Credit card companies are raising rates and lowering balances. Can that happen to me?

I have two zero percent credit cards. I plan to pay one of them off in March and the other in November. The debt to available balance ratio is 20% on each. I always pay on time and pay at least twice the minimum due.

I understand that there is no such thing as a fixed interest rate. Can my credit card companies raise my rates even if I continue to pay on time and more than the minimum.

By | 2013-08-27T07:18:57+00:00 August 27th, 2013|Mortgages Home Loans Interest Rate|3 Comments

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  1. bdancer222 August 27, 2013 at 9:14 AM - Reply

    Make sure that you always pay at least the minimum by the due date. If you are late one time, you will lose that 0% interest special rate.

    Also make sure that you get the balances paid off the month BEFORE the special offer expires. Some of these 0% offers for purchases will back charge all the interest if you don’t pay in full before the due date.

    You may also find that your minimum payment increases substantially. Some are increasing the minimum payment from 2% or 3% to 5%.

  2. RantingLover August 27, 2013 at 8:21 AM - Reply

    Credit card companies, right now, can change your interest rates and credit lines when they want. They are required to notify you, but it’s generally done by mail, and you’ll get the letter about a week after it happens.

    However, I find that as long as you continue to pay over the minimum and on time, they’ll leave you alone. They just want to make sure that you’re not a risk. And you honestly don’t sound like one unless you have significant debt outside of the current situation.

    Do what you’re doing and my bet if they’ll leave you just the way you are.

  3. skirfer August 27, 2013 at 8:16 AM - Reply

    a credit card company can do anything they want, read your agreement, Most say they can raise a rate for any reason, at any time!!!

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