CAN CREDIT CARD COMPANIES CHANGE THE TERMS?

The credit card company has the right to change the terms of your credit card agreement. For significant changes, the card issuer generally must give you notice 45 days in advance. Significant changes generally include increases in interest rates and fees, increases to the minimum amount due, or changes to the grace period or the way interest is calculated. However, card companies generally cannot increase the interest rate you pay on existing balances. For many changes, you have the right to opt out. However, if you opt out, the card company might close your account.