Did my credit card APR increase by more than 10% because I paid off my balance?
I paid off my entire balance of over 3k on December 10. Yesterday I got a notice of "Change in Terms" which was utterly intelligible. After calling the credit card company, they said that they were increasing my APR from 15% to over 27%. They had no explanation for this (I'm sure the guy who I was talking to was in another country and had no clue).
Why did they raise my APR? Is it because I paid off my balance? Or perhaps there is something negative on my credit that caused them to raise it?
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