@CreditCuriousity wrote:
@austinguy907 wrote:
Can't change the terms of an account in the 1st year due to CARD Act.
Don't believe card act has anything to do with APR being lowering it.. Where-as it stops lenders from putting an AF on or charging higher feeds within the first year when what was signed up for among other things... Such as you can't PC from a 0 AF card to a 95$ card, but APR reductions I believe are fair game. With that said Discover I believe has a internal policy nothing to do with the card act that you can't ask for a lower APR prior to a year where-as Amex and other cards I have got my APR lower before a year time frame.
The wording at least as I read it in the below link by MF is somewhat confusing as it does say interest rates must remain the same for a year. However, given that posters, as indicated above, have received lower APRs during the first year, it appears that they can be lowered, just not raised.
When you open a new account, your interest rate must stay at the opening rate for at least 12 months.
http://ficoforums.myfico.com/fico/attachments/fico/creditcardact/1/1/Credit%20CARD%20Act%20and%20new...
