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Credit Card Interest Rates

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  • 11-30-2009, 04:26 PM
    napamac
    Credit Card Interest Rates
    I recently received a notice that Target was increasing their interest rates from 13.99% to 20.24% for existing balances unless I choose to cancel my card by January 2010.

    I thought existing balances where exempt from such increases.

    Any suggestions ?

    Thank you,

    Napamac:confused:
  • 12-02-2009, 11:37 AM
    Mr. Knowitall
    Re: Credit Card Interest Rates
    If you don't want to cancel the card, you can pay it off, if necessary with a lower interest loan or balance transfer.....
  • 01-02-2010, 08:03 PM
    napamac
    Re: Credit Card Interest Rates
    From what I have read, my understanding is that the banks can not increase rates on existing balances ... and unless the lenders index has gone up, which it has not, they can not raise the rates on current balances, only on new charges.

    Please confirm for me ...

    Napamac:confused:
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