"Millions of cardholders have recently received letters from the likes of Citibank, Bank of America Corp., Wells Fargo & Co. and American Express Co. notifying them that their interest rates are going up, in some cases to 30% if a single payment is missed"
Here's some rules we should demand of any bank or financial institution seeking bailout money.
Once you have a credit card.
- The card company may not use any other information to decide your interest rate other then your relationship with that company. If you made a mistake in one place it should not be allowed to be used as an excuse to raise your rate with a company that has nothing to do with that mistake.
- Mandate that every year with no missed or late payments your interest rate must be reduced
- Cap Credit Card interst rates at <20%