Not all banks are equal and Citibank demonstrates that by ending any universal default practices. According to Marketwatch, Citibank is ending "universal default" on all Citi-branded consumer credit cards, effective immediately (poste 3/1/2007), the company said. Universal default, a common practice among credit-card issuers, is when the company increases a consumers' interest rate when that consumer is late paying other creditors' bills. Also, Citi said it would eliminate its "any time for any reason" rate increases, which allow the company to raise interest rates and change terms at any time and for any reason another common practice among card issuers. Citi said the policy is effective immediately for new customers and will go into effect for current customers by April.
Read the full article on Marketwatch
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3 comments:
You have great blog and this post is good!
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best regards, Greg
Money is so intangible, its almost like a promise and a piece of paper.
I keep quoting these dead white guys for a reason. We seem to be repeating some particularly nasty history, right now.
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