My advice to anyone is to make sure you read those little disclosures they are mailing out. I am about to mail off my second rejection letter of the year already. Two of my creditors want to raise the rates on my cards. Chase mailed and wants to raise it 5%! I have 8.99%, a good rate for me, but they want to give me prime+9.99% which is 13.99% right now.
Watch out for the letters and make sure you reject them. You can keep your old rate as long as you reject any changes they mail you.
“We are sending you this notice to let you know that we will be making some changes to your credit card account in response to market conditions and to maintain profitability on your account. ” –YEAH RIGHT
