Watch Your Credit Card Statements Closely

Bad news for consumers: credit card companies are closing cards and raising interest rates. The latest is Advanta announcing that they are closing accounts. From the press release: “the Company will shut down all credit card
accounts to future use at that time.”
In addition, Capital One has announced that it is reviewing all accounts and raising interest rates. Bank of America is also raising interest rates and closing accounts, in addition to cutting credit limits. American Express has been doing this for some time.
Your credit card company is entitled to do this. The credit card agreement states that [...]

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