LOVE CHASE: SP AND SR

[Anonymous]

Per TPG: "The Credit CARD Act of 2009 restricts card issuers from changing certain terms (like interest rates and annual fees) within one year of when you open an account. There are some exceptions — like at the end of a promotional 0% APR offer — but in most cases, you can’t alter the terms of your account even if you want to. As a result, you typically can’t downgrade or upgrade a credit card in the first 12 months. That means Paul and his wife will have to wait if they want to change her card to another product."

[Anonymous]

Awesome job! You are killing it with all these new approvals!!! Way to go!!

[Anonymous]

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@Anonymous wrote:

Per TPG: "The Credit CARD Act of 2009 restricts card issuers from changing certain terms (like interest rates and annual fees) within one year of when you open an account. There are some exceptions — like at the end of a promotional 0% APR offer — but in most cases, you can’t alter the terms of your account even if you want to. As a result, you typically can’t downgrade or upgrade a credit card in the first 12 months. That means Paul and his wife will have to wait if they want to change her card to another product."

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While generally true, creditors can certainly lower interest rates during the first year.  It's the raising of them without cause that is prohibited.

[Anonymous]

CC ran into the upgrade/down grade with Citi on various cards. What they told me was that they had to notice me, give me a 45 day wait period and then the change would officially take place. In the early days they made me wait the entire wait period before the product change. Later on, they made the change and then informed me I had 45 days to change my product back if I desired.