Surprise: Credit Card Companies Are Sleazy

According to a recent Pew study, 100% of 400 credit card companies reviewed contained at least one practice that the House committee deemed deceptive or unfair. 93% of the creditors investigated allow any-time, any-reason repricing, allowing the issuer to increase a customer's fees even if they have never missed a payment.

In addition, credit card companies employ a wide range of other slimy tactics to charge or increase fees:

• 87% of cards allow the issuer to apply payments to low-rate balances before high-rate balances, increasing the overall interest the consumer pays
  

• 72% of cards offer low initial rates which can be revoked at any time after a single late payment
  

• 84% of cards have loop holes in their terms of service which limit card holder's legal rights