No. of Recommendations: 1
Really? They can do that? I thought when you closed an account, you agree to pay off the balance at the rate -- how can they change the terms without your approval?

(For example, when a credit card company changes its terms, it sends you a notice and a description of the new terms. If you don't like the new terms, you can reject them. They will close the card, however, and you must pay the balance in full -- but under the old terms).

I'm in the fortunate position of carrying no CC balances, so I'm not an expert at this, but I'd like to know more about why and how a CC company can raise your rate after cancelling a card.

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