Can they raise my rate without provocation?

I just received a letter yesterday from American Express August 10, 2009 stating my interest rate was going up on October 1, 2009.
I have excellent credit and no late payments. I called and canceled the card and was told my balance would still be assessed the new rate increase. I looked up the CARD Act 2009 and thought I was protected from this increase. American Express states they sent out the notification before the CARD Act 2009 goes into effect allowing them the legal right to raise rates.
Can they still do this and get away with it?

Jasper47

Yes............. this is a big problem with the credit card act---while its labeled 2009, it doesn't take affect until next year, (Thanks for that Congress).......... meaning it gives ample time for the credit companies to raise rates.

hello buddy how are you dear i read your comment it's great i like it dear i learn alot of things from your comment i hope everyone likes your post dear thanx for this information.


=========================
sandy
=========================


Accident Attorneys

Buddy? Dear? Stupid spam. Can this spammer.