Can the credit card company raise the interest rate on a closed account?

If I close my credit card account (but still have a balance). Then miss a payment or am late making a payment. Can the credit card company raise the interest rate?|||I have never heard of that. But, here's the thing. Obama signed a new Credit Card Act, which goes into effect today (Thursday). This act is changing everything about the way credit card companies do business, and how they are allowed to raise rates and stuff like that.





I would look into the new laws, becuase I know for a fact that if you have a fixed rate your creditor cannot raise your rates without giving you 45 days notice and giving you other options.|||Of course they can. You still "have" an account if you still have a balance.


Call them and negotiate a rate that can stay until the balance is paid- assuming you make your payments on time and regularly.|||Erm dear, most will not allow you to close them with a balance. And if you DO miss a payment or am late they have every right to raise your rate.|||Yes.