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

Vote up!
1
Vote down!
0

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.

How to Deal with Unlicensed/Illegal Payday Lenders - Step by Step Instructions

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.

Vote up!
1
Vote down!
0

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.


Vote up!
0
Vote down!
-1

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


Write Your Answer

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
What is the sum of 2 and 5


Inter Next Technologies, Inc., Internet Marketing Services, Reno, NV


Page loaded in 0.210 seconds.