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  1. #1
    Join Date
    May 2009
    Posts
    14

    Default 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

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default 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.....

  3. #3
    Join Date
    May 2009
    Posts
    14

    Default 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

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