One Percent Realtor Austin

When applying for a credit card, always read the fine print. It might state the zero percent interest rate will increase after nine months or a year. Credit card companies can increase interest rates for other reasons as well. Know how to respond to credit card interest rate increases to stay out of debt. The good news, according to The Early Show, is that credit card companies are now required to give customers forty-five days notice before interest rates increase, so customers will have more time to make decisions on how they’re going to handle the increase.

Opt-Out and Close the Credit Card Account

Someone who receives notice that her credit card interest rate is going to increase has a period of time to opt out of the rate increase and close the account. This means that she will not be able to make any more purchases with the credit card, but will be able to pay off the balance with the old interest rate. If someone can’t handle the interest rate increase and will not be hurt by closing the account, this is a good option.

Credit scores can be negatively impacted from closing certain credit card accounts, so this should be taken into consideration before opting out. If it’s someone's oldest credit card, then it can be detrimental to close the account. In this case, one should consider other options.

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