For anyone with an outstanding credit card balance, be certain to pay attention to all of the mail that arrives. The big credit card companies have been sending notifications that are designed to have the appearance of junk mail. These notices contain information about HUGE hikes in APRs that take effect usually within a few weeks. The hikes are automatic unless the card holder “opts out,” which is equal to closing the account for all normal usage. Some are requiring written letters of opting out. Others can be opted out of by telephone.
Do not discard mail without opening and reading carefully. Big and unpleasant surprises could result.
Remember that these envelopes are being designed with a very plain appearance that is easily mistaken for junk mail.
Some of the credit card banks are even changing the terms on balance transfer balances that were established with fixed rates until pay down. Yes! Read carefully, for these change in term notices are not only for the purchase rates and cash advance terms, not only for late payment terms, but even for previously promised rates on which no failure to pay is incurred. The rates are being raised even when the card holder has a good payment record and has not defaulted in any way whatsoever.
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