Is it legal for a credit card to raise its interest rate to 30%?

Is it legal for a credit card to raise its interest rate to 30%? I missed two payments and I\'ve never seen an interest rate this high.

3 Answers

Yep.  You missed a payment.  It's likely in your cardholder agreement.  Pretty standard practice to raise the interest to the highest limit when you pay late.

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I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.

Yes, the credit card companies can raise the interest rate suddenly. This happens mainly when you do not make the payments on time or miss out any of your payments.


Yes, they can hike the interest rate. It is legal.


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