Opt out

Under the Credit CARD Act of 2009, consumer gained the right to opt out of interest rate increases, fee increases and other significant changes in terms. Issuers must give 45 days’ notice of the changes and notify consumers of their opt-out rights and procedures. However, to discourage spending sprees, the law also calls for the new interest rate to apply to new purchases after 14 days. Consumers who opt out have a minimum of five years to pay off their existing debt under the old terms.