Reviewed by Evelyn WaughWhat to Do if Your Credit Card Issuer Changes Your Account Terms
Reviewed by Evelyn Waugh
Quick Answer
- Card issuers can change terms, but significant changes usually require notice.
- You may be able to reject some changes, but your account may be closed.
- Review notices, compare cards and contact your issuer about options.
How closely do you look at your credit card statement each month? If you've noticed anything different lately, this could be due to your credit card issuer making changes to your account. The new terms might reflect things like your interest rates, fees or rewards.
While changes tend to only happen occasionally, they can be a surprise—especially if your interest rate goes up.
If you notice a change that you're unhappy with, don't panic. You may be able to work with your credit card issuer to adjust the terms or find another solution.
Let's take a closer look.
Can a Credit Card Issuer Change the Terms of Your Agreement?
The financial institutions that issue credit cards approve, create and manage credit card accounts for consumers. When you pay your credit card bill, check your balance or even report a lost or stolen credit card, it's through the credit card issuer. They also create the terms for your credit card agreement. And they have the legal right to change them, but not without certain restrictions.
How Much Notice Do I Get Before Changes to My Credit Card Account Terms?
Although they're allowed to change your credit card's account terms, credit card issuers may need to give you notice depending on the updates.
In fact, if it's a major change to your account terms, they're required to give you a heads up at least 45 days in advance. This may include updates to your:
- Interest rates
- Interest rate calculations
- Fees
- Minimum payment amount
- Grace period
But, if the credit card issuer is only making a minor change, you may not get the same 45-day notice. Changes not considered significant enough for notice can include updates to your card's benefits, like rewards or points. Or if your card is changing its payment processing network—like Mastercard to Visa—you might not get a notice.
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Can I Reject Changes to My Credit Card Account Terms?
If your credit card issuer made changes to your account and you're not happy with them, you may have some options, depending on the type of updates that were made.
- Opt out of major terms. If you decide you don't want to accept the new terms, you can opt out—but typically this will result in your credit card issuer closing your account. And you'll still be on the hook for any balance you may owe.
- Change cards. Depending on what the changes to your terms are, you may be able to switch to another card with the same issuer. For example, if your annual fee is changing, you may be able to upgrade or downgrade to another card that has a lower fee or offers more rewards and benefits for the amount you'll pay each year.
If you opt for a change that results in your card issuer closing your account, your credit score may be affected. And if you choose to apply for a new card, your credit score could take a small hit when the card issuer checks your credit as part of the application process.
The Bottom Line
While you may have your credit card payments automatically deducted from your bank account or just pay your bill in full each month, it's still a good idea to look at your credit card statements. Keeping a close eye on communication from your credit card issuers can help you know what changes may be coming that may impact your bill, rewards and more.
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About the author
Sarah Archambault
Sarah Archambault is a personal finance writer and editor who enjoys helping others figure out how to make smart financial decisions. She’s an expert in credit education, auto finance, banking, personal loans, insurance and credit cards.
Read more from Sarah