The passion for student credit cards
If they refuse the credt card company's proposed fee or rate hikes, their account is closed, but they may pay off the remaining balance under the more favorable terms they had beforehand. For instance, if your issuer hikes your interest rate from 11% to 15%, you may refuse the increase, close your account, and pay off your balance at the 11% rate. Some credit card companies already offer this option at their discretion. The Credit CARD Act of 2009 turns the option into a universal consumer right. Impressive changes! And even more profound changes are coming soon.