Your Credit Card APR Might Fall Starting This Sunday

Some Americans might be getting a break on their credit card interest rates very soon.

One of the three provisions of the CARD act going into effect this Sunday says that if your credit card company has raised your rates on you since Jan ’09, they have to revisit the reasons for the increase, like your overall risk, payment history and the general market. “If appropriate,” you could be in line for an interest rate reduction.

“This is the rule that could make a real difference for cardholders. Since January 2009, millions of cardholders have seen their interest rates increase. Some issuers raised rates to as high as 29.9% for cardholders with good credit. These higher rates shocked cardholders and they want their APR restored to the original rate,” Bill Hardekopf, CEO of tells Consumerist “However, the catch in this is two words, ‘if appropriate.’ The final decision is left with the card issuers. Credit card issuers need revenue and they may not be eager to review and restore the original rates.”