What To Do When Your Credit Card’s Terms Change

Are you among the millions of Americans surprised to find unpleasant changes in their credit card terms, whether in the form of a lower credit limit, higher interest rates or additional fees?  Welcome to the club.

Apparently, credit card companies want to take their financial troubles out on current cardholders, regardless of their credit standing and payment history.  While you can’t really do much (they’re legally allowed to do these things), there are a few things you may want to try to get this new monkey off your back.

Call Them Up

Call up your credit card company immediately and ask them what prompted the change.  If you haven’t been a delinquent customer as of late, chances are you’ll get a stock answer along the lines of “a credit report review prompted the change.”  While it may be an exercise in futility, having a long talk pleading your case has been known to get reversals for at least a few people.  At the least, it’s worth the try.

Find A Middle Ground

If they raised your interest rate and monthly minimum to a point where you might experience problems covering it, try to negotiate the situation with them and look to arrive at a compromise.  Make sure you don’t agree to anything that will give you trouble paying them off in the long run.

Shop For A New Card

Try finding a balance transfer card with better terms to offset the potential trouble the change can cause for you.  It may not be easy, especially in this financial climate, but good things come to those who try.  So try, instead of taking everything they dish out.