More Tricks from Credit Card Companies

Yes, the credit card companies are up to some new tricks.  This new wrinkle is one that really disgusts me.  It is called the "universal default clause."

This is the situation where if you make a late payment on another account they can use that as cause to raise your interest rate on their card even if you've paid every single payment on time.

David Bach wrote a great article about this topic.  Check it out at http://finance.yahoo.com/expert/article/millionaire/26303.

Yes, it does pay to read the fine print!