The APR on my credit card has gone up. Why did it happen?
Date: Tue, 02/23/2021 - 17:27
2 reasons have worked beyond
2 reasons have worked beyond the sudden rise of APR on your credit card.
First, you can check your monthly statements to keep track of when your promotional period ends.
Secondly, if your card has a variable rate then your APR may increase if federal rates increase.
It is better to contact your
It is better to contact your credit card provider and solve your queries. Go for an alternative payment plan if it is becoming difficult to repay the existing balance on your credit card.
Have you failed to make
Have you failed to make payments for the past 60 days? Or, have your credit score dropped significantly? If so, then you can notice that the APR on your credit card has gone up. In that case, the creditor is required to provide you with a notice before increasing the APR. In the meantime, you can close your credit card as the APR is increasing.