“What can we do to make our credit card your No. 1 card?”
I was stumped by the question posed by a cheery-voiced customer service rep last week. I had called my credit card issuer to request a copy of the credit card agreement for one of my cards.
My colleague Jeremy M. Simon was writing an article about how several credit card issuers, including Bank of America, were no longer revealing penalty interest rates to potential and existing customers and he wanted to see an agreement.
For those who don’t know, a penalty interest rate is the rate that you will be charged if you screw up and miss payments. It is a higher rate than the normal APR for purchases. It’s also known as a default rate.