7 little-known facts about your credit card - No.2: You can say “no” to an interest change

You have committed to memory the APR, credit limit, and benefits of your preferred credit card. You strategically employ it to maximize the benefits it delivers in rewards. Do you believe you are an expert on your preferred credit card?

No, not always.

Even if you've had the card for a while, it can still have a few surprises in store for you. Both the government and card companies frequently modify card regulations.

Credit limits and interest rates may increase or decrease based on your circumstances or the card issuer's. Then there are the unusual details you might have overlooked.

According to the CARD Act, you have the right to decline an increase in your APR from your credit card company.

Ulzheimer believes there's a chance the business will make you a bargain and let you keep the previous interest rate (be sure to get that in writing).

But bear in mind that it's equally probable that the issuer will lower your credit limit, raise your minimum payment, or just cancel your credit card, he advises.

The issuer cannot, however, demand immediate payment of the entire balance. You have at least five years to pay off your balance at the old rate if you reject the new rate.

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