[Question] When does the new interest rate start accruing?

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Adrian
 
Posts: 1
Joined: Thu Apr 20, 2017 1:12 pm

[Question] When does the new interest rate start accruing?

Postby Adrian » Thu Apr 20, 2017 1:17 pm

From the CARD Act it states the following:

The interest rate on your credit card can only change under specific circumstances:

After the first 12 months of account opening, your credit card company sends you a notification stating that in 45 days a new interest rate will apply to any transactions made 14 days after the date of the notice (i.e. new transactions).

So when does the new interest rate start accruing?


AMEXPlatino86
Centurion Member
Centurion Member
 
Posts: 260
Joined: Mon Feb 18, 2013 5:51 pm
Location: New York, NY

Re: [Question] When does the new interest rate start accruing?

Postby AMEXPlatino86 » Thu Apr 20, 2017 9:00 pm

Adrian wrote:From the CARD Act it states the following:

The interest rate on your credit card can only change under specific circumstances:

After the first 12 months of account opening, your credit card company sends you a notification stating that in 45 days a new interest rate will apply to any transactions made 14 days after the date of the notice (i.e. new transactions).

So when does the new interest rate start accruing?



If I'm not mistaken, it would start whenever the next statement cuts.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 776
TU: 774



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