Learn about credit cards
The change also gives you more time to budget for your student credit card bills, lessening the chance that you will pay late. * Consumers will have the option to refuse any hikes in fees and interest rates. If they opt out, their account is canceled, but they are allowed to pay off the balance under the better terms they had before opting out. For instance, if your issuer hikes your interest rate from 11% to 15%, you may refuse the increase, close your account, and pay off your balance at the 11% rate. Some credit card companies already offer this option at their discretion.