Alabama | Credit and Debt Law
Legal Question
Credit card APR tripled
Here's the situation: My wife & I have a credit card with a huge credit limit - $28,000. The balance on this card has been around $24,000 with an APR of 10.54%. Our credit is excellent and I always pay this card before the due date and always pay more than the amount due. With our last statement came a rate increase to 29.49% - that's almost triple what we were paying. I called the card company and they said they had reviewed our account and because we had excessive credit card balances they raised our rate. We have several other credit cards, but they all have balances in the $7,000 range. The only excessive credit card balance is this company. They gave us the credit and are now penalizing us for it. They refused to lower the APR. Now I have a $749 payment, of which $451 is interest. Do I have any legal recourse?
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