I keep calling Navy Federal Credit Union asking for a credit card rate reduction, but they tell me that they "haven't gotten permission from the government yet" to unlock the rates. They say it was frozen due to the "Credit CARD Act of 2009" which should have been released in 2010, but this hasn't happened.

(Of course, when I change the card type to a card with a higher interest rate, they were able to RAISE the rate.)

I ask "So this government permission issue is the same for all credit card companies?" and they say, "no, not necessarily". I ask "If it doesn't affect every card company, then what is it about NFCU that requires government approval to lower the rates?" They have no answer.

So this sounds like hog wash to me - blaming CARD for some internal problem. Can anyone explain this better?


The CARD act limits rate increases, but not decreases. Issuing a new card with a different (higher) rate is not a rate increase, and they're allowed to do that.

Seems to me they're trying to force you out of your card, this is not a legal issue, IMHO.

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