Quote:
Originally Posted by cantretire
I have a question. When you Opt out, with a balance, what happens then? Do you have to pay it off, or do you just keep paying it down, until it is paid off, but can't charge?
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Most companies that I've heard of are letting people keep their previous interest rate, but they can't charge anything to it anymore, and must pay it down until paid off, at which time the account is closed.
We'll see what happens down the road when all of the people who opt out suddenly have their cards closed... who knows, the CC companies may not even actually close them at all...