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Yes, arbitration is less favorable to the customer. By accepting these new terms you will have waived your right to sue them over any dispute. Here's a link to a bankrate.com article that gives more detail:

http://www.bankrate.com/brm/news/cc/19990920.asp

Definitely take a look at it. Also, my guess is that the notice sent to you says that if you use the card you agree to the new terms so I don't think sending a letter to preserve your rights will do any good.

Leviathan


Actually, there was something in there about Delaware law requiring them to state that I have the option to opt out and the letter provided me with a specific address to send my request. I don't believe I can opt out of the cash advance rate hike.

But, on a related note, does anyone know of any new card offerings that do NOT require you to agree to arbitration?

--argh
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