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Changes made to your credit card account

From time to time, your credit card issuer might need to alter your interest rate or may wish to increase your credit limit. The credit industry’s Standards for Lending Practice set out when and how often changes can be made and what your card issuer must tell you.

Interest rate increases

If your credit card issuer plans to increase your interest rate, they will contact you at least 30 days beforehand, to allow you time to decide what you want to do.

You then have 60 days to decide if you want to reject the increase. If you do, your account will need to be closed and you will be able to pay off your outstanding balance at your current interest rate.

These rules do not apply when your interest rate changes at the end of a promotional period, or if you have agreed to a variable interest rate beforehand; for example, an interest rate set to directly track the movement in an external index (such as a base rate), which has been clearly stated in the product’s terms and conditions.

Our Repricing Guide provides a useful explanation of why interest rates may be increased, the rules around repricing and the steps you can take to reduce the chances of it happening.

Credit limit increases

If your credit card issuer plans to increase your credit limit, they will contact you at least 30 days beforehand. You have the right to refuse to accept the higher limit and also to opt out of any future increases.

You can turn down a credit limit increase in various ways, including by writing to your credit card issuer, online, or by phone.

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