I made a balance transfer using my new credit card. I just received my latest statement and the bank increased the interest rate on the balance transfer. Can they increase my rate?

It depends. Banks generally cannot increase a fixed interest rate on an existing balance, but they can raise the interest rate if any of the following conditions are true: The rate is variable and tied to an index. If the […]

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I just got an offer from my bank to transfer balances from another credit card at a low rate. How long does the rate have to stay in effect?

The promotional rate must generally stay in effect for at least six months. The bank is required to tell you clearly the rate that will apply after the promotional period is over.

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I applied for a credit card, requesting a balance transfer of $5,000. The Bank mailed my card and account agreement but only approved a $1,000 credit limit and an $800 transfer. Given those amounts, I don't want the card. What can I do?

If you recently received notice of your credit limit and the rest of the account-opening disclosures, you may be able to cancel the balance transfer. The bank is required under 12 CFR 1026 "Truth in Lending (Regulation Z)" […]

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