Hard-to-Believe Credit Card Rates

Credit Card Blog Canadian Financial Blog
Canadian Credit Blog

Mar 03 2010

Blumenthal: Fed Misses Critical Deadline To Roll Back Credit Rates, Fees By KENNETH R. GOSSELIN The Hartford Courant Even as a sum of new protections for credit card users went into effect last Monday, the state attorney general disparage a ke

Mar 03 2010
update new credit card regulations allow room for maneuvering
UPDATE: New Credit Card Regulations Allow Room For Maneuvering By Meena Thiruvengadam Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--The credit card game rules have officially changed thanks to new credit card regulations, effective Monday,

Mar 03 2010
Report: Interchange Fees Obstructs Economic Growth, Job Creation
Report: Interchange Fees Obstructs Economic Growth, Job Creation By Linda Lisanti INDIANAPOLIS -- Less than 20% of the interchange fees charged by credit card companies actually includes the cost of processing transactions, according to a rece

Feb 25 2010
Be A Smart Credit Card User
Be A Smart Credit Card User •Read the terms and conditions of your card. "The Credit Card Act is there to protect consumers," said Bruce McClary, ClearPoint Credit Counseling Solutions spokesman. "But the responsibility is still in the hands of th

Feb 25 2010
terms of the new credit cards regulations
CREDIT CARD ACT TERMS OF THE NEW CREDIT CARDS REGULATIONS 10 things that credit-card issuers can still perform with proper notice: * Alter your fixed-rate card to variable. * Increase your Annual Percentage Rate on future purchases. * Rais

Feb 25 2010
CREDIT CARD TRICKS take out cash
CREDIT CARD TRICKS By Kate Mansey 50 percent extra to take out cash Credit card companies are utilizing crafty tricks to rip off customers - as shock numbers show Britons owe Ł54.5 billion to our "flexible friends". A Sunday Mirror inves

Feb 23 2010
Build Good Credit Without Credit Cards
Build Good Credit Without Credit Cards When you are trying to build a good credit history, one often repeated piece of advice is to get a couple of credit cards and pay them off promptly. Credit cards are not the only way to skin the credit cat, t

Feb 23 2010
interest rate summary credit cards
Interest Rate Summary Credit Cards Here is a look at the state of credit card rates from the weekly national survey of large banks and thrifts conducted Feb. 17, 2010 by Bankrate.com Rates: 13.39% (all fixed); 13.63% (all variable) Credit c

Feb 21 2010
clouds parting over credit card troubles
Clouds Parting Over Credit Card Troubles Kelsey Swanekamp, With joblessness still hovering at 10 percent and household budget under pressure, credit card issuers and lenders are still taking profits from their loans to consumers. Developmen

Feb 21 2010
credit card chargeoffs still troubling
Credit Card Charge-Offs Still Troubling February 17, 2010 by Staff Credit card charge-offs – or loans assumed uncollectible and written off – edged higher in January as reported by the major card issuers, although there is some positive expe

Blog by Topic (Tags)

Credit Card Blog & Article Area

Link Back to This Post

Hard-to-Believe Credit Card Rates

Blog Post Date: Nov 21 2006

Universal Default Practice

I got this definition from the sites below:

universal default practice
WIKIPEDIA - Universal default is the term for a practice in the financial services industry for a particular lender to change the terms of a loan from the normal terms to the default terms (i.e. the terms and rates given to those who have missed payments on a loan) when that lender is informed that their customer has defaulted with another lender, even though the customer has not defaulted with the first lender.

The growing use of this technique is one of the most controversial trends in the financial services industry.
universal default credit cards
You may not be aware of it, but the credit card companies are watching you. Even if you already knew this, they are probably watching more closely than you think.

In addition to watching your every move on their product, they are also watching when you pay your bills, whether or not you apply for other credit cards, and whether or not your credit score has dropped. And if they don't like what they see, they can raise your interest rate without your knowledge.

The practice is called Universal Default. Basically, it means that if you pay any bill late, even your phone bill, your credit card company can raise your interest rate. In fact, they can raise the interest rate up to almost 30%. They can do this even if you have a perfect payment history with them. Credit card companies do this because they now see you as a risk. Higher risks equal higher interest rates.
Hard-to-Believe Credit Card Rates- universal default
MSNBC - I've read plenty of times about how credit card companies routinely charge many borrowers as much as 30% interest or more per year. I even reported on it. In that article, I explained a practice known as "universal default," which can get you whacked with sky-high interest rates on many or most of your cards if you're late paying just one bill. And the default typically kicks in without your receiving any notification about it.

