Definition: To opt-out is to choose not to participate in a product or service. When it comes to credit cards, you can opt-out of new credit card changes like the introduction of a new fee or an interest rate increase.
You must opt-out of credit card changes in writing during a specific time frame. Opting-out allows you to pay off your credit card balance under your current terms. Your credit card issuer may close your credit card account if you opt-out of credit card changes.
You can also opt-out of credit card promotional offers from new companies. Opting-out removes your name from pre-approved lists and cuts down on the amount of credit card solicitations you receive in the mail.
