A Credit Card Opt-Out May Be Your Best Option

Any good day can easily go bad when you get the notice in the mail: Your credit card company is increasing your rate to 29.99%. That's a lot of annual interest to owe, especially if the rate you agreed to was 18.99%. This was recently the case with many Citibank customers, who are now faced with the frightening prospect of paying these unreasonable credit card interest rates.

Fortunately, there is a provision for you to opt-out of a credit card rate increase. But this also means that you will no longer be able to use the credit card. If you choose to opt-out, and keep the previous rate, your existing account will subsequently be closed.

Other options to avoid a rate increase are to call your company and try to negotiate a lower rate, or to transfer the balance to another card. To opt-out may be your best option, however. If your credit remains in good standing, you can pay off your balance at the same monthly rate, and look for a better offer with a different credit card company.

To learn more about credit card rate increases, visit our article library.

The attorneys at Phillips & Garcia will fight for your rights in your credit card class action lawsuit. We are committed to protecting your best interests and helping you collect the damages you need and deserve to move on with your life. If you have been treated unfairly by your credit card company, contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.