Comments on: My rate went up WHY?! http://www.mightybargainhunter.com/2005/11/10/my-rate-went-up-why/ Personal finance, commentary, and spending less the easy way Sat, 21 Nov 2009 01:23:30 -0400 http://wordpress.org/?v=2.8.6 hourly 1 By: ASAP Credit Card http://www.mightybargainhunter.com/2005/11/10/my-rate-went-up-why/comment-page-1/#comment-51773 ASAP Credit Card Wed, 16 May 2007 15:23:17 +0000 http://mightybargainhunter.com/2005/11/10/my-rate-went-up-why/#comment-51773 It's called “universal default”. It means a credit card company can raise your interest rate if you've defaulted on ANY of your credit cards-- even if it was with another company! It's like getting an increase on your electric bill because your gas bill was paid late... Luckily, congressional pressure has caused some credit card issuers to re-think this 'shady tactic'. CitiBank just recently removed their universal default policy. You can find more about <a href="http://www.asapcreditcard.com/blog/creditnews/credit-card-companies-congress" rel="nofollow">how credit card companies are reponding to congress here...</a> Hopefully, more companies will follow suit. But it's a good sign that one of the largest issuers has take action. <a href="http://www.asapcreditcard.com" rel="nofollow">Credit Card Offers ></a> It’s called “universal default”. It means a credit card company can raise your interest rate if you’ve defaulted on ANY of your credit cards– even if it was with another company! It’s like getting an increase on your electric bill because your gas bill was paid late…

Luckily, congressional pressure has caused some credit card issuers to re-think this ’shady tactic’. CitiBank just recently removed their universal default policy. You can find more about how credit card companies are reponding to congress here…

Hopefully, more companies will follow suit. But it’s a good sign that one of the largest issuers has take action.

Credit Card Offers >

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