How to Lock in a Credit Card Rate
- 1). When you receive a notice that your rate will increase, you also will receive a number to call to opt out of the rate increase. According to the Credit Card Accountability Responsibility and Disclosure Act of 2009, you should receive this notice 45 days before the rate increase would occur.
- 2). Call that number and tell the customer service representative that you want to opt out of this rate increase and preserve, or lock in, your current rate. Although account closure usually is required to lock in your current rate, some consumers are allowed to keep their current rate for some time and keep their account open.
- 3). Cut up your card if your account has been closed and start to pay off your remaining balance. If your lender has allowed you to keep your rate and your account, continue to use your account, but keep an eye on your statement to ensure that you are charged the rate promised.