Your credit card company cannot increase your rate for the first 12 months after you open an account unless
A)your card has a fixed interest rate tied to an index and the index goes down.
B)your card's introductory rate expires and your rate reverts to the "go-to" rate the company disclosed when you got the card.
C)you are more than 15 days late in paying your bill.
D)all of the above.

Question

Quizplus · Accepted Answer

According to the Credit CARD Act of 2009, a credit card company cannot increase your rate for the first 12 months after you open an account unless it was an introductory rate that expired and your rate reverts to the "go-to" rate the company disclosed when you got the card. However, they can increase your rate if you are more than 60 days late in paying your bill. Option A is incorrect because a fixed interest rate tied to an index means the rate will not change regardless of the index going up or down. Option C is incorrect because the company can only increase your rate if you are more than 60 days late in paying your bill, not just 15 days. Option D is incorrect because option A and C are not completely accurate.

Your Credit Card Company Cannot Increase Your Rate for the First