What is the name of your state? OH
I had a credit card with a company that has gone bankrupt. When I was with that company, my interest rate was 12.99% & I had no annual fee. The company was taken over by a new one (located in NY). The new company raised the interest rate to 29.70% with a $60 annual fee.
I called and had the credit card cancelled last month. I told the representative the reason was because I did not carry any cards with annual fees or interest that high.
I received a bill today which included the annual fee (paid monthly). I called to dispute it and was told that even though I cancelled the card & had nothing to do with them taking over my old credit card that I still have to pay the annual fee until I pay the balance off. The balance isn't super high but is high enough that it will take me awhile to get it paid off.
Is it legal for the new company to take over, raise the interest rate by nearly 17% interest and charge me an annual fee when I never signed up for a credit card with this company?
I had a credit card with a company that has gone bankrupt. When I was with that company, my interest rate was 12.99% & I had no annual fee. The company was taken over by a new one (located in NY). The new company raised the interest rate to 29.70% with a $60 annual fee.
I called and had the credit card cancelled last month. I told the representative the reason was because I did not carry any cards with annual fees or interest that high.
I received a bill today which included the annual fee (paid monthly). I called to dispute it and was told that even though I cancelled the card & had nothing to do with them taking over my old credit card that I still have to pay the annual fee until I pay the balance off. The balance isn't super high but is high enough that it will take me awhile to get it paid off.
Is it legal for the new company to take over, raise the interest rate by nearly 17% interest and charge me an annual fee when I never signed up for a credit card with this company?