Orchard Bank Visa
Date: Tue, 10/06/2009 - 14:44
My question is, I got a notice that my interest if going to change. How does the opt out option work. If I opt out, do they still charge me late fees or over limit fees each month. What about interest, do they charge my current rate or the new rate.
Thanks for any information.
You can opt out of any changes they are making to your terms. B
You can opt out of any changes they are making to your terms. But you are still responsible for any charges, fees etc.
Basically your account is closed, any interest rate and fees will be charged as per your current terms and you must keep making min payments until the balance is paid off.
So an opt out would help if they are telling you your interest rate is going to be increased, but it won't help for late fees, annual fees, etc already charged.
How much do you owe on that card? You can pay the amount in full
How much do you owe on that card? You can pay the amount in full and close the account entirely. But if you simply stop paying the account would keep accumulating interests on it and may end up with the collection even. If you really don't want the card, pay it off and close it.
