You know those "introductory" interest rates credit cards use to entice potential new credit card holders that seem too good to be true...such as a super low introductory rate or waiving an interest rate for a certain period of time?

Great deal, right?  Maybe.  Except that credit card companies were famous for fine print that made these deals feel more like tricks than treats.

But today there is some good news regarding introductory offers from credit companies.

The Federal Reserve just approved a rule clarifying that credit companies CAN'T increase your promotional interest rate if you are less than 60 days delinquent.

SO...no need to have to call the credit card issuer during the promotional period to ask "Why
are you arbitrarily raising the interest rate on my card?"

Unless you are 60 days or more delinquent...then all bets are off!

Bottom Line:

This new ruling protects you during an introductory period, but you must pay your monthly credit card bill ON TIME...or are you in for an interest rate shock!

Read More In: Credit Smarts