Legal Question in Credit and Debt Law in New York

Credit Card Question

I'm a resident of NYC and my friend received a letter from Citibank stating due to the economy, they were raising her interest rate from 6.9% to 25%. She is in good standing with the bank and has excellent credit. Is this legal in NY?


Asked on 12/02/08, 10:25 am

1 Answer from Attorneys
Carlos Gonzalez Gonzalez Legal Associates PLLC

Re: Credit Card Question

Sadly, yes... If you have a balance on the card I suggest a 0 percent balance transfer card and shifting the balance there...

They can do this based on credit score, even if she has a great history with them.

For any future issues feel free to contact my office via email or at 212.709.8303

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Answered on 12/02/08, 10:30 am


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