If your account was opened on or after February 22, 2010, the credit union generally cannot increase the rate that applies to existing balances.
There are three main exceptions:
• If a variable interest rate tied to an index applies to the balance, your rate can increase when the index goes up.
• After an introductory interest rate has been in effect for at least six months, the rate can increase to a higher rate that was disclosed when you opened the account.
• If you are more than 60 days late in making a required payment, your interest rate can go up.
Be sure to review your account agreement, which is the contract governing your credit card account. It provides information on changes that may occur to your account.