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| *Ostroff, Fair and Company>>>Credit |
How Long does a Credit Card Contract last? |
I am currently shopping around for different credit cards to purchase so I can build my Credit...and I was just wondering..how long does a typical credit card contract lasts? thanx...... Blessings Until you default on the terms or one of you decides to cancel the card. You mean like the 'gift cards'? YOu can get those thru the bank or online of course, and some--once you've spent your 'deposit' on the prepaid CC, you have the option to put more into, or just get another. Depends on the company and/or co. options I am not aware of any Contract involved in accepting a credit card. You do agree to certain terms and conditions. There is no specific period for the credit card. Although the credit card may have an expiration date on it, If you maintain a satisfactory standing it will normally be reissued each time until you choose to cancel it. GOOD LUCK Usually, your credit card will expire two years after you open it. Then, the company will send you another card which expires in five years. However, you can cancel a credit card at anytime. As soon as you use the card, you agree with their terms and conditions. As long as you have the balance on the account and use it, you indirectly sign a contract with the credit card company. The only time to stop the contract is when you request to close the account. If you have any balances, you still have to pay for it. I have customers think if they closed the account, they don't have to pay for it. Believe it or not. Lets say the credit card company sends you a letter and lets you know that they'll raise your interest rate. You have the right to decline the new rate but you have to respond to them by certain day. When you decline, you shouldn't use the card. If you still use the card during that time, again, you accept their terms and conditions- that means you agree with the new rate even though you do not call and put in writing that you agree with the new rate. |
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