North Carolina Business Litigation Report

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

Trackbacks (0) Links to blogs that reference this article Trackback URL
http://www.ncbusinesslitigationreport.com/admin/trackback/62584
Comments (0) Read through and enter the discussion with the form at the end
Mack Sperling
Brooks Pierce, LLP
2000 Renaissance Plaza
230 North Elm Street
Greensboro, NC 27401
336.373.8850

1600 Wachovia Capitol Center
150 Fayetteville Street
Raleigh, NC 27601
919.839.0300