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Account Application

The credit card business will require any application out of the individual wanting the credit card. That application will frequently exhibit an interest rate, but the company yous not obligated to give the borrower that is rate unless the candidate rendezvous certain requirements.

Contract Agreement

Once the application has been received, the credit card issuer will approve or deny the application. At this spare time, the terms of the This external link was removed for your protection card are set by the credit card agreement which yous any deal between the lender and the card holder. The fixed interest rate will be noted in this contract.

No Marketplace Fluctuations

The interest rate about the fixed interest rate card will not go up or down regardless of any one industry actions such since rising interest rates or Fed Reserve Actions.

Rate Changes May Occur

Even with any fixed interest rate, credit card contracts and banking laws allow the company to change the interest rate with a certain amount of notice, generally 30 to 90 days. Consequently while the interest rate is fixed in that it will never alter due to market events, it may even now be raised through the credit card company.

Resources

Federal Reserve Board: Selecting a Credit Card

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