Credit card companies can raise interest and fees

Credit cards
For major changes, the card issuer generally must give you 45 days' notice.

The credit card company has the right to change the terms of your credit card agreement. For major changes, the card issuer generally must give you 45 days’ notice.

Those changes include increases in certain fees and interest rates, increases in the minimum amount due, or changes in the grace period or the way interest is calculated.

You may not receive 45 days advance notice of changes to your credit card benefits, such as points or cash rewards, or brand changes (for example, changes from Visa to MasterCard or vice versa) because these changes are generally not considered significant.

You have the right to opt out and the card company may close your account. If the company closes your account, you do not have to pay the balance in full immediately after the account is closed, but you are responsible for continuing to make payments until the balance is paid in full.

Depending on card company policies, your minimum payment may be increased. The amount of the new payment cannot be more than the amount needed to pay off the balance in five years or twice your previous minimum periodic payment, whichever is greater.

Closing your account can negatively affect your credit score because closing your account reduces your amount of available credit and increases the percentage of available credit that you are using.

Today we provide you with the following report so that you can take the best measures and economic decisions.

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