"Default Rate"
PayPal Extras Credit Card® Review
Written by: brammy on 2007-08-30
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
brammy's review: 
Most cards do have a default rate. The ones you have to watch out for are the ones with the universal default. that simply means if anything derog hits your reports, they too will jack you up to the default rate.
I have a 9+ year history on my credit report and show 0 late payments with the exception of a student loan that to this day, I aver should have been in deferment.
Most cards do have a default rate. The ones you have to watch out for are the ones with the universal default. that simply means if anything derog hits your reports, they too will jack you up to the default rate.I have a 9+ year history on my credit report and show 0 late payments with the exception of a student loan that to this day, I aver should have been in deferment.
2 Comments
Comment 1 by eric
RE: Brammy 
on 2007-08-30
Yes Brammy you are right about the universal default. Alot of companies are shying away from the practice... GEMB DOES use universal default. But I do believe within the next year or two we will do away with the practice as well. Eric
on 2007-08-30 Yes Brammy you are right about the universal default. Alot of companies are shying away from the practice... GEMB DOES use universal default. But I do believe within the next year or two we will do away with the practice as well. EricComment 2 by brammy
Re: Eric on 2007-08-31
The UD clause is one thing I try to stay away from on any card that I may carry a balance on and have learned to keep one non-UD card for back up just in case. I was ratejacked on a mistake reported on my bureau and even after getting the people who did it to remove it, the issuer refused to put me back to my initial my APR. (For any reason clause).
Of course I PIFd and closed. Being a natural born Texan, of course I raised a little Texas heck! At that time I was still using cards with AFs. They gladly refunded it just to keep me from calling.
on 2007-08-31 The UD clause is one thing I try to stay away from on any card that I may carry a balance on and have learned to keep one non-UD card for back up just in case. I was ratejacked on a mistake reported on my bureau and even after getting the people who did it to remove it, the issuer refused to put me back to my initial my APR. (For any reason clause).Of course I PIFd and closed. Being a natural born Texan, of course I raised a little Texas heck! At that time I was still using cards with AFs. They gladly refunded it just to keep me from calling.
Please login or register for free to view your stats, add reviews and card application results, or post comments.
Credit card reviews and comments are posted by user submission and do not warrant the opinions of Finance Globe.
Disclaimer: This content is not provided by Synchrony Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Synchrony Bank. Review content is powered by Finance Globe.
Disclaimer: This content is not provided by Synchrony Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Synchrony Bank. Review content is powered by Finance Globe.
