Can the credit card company sell my account?
- Listed: August 7, 2022 7:51 am
- Expires: 99349 days, 22 hours
Description
Can the credit card company sell my account?
Yes, most cardholder agreements allow the credit card company to sell your account to another card company. This can happen even when your card is active and in good standing. The new card company mails a new card to you, often with a new account number. You might not receive the new card for a number of months.
When your account is sold, the credit card company that buys your account becomes your new card company. Your new card company generally cannot increase the interest rate on any existing balance, except in certain circumstances. The new card company can increase the interest rate for new transactions, but it must give you 45 days’ notice. The new card company also can change other terms, but it must follow the same rules about giving notice that would apply if the account had not been sold and your old credit card company wanted to make the change.
Disclaimer: This site/app is not affiliated with any Government or public agencies. You may find this and additional information from US Consumer Financial Protection Bureau. This app is not affiliated with above agency or US government. We have provided this app for easy access for freely available information from Consumer Financial Protection Bureau, a U.S. government agency. We assume no legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process described or depicted on this site/app.
153 total views, 1 today
- Listed by: Editor
- Member Since: July 24, 2018
Other items listed by Editor
- Tenant screening report
- Credit report
- Fraud alert
- Can a debt collector garnish my federal benefits?
- I was an authorized user on my deceased relative’s credit card account. Am I liable to repay the debt?