What Can You Do About Changes to Your Credit Card Account?

If you have credit cards, you have probably already seen notifications about changes to your credit card account. These changes to terms and conditions of the credit card account are within the legal rights of credit card companies, and they often result in things like increased credit card interest rates and fees. Is there anything you can do about it?

Sort of.

Credit card companies always give you the option to accept or reject the changes made to the account. If you reject the changes, though, it usually means your credit card account will have to close. You pay off the balance of your credit card under the old terms, and then your account is finished.

There are some credit card companies that will let you stay on, but you have to switch to the new terms eventually. You might be able to work it out so that your current balance is paid off according to the old terms, but new charges fall under the new terms.

And introductory offers to new credit cards may not be as helpful as before. Many credit card companies are backing off on providing these offers, and they aren't the generous 0% that they used to be. Rather, you will find that you will pay between 2.9% and 7.9% (remember when 7.9% was the post-intro rate?) to start.

The subprime lending crash has affected more than just home loans. It's also reached out to effect changes in the credit card industry.