Legal Question in Credit and Debt Law in Texas
Credit Card Rate Change
A couple of years ago a credit card company attempted to increase a fixed rate on an account. I rejected the change in terms and the company closed my account. I have been paying off the account under the original terms.
I received notice a couple of months ago that they were trying to raise my rate again. When I called to inquire about this change, I was told that my rate would not change since this account was closed.
Just got my statement and the rate was increased from 7.99% to 20.24%. When I called this time I was told that since my account was closed, I did not have the option of rejecting the change in terms. This makes no sense to me and sounds illegal. What should I do?
1 Answer from Attorneys
Re: Credit Card Rate Change
Write to them, certified mail, return receipt requested, setting forth the initial rejection of terms, the closure of your account settling at 7.99%, and refusing their improper change in interest rate.
Send a copy of your letter to the Consumer Protection Div. of the Attorney General's office, and a copy to the Federal Trade Commission. Show the cc's on your letter.
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