Change In Credit Card

Recently a number of credit cards have started changing their card holder
agreement mostly for hiking their interest rates and for binding their
customers into stricter laws. When you apply for a credit card, the contract
that binds you as the card holder to pay as agreed also binds the issuer of
the card to the original terms of the contract.

However, many of us never notice that there's a clause in most card
holder agreements called "universal default" which allows the bank to
change the rules midway unless you disagree. If you disagree to new
terms and conditions, the bank then gets the right to close your account.

On the other hand, you have the right to pay off the remaining balance
under the terms of the original agreement. After you receive a notification
from the bank regarding such revisions, you must respond in writing within
30 days. You may simply let the bank know that you wish to continue
under your original card holder agreement and continue to pay accordingly.

You cannot, of course, use the card anymore because the account will be
closed. But that is good. You will not add anymore to your debt in a card
which is increasing its interest rate.