2. You Can Negotiate on Interest Rates

Yes you can negotiate on interest rates! What most companies don't want you to know is that you can negotiate the rate of interest and annual fee before you sign up with them for a credit card. They often keep a sizable margin of profit for themselves while they 'offer' innumerable features and benefits to you, and if you happen to have a great credit score with a steady source of income, you can work your way around and negotiate the components of the offer.

Also, if your bank has decided to change your Annual Percentage Rate then you have the legal right to refuse the revised terms, after which, you have the option to pay off the entire balance at the old rate over a period of five years.

3. Low APR and Fixed Interest Can Change

A lot of consumers are lured into signing up for a credit card that offers low Annual Percentage Rate for a stipulated period of time, say six months or a year. However, the catch here is that the credit card companies reserve the right to quash the low APR if you make a late payment. In these cases, they would put you back onto the standard interest rate.

As far as the fixed interest rate is concerned, many companies put in a clause in the 'terms and conditions' section that allows them to change the interest rate, by giving the consumer a 45-day notice.