Wouldn’t it be great if low interest rates never changed? Sadly, the saying “All good things must come to an end” applies to credit cards, too. Credit card companies are known for raising interest rates unexpectedly. They need to give you only a 45-day notice before increasing your rate, which can feel sudden.
Have you heard from your credit card company lately? Millions of cardholders have. Believe me, we’re not talking about love letters. Credit card issuers are raising interest rates across the board. On everyone. More than likely, you were given about six weeks to decide whether you want to accept the increased rate. If you opt out, your account will be closed to future purchases while you have the opportunity to pay off the balance at your current rate. Even once you pay it all off, you can’t use the card anymore because it’s closed.
