Do you have an emergency fund?  You do?  Great!  You may have to draw down on that emergency fund to throw extra money at your credit card because the issuer changed the rules on you!

It’s no secret that banks are bleeding and buckling under the weight of huge losses.  So, if you were savvy enough to play the balance transfer game with your cards and keep those payments low, the rules on some cards may have changed to make that a lot more expensive, and a lot less enjoyable.

What’s more, these practices are probably within the scope of the terms of use for the card!  I did a quick pull of a credit card user agreement, and it very clearly stated that the issuer could change any terms of the agreement at any time, including (but not limited to!) APR, fees, Default Rate, repayment date, or statement date.  Basically, unless you cancel the card, you’re stuck with the new terms.

So, expect the rules to change, and be prepared!

(Photo: szlea)

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