Articles from November 2006
More articles from Year 2006

Comments (0)

See Latest Blog Posts:
| Credit Card Blog | Advanta Credit Card Advanta Low Apr Business Credit Card | American Express Canada The Canada Council For The Arts Announces Finalists For The 2006 Governor Gen | Technorati Ping Slow To Update It Might Be My Fault | Credit Debt And Nursery Rhymes | List Of Credit Cards You Ll Find On Wwwexpress Marketingcom;

See Related Blog Posts:
| Hard To Believe Credit Card Rates;


Credit Card Blog Canadian Financial Blog Canadian Credit Blog Mar 03 2010 Blumenthal: Fed Misses Critical Deadline To Roll Back Credit Rates, Fees By KENNETH R. GOSSELIN The Hartford Courant Even as a sum of new protections for credit card users went into effect last Monday, the state attorney general disparage a ke Mar 03 2010 update new credit card regulations allow room for maneuvering UPDATE: New Credit Card Regulations Allow Room For Maneuvering By Meena Thiruvengadam Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--The credit card game rules have officially changed thanks to new credit card regulations, effective Monday, Mar 03 2010 Report: Interchange Fees Obstructs Economic Growth, Job Creation Report: Interchange Fees Obstructs Economic Growth, Job Creation By Linda Lisanti INDIANAPOLIS -- Less than 20% of the interchange fees charged by credit card companies actually includes the cost of processing transactions, according to a rece Feb 25 2010 Be A Smart Credit Card User Be A Smart Credit Card User •Read the terms and conditions of your card. "The Credit Card Act is there to protect consumers," said Bruce McClary, ClearPoint Credit Counseling Solutions spokesman. "But the responsibility is still in the hands of th Feb 25 2010 terms of the new credit cards regulations CREDIT CARD ACT TERMS OF THE NEW CREDIT CARDS REGULATIONS 10 things that credit-card issuers can still perform with proper notice: * Alter your fixed-rate card to variable. * Increase your Annual Percentage Rate on future purchases. * Rais Feb 25 2010 CREDIT CARD TRICKS take out cash CREDIT CARD TRICKS By Kate Mansey 50 percent extra to take out cash Credit card companies are utilizing crafty tricks to rip off customers - as shock numbers show Britons owe Ł54.5 billion to our "flexible friends". A Sunday Mirror inves Feb 23 2010 Build Good Credit Without Credit Cards Build Good Credit Without Credit Cards When you are trying to build a good credit history, one often repeated piece of advice is to get a couple of credit cards and pay them off promptly. Credit cards are not the only way to skin the credit cat, t Feb 23 2010 interest rate summary credit cards Interest Rate Summary Credit Cards Here is a look at the state of credit card rates from the weekly national survey of large banks and thrifts conducted Feb. 17, 2010 by Bankrate.com Rates: 13.39% (all fixed); 13.63% (all variable) Credit c Feb 21 2010 clouds parting over credit card troubles Clouds Parting Over Credit Card Troubles Kelsey Swanekamp, With joblessness still hovering at 10 percent and household budget under pressure, credit card issuers and lenders are still taking profits from their loans to consumers. Developmen Feb 21 2010 credit card chargeoffs still troubling Credit Card Charge-Offs Still Troubling February 17, 2010 by Staff Credit card charge-offs – or loans assumed uncollectible and written off – edged higher in January as reported by the major card issuers, although there is some positive expe Blog by Topic (Tags) Low Interest Bad Credit American Express Business Credit Cards Low Interest Cards Credit Cards - General Advanta Credit Cards Advertising & Marketing Prepaid Credit Cards Visa Credit Cards Cash Back Credit Cards Reward Cards March 2010 February 2010 April 2009 March 2009 December 2007 November 2007 October 2007 August 2007 July 2007 April 2007 February 2007 January 2007 December 2006 November 2006 October 2006 September 2006 August 2006 July 2006 June 2006 May 2006 April 2006 March 2006 February 2006 January 2006 December 2005 November 2005 October 2005 September 2005	Credit Card Blog & Article Area Link Back to This Post Hard-to-Believe Credit Card Rates Blog Post Date: Nov 21 2006 Universal Default Practice I got this definition from the sites below: universal default practice WIKIPEDIA - Universal default is the term for a practice in the financial services industry for a particular lender to change the terms of a loan from the normal terms to the default terms (i.e. the terms and rates given to those who have missed payments on a loan) when that lender is informed that their customer has defaulted with another lender, even though the customer has not defaulted with the first lender. The growing use of this technique is one of the most controversial trends in the financial services industry. universal default credit cards You may not be aware of it, but the credit card companies are watching you. Even if you already knew this, they are probably watching more closely than you think. In addition to watching your every move on their product, they are also watching when you pay your bills, whether or not you apply for other credit cards, and whether or not your credit score has dropped. And if they don't like what they see, they can raise your interest rate without your knowledge. The practice is called Universal Default. Basically, it means that if you pay any bill late, even your phone bill, your credit card company can raise your interest rate. In fact, they can raise the interest rate up to almost 30%. They can do this even if you have a perfect payment history with them. Credit card companies do this because they now see you as a risk. Higher risks equal higher interest rates. Hard-to-Believe Credit Card Rates- universal default MSNBC - I've read plenty of times about how credit card companies routinely charge many borrowers as much as 30% interest or more per year. I even reported on it. In that article, I explained a practice known as "universal default," which can get you whacked with sky-high interest rates on many or most of your cards if you're late paying just one bill. And the default typically kicks in without your receiving any notification about it. Articles from November 2006 More articles from Year 2006 Comments (0)
See Latest Blog Posts: \| Credit Card Blog \| Advanta Credit Card Advanta Low Apr Business Credit Card \| American Express Canada The Canada Council For The Arts Announces Finalists For The 2006 Governor Gen \| Technorati Ping Slow To Update It Might Be My Fault \| Credit Debt And Nursery Rhymes \| List Of Credit Cards You Ll Find On Wwwexpress Marketingcom;
See Related Blog Posts: \| Hard To Believe Credit Card Rates;