Manage Credit Card Interest Rates

Banks can only increase your credit card interest rate under certain circumstances. Learn when the law says banks are allowed to increase your credit card interest rates.

Sometimes credit card issuers play hardball when it comes to lowering an interest rate. Have you talked your way into a lower rate? Tell us how.

Opting-out lets you decline the new rate and pay off your balance at the lower interest rate. There’s a catch though, many credit card issuers will close your credit card if you don’t accept the new rate. Think twice about opting-out in these situations.

Credit card companies have the right to increate your interest rate, even if it's a "fixed" rate. But they don't always have to notify you before increasing your interest rate.

The Truth in Lending Act requires credit cards, in most cases, to give you 15 days advance notice of any interest rate increase. When your interest rate increases, youÂ’re given an opt-out period during which you can reject the new, higher interest rate.

When your interest rate increases, youÂ’ll typically have an opt-out period allowing you to reject the interest rate change. There are some cases you might not want to close your credit card account because it will hurt your credit score. Here's what else you can do.

Creditors have a slew of reasons for increasing your interest rate. You can usually call to find out why your rate got increased. Based on a 2008 survey by Consumer Action, your credit card might have been closed for one of these reasons (note that not all of the reasons are in your control).

Everyone who uses credit is searching for a low interest rate credit card. Why are low interest rate credit cards so sought-after?

Did your credit card issuer raise your interest rate this year? How did you respond?

If you're wondering what to say to get a lower interest rate on your credit card, here is a sample script you can use.

If you want a lower rate on your credit card, but can't figure out how to ask for it, here are five things you can ask to ask for a lower interest rate.