I got a "change in terms" notice from one of my credit cards today. I am being Rate-Jacked! In other words, the card issuer is raising my interest rate ( APR) based on a periodic credit review. It must be based on something that happened BEFORE I ever got the card. I hit a rough patch in 2001, and my credit suffered. I got this card as a sort of "rebuilder" account in 2003. They pulled my credit then ( which showed all my current negatives and then some) and approved me. After 4 years of regular use and timely payments, this is how they reward me.
Unfortunately this is pretty common with credit cards. Most cardholder agreements have a provision for Universal Default. This means they will do periodic account reviews and change terms due to any activity they don't like. This includes activity on all your accounts with other issuers. If you are late or miss a payment on any account, you can expect your other cards to be "rate-jacked." Some cards will do this even if you never miss a payment or have any other negatives. Some issuers will get nervous if you make a large purchase or utilize a high percentage of your credit limits.
The good news is: Once you understand this concept you can utilize your accounts in a way that does not provoke negative action. For example, try not to max out any credit cards. Using less than 50% of your limits might be a good guideline. I don't think I need to mention the importance of paying all your bills on time.
I'm not too worried about my account. The negative action was based old defaults that I can't do anything about now. They will fall-off due to age soon. Actually, the increased rate will not cost me a penny. I just won't carry a balance on that card. It will be a monthly PIF ( Pay In Full- Use it and pay it of every month) card.
Tuesday, March 20, 2007
Credit Cards: Universal Default and Rate-Jacking
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