Chase Abandons “Anti-Consumer” Interest Rate Policy
According to a recent issue of Money Magazine, Chase has discontinued their practice of hiking interest rates if your credit score declines. This move comes on the heels of Citibank’s decisions to voluntarily eliminate their universal default provision. While none of the five major credit card issuers have been officially practicing universal default over recent months, it’s not uncommon for major lenders like Bank of America and Discover to increase interest rates based on negative credit score changes. It remains to be seen if other credit card issuers will follow Chase’s lead.
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