No. of Recommendations: 0
It depends.

If they can show how their rate hike is consistent with your existing contract, they can hike the rate even if you close the account.

If not, you can prevent that rate hike from taking effect by closing the account. That does NOT freeze the rate, it freezes the contract. They will then, presumably, jack the interest rate up to the highest level they can under the existing contract.

Now, what did you do with the $3K you borrowed? Could you ship it back to them?
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