Is it legal for a credit card to raise it's interest rate to 30%?
I missed two payments and I've NEVER seen an interest rate this high.
moris6457 (not verified)
Actually what is happening is that credit-card issuers are always looking for any kind of change that could justify saying you're a higher credit risk. It helps them in imposing a higher penalty rate.
Rates and fees have been rising since a court ruling abolished credit-card interest-rate limits in 1978, and another ruling in 1996 struck down a limit on fees.
Actually what is happening is that credit-card issuers are always looking for any kind of change that could justify saying you're a higher credit risk. It helps them in imposing a higher penalty rate.
Rates and fees have been rising since a court ruling abolished credit-card interest-rate limits in 1978, and another ruling in 1996 struck down a limit on fees.