An official website of the United States government
It depends on when you opened your account.
If you opened your account on or after February 22, 2010, the credit union cannot increase your interest rate for making a late payment to another credit union during the first year after the account was opened. After the first year, it can increase your interest rate if it gives you a written notice 45 days in advance of the increase. The increase will only apply to transactions that occurred more than 14 days after the notice was provided.
If you opened your account before February 22, 2010, even if the account has been open less than a year, the credit union can increase your interest rate for making a late payment to another credit union, but it must give you a written notice 45 days in advance of the increase. The increase will only apply to transactions that occurred more than 14 days after the notice was provided.
Be sure to review your loan or credit card account agreement, which is the contract governing your credit card account. It provides information on changes that may occur to your account.
If you opened your account on or after February 22, 2010, the credit union cannot increase your interest rate for making a late payment to another credit union during the first year after the account was opened. After the first year, it can increase your interest rate if it gives you a written notice 45 days in advance of the increase. The increase will only apply to transactions that occurred more than 14 days after the notice was provided.
If you opened your account before February 22, 2010, even if the account has been open less than a year, the credit union can increase your interest rate for making a late payment to another credit union, but it must give you a written notice 45 days in advance of the increase. The increase will only apply to transactions that occurred more than 14 days after the notice was provided.
Be sure to review your loan or credit card account agreement, which is the contract governing your credit card account. It provides information on changes that may occur to your account.