Ask Dave Taylor: Tech and Business


Do banks ever increase credit card interest without notice?

A fascinating letter from a reader arrived that is a must-read for anyone who has one or more credit cards and wonders about whether the credit agencies or banks ever pull sneaky tricks on us consumers:

Great blog on the AT&T upgrade article; I thought I was one of the few that noticed how devious these companies are when offering their promotions. I have the AT&T premium card and everything you pointed out was funny to me too; but there's one thing I notice and don't know how to counter attack...

I have two balance transfers with a great promotional offer (0% until pay, 1.9% until pay). I monitor my bill every time to see if they pull a fast one on me and they recently have. According to their policy if one defaults in their payments they can increase the interest rate to 28% (which I had at 10.49% for the regular balance; not balance transfer) like you mention in the blog; but I have always been on time and not defaulted in anyway.

Just recently I notice an increase on the regular balance interest rate to 14.25%. I was shocked, so I got my previous statements and confirmed that ...