I have two credit cards. One I stopped using since I made an
arrangement with the bank to keep the rate at 9.99 until I pay off
the balance of $3,033. With the other card the bank gave me a fixed
9.99 rate, then it changed the rate to a variable 14.99. I called
them up and they reduced the rate to 13.99. Can they give you a
fixed rate then change the rate to variable? Is that legal?
As Dr. McCoy would say, "I'm a doctor not
an engineer," but I will say, "I'm an engineer, not a
I can't comment on what is "legal" however, I can say if
you have something in writing, from the bank, that shows that the
rate should be "fixed" 9.9% then I would call the bank and
tell them they need to do as they promised. I personally might talk
to a lawyer just to find out if I could take them to court to get
the rate reduced but first a call to the bank, with your proof, may
I always keep a copy of all paperwork from the bank for just such an
occasion. I have had problems in the past not getting what I was
promised, it's rare but it has happened.
I'm impressed that you have been able to keep your rates under 10%
and fixed, for the most part. Many, many people have rates much
greater and are really paying out huge interest charges.
In summary, review the paperwork from the bank to see exactly what
they promised. Read the credit card agreement. Hey, if you find that
paperwork that promises the 9.9% fixed rate, I'd be glad to take a
look at it and make further suggestions.
Good luck and please let me know what happens.