Question about credit card interest rate hikes?

S

Sands

New member
I was notified recently that a credit card that I've had for years is suddenly going to increase my interest rate by the end of the year. There was no explanation or reason given and the only way out of it, according to the notification, is to cancel the card. I have always paid the card early or on time, never missed a payment and I always pay more than the minimum. I usually double it in fact. Is there any way to prevent this interest rate hike? I truly cannot afford it but I need to keep the card open as well.

Polite, sincere, constructive answers that apply only to the question asked please.
FYI: My not being able to afford an interest rate hike has nothing to do with me carrying too much debt. I can't think of any normal-thinking person who would enjoy an interest rate hike.
 
There is no way to prevent it other than by closing the account. Frankly, if you "cannot afford it" then you are carrying way too much debt.
 
The only way to avoid paying interest is to pay in full each month.
That way you get top 800+ scores and top notch respectable credit.

If you can't pay in full, try as hard as you can to put as much on it as possible.
You can also call them, and just threaten to close the account unless they lower the interest rate.
If you have good credit - they WILL lower it again.
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Can them up and ask to have your rate lowered . They are doing this because they can. Next year, they won't be able too. If they don't lower your rate, close your account. Trust me, you can do without a credit card. Millions of people are realizing that this year they have be ripped off by them and are now refusing to get credit and are paying off their cards for good.
 
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