Oh yeah, that's terrible.
Besides forcing them to make it easier to read the card agreements-
Among other things, the Senate measure would prohibit companies from raising interest rates on existing balances unless a card holder was 60 days behind, and then it would require the rate to be restored to its previous level if payments were on time for six months. Consumers would have to be notified of rate increases 45 days in advance. And companies could not charge a late fee if they were late processing a payment.
People with "sterling" credit shouldn't be affected. Using your credit card as a source of supplemental income (cash back) makes about as much sense as looking forward to a huge tax return. The people using the cash rewards responsibly are actually being subsidized in part by the people who pay interest.
Did you know CC companies are starting to report late payments industry wide- the interest rate on all the cards you hold will be increased. Isn’t that nice.
I suppose you see nothing wrong with jacking the rates for people who fall behind?
In need of regulation?- overdue.