Originally published March 26 2005
Change credit cards when rates go up and don't give out card information to people who call you, say experts
by Mike Adams, the Health Ranger, NaturalNews Editor
Banks will often raise their interest rates on credit cards with little or no warning. If this happens to you, don't use that credit card, then transfer the money over to a credit card with a lower rate. Also, if people call you and ask for your credit card number, do not give it out. Even if the call is legitimate, it is a case that is ripe for fraud. Save yourself a lot of headaches by refusing to give out credit information to anyone who calls you.
I called to ask why and was told that an insert in September's bill indicated that this would automatically occur if we did not protest in writing.
A: Many people are shocked to learn that credit card companies are free to change credit card terms, including jacking up your interest rate, with as little as two weeks' notice.
Just like your card company, most issuers bury the information in a mountain of fine print tucked inside your bill.
I agree it doesn't seem right, but the card issuers aren't violating any laws.
With so many consumers complaining, however, the Office of the Comptroller of the Currency has been talking about requiring better disclosures, including that they be written in plain English instead of mind-numbing legalese.
In your case, Mari, unless you have really bad credit, you should be able to transfer your balance to another company's card with a lower interest rate.
For a list of low-rate cards, try www.cardweb.com, www.bankrate.com and www.cardratings.com.
I believe it was inappropriate for them to request a credit card number over the phone, especially since they called me.
People give out their card numbers all the time over the phone to buy things from catalogs, but in that case, you're pretty sure the business is legitimate because you made the call.
Many people also like to make donations by credit card, so your alma mater is offering that option as a convenience.
(Patricia Sabatini can be reached at [email protected] or 412-263-3066. E-mail your money-related questions or mail them to "On The Money," c/o Patricia Sabatini, Pittsburgh Post-Gazette, 34 Blvd. of the Allies, Pittsburgh, PA 15222. Please include your name, address and daytime telephone number.)
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