Credit card companies can be sneaky at times. They will change your terms and send a wordy document filled with legal mumble-jumble with your bill to alert you of these changes. Most people either don’t notice the extra paper or simply ignore it. If you aren’t careful, this can cost you money.
The law allows credit card companies to change their terms at any time, with simply 15 days notice to the customer. This can be something as simple as your due date to more costly items like fees and interest rates. Usually, if you use your card after you receive one of these notices, you agree to the new terms automatically.
What can you do? First, start by reading all the extra documents and paperwork you receive with your credit card bill. It is also important to review the current interest rates and fees set on your statement each month. Whenever you are alerted to a change, be sure and read the fine print closely.
If the change is something you are not comfortable with, like a raise in interest rates, you have a few options. First step is to call your credit card company and make your concerns very clear. Depending on the reasons for the change and your customer history with them, they may be willing to make an exception for your account.
Secondly, if they don’t accommodate your issues, you can pay off your balance and leave. These days there are so many options for credit that it is truly a waste to stay with a card that doesn’t meet your needs. Even if you don’t immediately have the funds to pay off the balance, you can always research balance transfer cards. Depending on your credit history and score, there is usually a range of choices.
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