One of the things I fear most as a credit card holder is the unfair Universal Default clause. If you haven’t heard of it, you should read up on the link I provided.
Many credit cards have this clause in the fine print, and what it enables them to do is to raise your interest rates through the roof if you are over 30 days late on any other payment to anyone. Key word there is anyone. You could be over 30 days late on your telephone bill and be penalized by your credit card company.
I try to bite my tongue when I feel like calling credit cards evil. But really, the universal default clause is an evil thing.
But I am jumping up and down for joy because one of the major credit card companies, Citigroup, has done away with the universal default clause!! That is awesome news!!! And it gets better!
Citigroup also “will no longer raise rates and fees on customer accounts ‘at any time for any reason'”. This is HUGE news!!!
Wow. I did get my electric bill in the mail today and I was pretty bummed (more later on that), but this news is EXCELLENT!!
Times are changing for the better!
(I don’t think I’ve ever used so many exclamation points in a post – can you tell I’m happy?? 🙂 )
[Hat tip to Frank the F.S.A.]