[visualops]

"You should pay the rate you signed up for. If the credit card company wants to raise that rate, you should be able to opt out of the agreement."

Actually one of my cards did just that, which I took advantage of and froze the account.

I do think there should be a cap on rates, some are ridiculous and I think unjustifiable.

[GeorgiaDawg32]

my girlfriend has a bank of america credit card that started out at 9.99%..they raised it, for some unknown reason to 14.99%..she called them and asked them why (she’s never been late on a payment, has a credit rating over 700 etc. etc.)..when they really couldn’t give her a reason, but refused to back the rate back down, she told them she wanted to close they account. they told her that if she did that, the account would automatically revert to “charge off” status since they couldn’t be sure she’d pay the balance (which she would) AND the interest rate would rise to 32.99%..

needless to say, she simply tore the card up and has only $300 more to pay till it’s paid off at 14.99%..