What credit card companies can and cannot do to your account

Lita Epstein
Credit cards
Credit cards

Almost every day Wallet Pop gets questions about what may appear to be illegal actions by credit card companies. Unfortunately, in most cases the credit card companies can get away with closing your account, changing your interest rate, dropping your credit limit and changing your rewards programs, provided they give you proper notice. Bill Hardtop, CEO of Low Cards.com discussed by email some of the key questions people ask about current credit card company practices.

Whether or not a company can make changes in your credit card account depends on the fine print that you probably never read in the terms and conditions. They can make changes to these terms at any time as long as they notify you. Most times changes are mailed as an insert in the monthly bill. Sometimes, you'll get a special mailing. When you get something in fine print from a credit card company don't just toss it. Read it and call the company if you need explanations about what you are being told about possible changes to your account.