If there is a change in the terms and condition of an existing credit card, i.e planning on increasing the interest rate, fees..etc.. Notice must be given at least 45 days prior to the changes occur.
In accordance to Reg AA, section 227.24(b)(3) which prohibits raising rates during the first year an account is open unless another rate increase exception applies.
Now the questions:
If a notice is sent can the bank increase the rate for those accounts that were open within the first year, say opened for six months.
Does the monthly periodic rate need to be disclose in tabular format aside from the APR (assuming that the interest rate is going to change) thus what about the monthly periodic rate should it also be disclosed.
Is there anything else that I am forgeting, if there is anything that could be helpful please let me know.
Thanks,
psk