company change the terms of my account?
For significant changes, the card issuer generally must give you notice 45 days in advance. Significant changes generally include increases in certain interest rates and fees, increases to the minimum amount due, or changes to the grace period or the way interest is calculated.
Credit Card Notice Requirements Under the CARD Act
Credit card issuers must give you at least 45 days’ written notice before raising your interest rate or making other significant changes to your account terms.
45-Day Advance Notice Requirements for Credit Card Term Changes
Federal law requires card issuers to give 45 days' notice before changing your terms, and you have the right to opt out of those changes.
new-CARD Act fact sheet - Consumer Action
Cardholders have the full 45 days from the date of the notice to decide whether to cancel. However, the higher APR will apply to any purchases made 14 days after the notice is mailed.
eCFR :: 12 CFR 226.59 -- Reevaluation of rate increases.
If a card issuer is required to reduce the rate applicable to an account pursuant to paragraph (a) (1) of this section, the card issuer must reduce the rate not later than 45 days after completion of the evaluation described in paragraph (a) (1).
How must the bank notify me when they change my credit card terms?
An increase in the annual percentage rate (APR) and increases in many types of fees are significant changes in account terms that require advance notice. Generally, the notice must be provided to you at least 45 days before the change takes effect.
eCFR :: 12 CFR 1026.59 -- Reevaluation of rate increases.
If a card issuer is required to reduce the rate applicable to an account pursuant to paragraph (a) (1) of this section, the card issuer must reduce the rate not later than 45 days after completion of the evaluation described in paragraph (a) (1).
12 CFR § 1026.59 - Reevaluation of rate increases.
If a card issuer is required to reduce the rate applicable to an account pursuant to paragraph (a) (1) of this section, the card issuer must reduce the rate not later than 45 days after completion of the evaluation described in paragraph (a) (1).
When Can a Credit Card Issuer Change My Interest Rate?
After your credit card has been open a year, the card issuer can raise your rate with 45 days’ notice. Advance notice isn’t required if your card has a variable rate and the index rate changes.
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