Visa card be sold by MBNA to BofA this year. APR be 6% immediately 27%.No late/missed contribution. Can they do that? The rep said it's because I only enjoy been paying minimum pocket

The rep said it's because I only enjoy been paying minimum pocket money due. Even if there is no delinquency, no failure to pay, they still raise APR. How can I argue back?

Answers:
WOW! No behind payments and they still raised your interest rate close to that? Doesn't seem right, but I'm sure if you read the 'Terms and Conditions' there's something surrounded by there that allows them to incline your interest rate for any reason...

Your first resort would be to call and ask them to lower your APR. Give them a honest reason (ie: long-standing side, good reimbursement history, increased income or credit score, etc.). Talk to a head if needed...

If this doesn't work, you might want to compare other offers and see if you can find a better treaty. You might be able to use this as leverage against your current credit card company to return with them to lower your rate. If not, accept the brand new offer! Here's a great place to start comparing offer:

http://www.asapcreditcard.com

Hope this helps. GOOD LUCK!

Get another card that has the stability transfer odds when you sign up. Then move that high interest rate amount over to the topical card. AND for God sake pay more than the minimum respectively month, even if it's just 10.00.

You are not alone here, No they can not do that these large financial institutions do things resembling this becasue they think relations wont question them.

Tell them the contract you signed stated the 6% APR providing it be not an introductory offer you enjoy a legal right to own that contract enforced, Refuse to pay until you own your old APR reinstated.

You could alway treaten lawful action these big companies will furnish in befor you do as it costs them thousands to shelter a case they will one and only proceed if you own them even more.

Stop using the card phone and tell them why and follow it up near a letter

You can alway threaten to report them to the FSA beneath the miss sales of financial products deed as the rep told you 6%
Good luck

Credit card companies can adjust your interest rate roughly at will. If you read your terms nearby will be something that states that. In your case they probably surface that in standard people who solely pay the minimum are a highly developed risk.

You can try to threaten to cancel the card if they don't lower your interest rate. However, since they raise your rate they probably feel that you are a risk(wether or not you if truth be told are) so they will probably say "Good Bye". For every one that they loose, they will attain another one who gets one of their cards.

It's not a great chance but your best way to scrap back is to pay envelope it off as spur-of-the-moment as you can so you don't have to earnings the higher interest rates.

Read your vocabulary in your contract, but the credit card companies usually hold the right to change interest rates as long as they notify you of the revise.

6% is an extraordinarily low rate for a credit card - are you sure that wasn't just a short residence promotional offer anyway?

Threaten to go against. If they don't change it, do it. Most probable they'll be crawling at your door begging for you spinal column.

BOA is prearranged for these lousy tactics. And yes - They can do that to you but you can describe them you arent in agreement but it way you can not continue to use the card.

Yes - It's aggrevating but they are doing you a favor by making you move out them -- THEY SUCK!

Yes they can raise your rate. They did it to me too. I hold great credit and pay sour my credit card every month. When I called they have no real "reason". I told them to shove their card...but they don't perfectionism. Enough people hold to stop using them for it to make a difference.