How to Opt out of Higher Interest Rates on a Credit Card
- 1). Closely monitor any correspondence you receive from your credit card issuers. If a credit card company is planning to apply a higher interest rate to your card, they must notify you in writing.
- 2). Write a letter to the credit card company declining the change to your account, and make a copy for your records.
- 3). Send the letter to the credit card company's correspondence address via registered mail with return receipt, which requires the recipient's signature as proof of delivery. According to United States Postal Service regulations, either a green card with the recipient's signature is mailed to you as proof that the letter was received, or an image of the signature is sent to you via email.
- 4). File the return receipt in your records, or print and save a copy of the email.
- 5). Be prepared for the credit card company to close your account if you opt out of the interest rate increase. If this occurs, you will be liable for paying off the entire balance at the current interest rate.
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