When your credit card company raises your interest rate arbitrarily (i.e., not because you paid late), they must give you the opportunity to opt-out. Usually, you must contact the card’s customer service to opt-out. If you opt-out:
?You can pay off the existing card balance at your current (lower) interest rate.
?When the debt is paid off, or when the card expires, the credit card will be closed.
If you don’t opt-out by the specified deadline, your rate will go up and you won’t be able to do anything about it after the fact. So if you’re carrying a balance and your credit card company notifies you of an extreme rate increase, you should probably opt-out (unless you can pay off the balance in-full immediately). This is the time to forget about whatever effect closing your credit card has on your credit and just get far, far away from this nasty interest rate.
Also you can ask them to lower your interest rate, I have done this successfuly in the past.
Not sure if it will work at this time or not.
