Credit Cards & APRs
Date: Wed, 07/28/2010 - 19:57
Submitted by Jennifer Dickinson
on
Wed, 07/28/2010 - 19:57
Total Replies: 1
Can credit card companies "sneakily" increase their APRs without telling the consumer?
As per the industry standards set by Association for Payment Cle
As per the industry standards set by Association for Payment Clearing Services, credit card companies should give a customer a 30 days' notice before increasing the APR. But, the dilemma is it's not a law.
So, if a credit card company increases the APR without the customers' notice, he/she should first contact the credit company with a formal letter of complaint. If the complaint is rejected then, the customer can make a complain with the Financial Ombudsman Service.
