New credit card rules - how to reject an interest rate increase

Below is a letter you can use to opt-out of interest rate increases. Edit the bold words to fit your credit card information.

Date

Your Name
Your Address
Your City, State Zip

Credit Card Issuer
Address

City, State Zip

Re: Account Number XXXX-XXXX-XXXX-XXXX

To Whom It May Concern:

On January 15, 2009, I received a notice from you indicating an interest rate increase on the previously referenced account. Let this letter serve as my notification that I do not wish to pay the higher interest rate. I will continue paying my credit card balance at the current interest rate of 8.9%.

Please confirm in writing to the address listed above that I have been opted-out of the higher interest rate.

Thank you for your anticipated cooperation in this matter.

Sincerely,



Your Name

Tips for Sending Your Opt-Out Letter

• To be effective, your opt-out letter must be sent within 15 days of receiving notification of the rate increase or by the date listed on your rate increase notification.
• Even if you opt-out by phone, it's a good idea to follow up with a letter so that you have proof of opting-out if the credit card issuer misplaces your phone opt-out.
• Send your letter via certified mail with return receipt requested. Ideally, you should obtain a certified mailing label from the post office prior to printing your letter. That way you can include the 20-digit trakcing number on the certified mailing receipt number in your letter for extra proof.
• You can track the letter at USPS.com using the 20-digit tracking number on the certified mailing receipt. The return receipt will arrive in the mail a few days after the mail has actually been received.
• Follow up with the credit card issuer to be sure your opt-out was processed and to find out if and when your account will be closed.