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A new trend in CC agreements?


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FYI: I just received a revised cardmember agreement from Chase Visa and the were two changes of note:

1. We agree to binding arbitration in the event of a dispute. (You had to know this was coming...)

and Most interestingly-

2. Chase is removing the default rate increase if you are late on a payment to another creditor.

This second one is unusual because that has been a relatively new "gottcha" for the credit card companies to jack your rate up and earn more $$$.

(Crap1 is famous for this one.)

Perhaps, consumer action or negative press in forcing them to change this policy? Maybe its just competition ...

Maybe others will follow suit?

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