Credit Tips: Credit Cards With Universal Default Charges

Posted On: May 1, 2006

Author: Cathy
Posted: Tue Mar 14, 2006 11:36 am
Post subject: Universal Default

Out of curiosity……….can someone help me compile a list of cards that have that dreaded universal default clause? I am wondering for my own information, but if I get enough info I may writing something on it as well (I’m a budding writer).

Author: TomfromCT
Posted: Tue Mar 14, 2006 3:55 pm
Post subject:

My wife’s Gold Sears Mastercard has a Universal default of

get ready

sit down

here it is

31.5 percent……. Thirty-one point five

THIRTY ONE POINT FIVE

31.5….percent

So she better not be late on any of her other cards cuz im sure sears is drooling to kick it up a notch or 20!!! to 31.5 percent

Author: iceman
Posted: Sat Mar 18, 2006 5:59 pm
Post subject: Re: Universal Default

Cathy wrote:
Out of curiosity……….can someone help me compile a list of cards that have that dreaded universal default clause? I am wondering for my own information, but if I get enough info I may writing something on it as well (I’m a budding writer).

Author: stilltrying
Posted: Sat Mar 18, 2006 6:10 pm
Post subject: Credit Cards With Universal Default Charges

Speaking of Sears Mastercard, perhaps your wife has already noticed this; if not, be careful: after four years of the due date being consistantly the same or else varying by no more than 1-2 days, suddenly since last fall Sears is playing games with my due date. Since last fall sometimes the due will suddenly be as much as six days earlier than the usual date. Out of all my creditors, Sears is the only one moving the due date around by that much.

Quote:
So she better not be late on any of her other cards cuz im sure sears is drooling to kick it up a notch or 20!!! to 31.5 percent

A year ago Sears suddenly increased the interest rates on apparently everyone’s mastercard accounts. My rate went from 15-something to nearly 24%. Sears called this a “business decision”; also, the rates are “non-negotiable”, i.e. no one can call and ask for a lower rate.