Ask Terry Questions FNBO Visa Signature Changes in Interest Rates

FNBO Visa Signature Changes in Interest Rates

By Terry Savage on September 20, 2023 | Credit/Debt

Received September 15, 2023 Letter regarding Changes in Account Terms Effective 11/02/2023 to 25.99%. I have used this card’s Balance Transfers Checks in the amounts of $8,900. The Fixed interest rate was set for “Lifetime” between 3.99% through 7.99%. I do not know if I will be able to deal with this increase. May this company (i.e., First National Bank of Omaha”) do that? If so, what options might you suggest I might take to offset or handle my problem? _

Terry Says

I don’t know all the specifics, but I am sure that they would not do this without being perfectly certain that it is legal!
Obviously, you’ve been using this card as your piggy bank. The solution is to pay down this line of credit if the interest rate jumps significantly. And how will you do that?? Only two choices — earn more (a part time job?) or cut your spending.

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