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Is the new credit card law retroactive if you just got the rate hike letter in the mail this week?

Saturday

I recieved the letter yesterday before the bill was signed, have never been late on a payment, and the letter states in april 2010 my rate is going to double for no reason. Will the new law protect me or did the credit card company sending it to me before the bill was passed get away with raising my rate?

nope were screwed, I have gotten 2 in the last month and i have actually paid them down alot.

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  1. Steve D
    May 30th, 2009 at 07:42 | #1
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    The new regulations do not go into effect for a year. Start shopping for a new card.
    References :

  2. Skadoctor1
    May 30th, 2009 at 08:05 | #2
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    I was going to say the same thing as the other user… they dont go in to effect for over a year. Thats probably why companies are spitting out the letter now. I dont know why they said April 2010. Thats pretty far. Usually they give a 30-day notice. Id call the company and demand a reason why its going to arbitrarily increase not knowing how your credit standing will be in April 2010, unless you meant April 2009.

    Shop for another card. If your credit score is good enough scores of banks will want your business at a reduced interest rate.
    References :

  3. I Love Richard KHC
    May 30th, 2009 at 08:37 | #3
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    nope were screwed, I have gotten 2 in the last month and i have actually paid them down alot.
    References :

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