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The change in APR from 20.99% to 26.99% is called a default APR. This happens at anytime that your account is in default with your minimum payment not being recieved within the billing cycle period that your payment is due in. Your minimum payment amount is $35 or 3% of your outstanding balance whichever is greater.

Cross Country Bank notified its cardholders in March of 2002 explaining the change in terms of the credit card agreement that fully outlines the default APR as well as other changes from the previous agreement.

For your APR to revert back to the lower APR , your account must have 12 months consecutive ontime payments. You can request a copy of your credit card agreement by writing to Cross Country Bank or by calling and requesting one be mailed to you. The contact information is printed on your billing statement for your request via mail or by telephone. But you do need to understand that per the credit card agreement that Cross Country Bank has , your APR will NOT be reduced even after 12 monthly ontime payments if you close your account. Closing your account with an outstanding balance will not change any other terms of the agreement.

I hope this helps you understand that Cross Country Bank is NOT the only credit card company that has enacted this default APR into its agreement. There are other credit card companies that have as well. Its a good idea to carefully read all information that is sent to you in your billing statement from ANY credit card company to avoid situations that you were not aware of.