Legal Question in Credit and Debt Law in Virginia
high % rates on credit card
credit card company continues to raise credit card rates ( two years running , now 23% ). payments have never been missed or late . contacts have been made
many times with no luck . request have been made to
discontinue the card if they would return my accout to the original rate , no luck . is this legal ?
1 Answer from Attorneys
Re: high % rates on credit card
Most likely it is legal, as the bank is almost certainly not subject to any limits on the interest it can charge, and the credit card agreement can almost certainly be amended by just giving you notice. You may have a right to reject the change, but you would have to stop using the card; and in any event, your rate may already be pegged to an index rate which floats. It may make sense to pay off the card, perhaps with a different credit card or loan - there is lots of competition out there.
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