Released: July 24, 2008

Make no mistake and your rate can still spike

Source: Herb Weisbaum, KOMO News

Better be careful - there’s a new trap that can catch even the best credit card customers.

You pay on time and stay within your limit, and your rate can still spike. How can that possibly happen?

Credit card companies are always coming up with new ways to make money. Slip up and they’ll bump up your interest rate. But the latest gotcha takes the cake.

Make companies now put language in their contracts that gives them the right to change your interest rate whenever they feel like it.

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