Gaynoe v. First Union Direct Bank, 2001 NCBC 1 (N.C. Super. Ct. Jan. 18, 2001)(Tennille), aff'd, 153 N.C. App. 750, 571 S.E.2d 24 (2002), disc. rev. denied, 356 N.C. 671, 577 S.E.2d 118 (2003)

The issuance of a credit card to plaintiff was an offer to extend to him an open line of credit. The plaintiff's acceptance of that offer subjected him to the terms of the credit card agreement, which permitted the issuer to amend, modify, or terminate the credit terms. The annual fee paid was not consideration for a favorable annual fee. The credit card issuer was therefore entitled to raise the applicable interest rate.

The Court granted summary judgment on plaintiff's claim that the credit card issuer had improperly raised his interest rate, because the plaintiff had voluntarily renewed his credit card with knowledge of the increased rate. (This case involved Georgia law).

Full Opinion

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