Credit Card Industry Informative - Interesting Info on Credit Card Default Rates
I just read an article on MSN that discusses the credit card default rate issue, along with the shady practice of "universal default" that a lot of companies are using nowadays. Most of the info in the article is not really anything new (especially to most my3cents members, who have probably seen thousands of these complaints) but one of the most useful pieces if info in the article was the following:
"Few credit card companies give consumers the right to say “no” to a rate increase. But five of the lenders Consumer Action surveyed said customers could reject a change in terms — without paying off the balance in full — if they contacted customer service within a specific time period. These issuers are: Capital One, Chase, Citi, Town North Bank, and US Bank."
If I was looking for a new credit card I would definitely want to consider one of those banks, so I just thought I'd pass along the info to hopefully help someone out looking for a new card.
You can read the full article here by Herb Weisbaum of MSNBC