Generally, national banks do not have to lower interest rates due to timely payments unless your Account Agreement calls for such an adjustment. As the contract governing your credit card account, the Account Agreement provides information on changes that may occur to the account. If you have a question about this, please contact your bank.

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This may be legal because the maximum interest rate is determined by State law—in the State where the national bank has its headquarters.

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Generally, yes, a credit card company can change the terms on a credit card account (this also includes personal lines of credit and home equity lines of credit) at its discretion as long as the bank notifies you at least 15 days in advance.

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With an open-end credit account (e.g., a credit card or line of credit), the term fixed means that the periodic rate is fixed for a period of time. The bank can change the account terms, including the periodic rate, at any time as long as it notifies you at least 15 days prior to the [...]

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