Perhaps you have noticed the changes in the credit card offers you have been receiving. For instance, early this year Chase Card Services junked the two-cycle billing practice on their credit cards, where your average daily balance subjected to interest was calculated on the basis of two full cycles instead of only one billing cycle. If you are used to carrying a balance on your credit card, the two-cycle method results in greater finance charges to you, so this change should reduce your interest expenses. This is part of the credit card industrys response to increasing pressure from consumer groups and U.S. lawmakers for credit card issuers to stop what are called predatory and abusive practices.
Last March, Citigroup decided to remove two practices that have been objected to: the increase in a credit card holders interest rates and other fees, at the option of the bank, at any time for whatever reason, and the practice known in the industry as universal default, which means that if you fail to pay a bill to any of your creditors (say, a mortgage payment or a utility bill) the interest rates on your credit card are immediately increased.
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