C
chicojaunito
Guest
I have a question about credit card interest rate variation. Let's say I have a credit card with a $1000 limit, and I have spent $500 of that at 2% interest. I get a letter from the credit card company which basically says this, "Due to our own irresponsible behavior, we're teetering on insolvency, so your interest rate is now 12.4%"
Does that affect the money I have already spent on that card? Or does it simply effect future transactions on that card?
So before, I owed a total of $500 plus $10 interest, plus little fees.
Do I know owe $562? Basically I'm asking if they can make the new interest rate retroactive.
Also, what should I do?
I think the best bet, either way is to just hurry up and pay this off and close out this card. I don't want to deal with these people anymore.
I've been paying faithfully, no late payments, always the minimum.
Does that affect the money I have already spent on that card? Or does it simply effect future transactions on that card?
So before, I owed a total of $500 plus $10 interest, plus little fees.
Do I know owe $562? Basically I'm asking if they can make the new interest rate retroactive.
Also, what should I do?
I think the best bet, either way is to just hurry up and pay this off and close out this card. I don't want to deal with these people anymore.
I've been paying faithfully, no late payments, always the minimum.