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Chase Card Services announced today that it was doing away with the practice of boosting cardholders’ interest rates when their credit scores decline. The change takes effect March 1.
Chase earlier announced it was ending another practice denounced as unfair by consumer advocates: double-cycle billing, which results in interest charges for two months when a customer carries a balance for only one.
No word on when or whether Chase will join Citi in saying buh-bye to universal default, the practice of hiking rates based on defaults or problems with other creditors.
