It looks like common sense will be returning to the terms of revolving bank credit contracts (”credit cards”).
Among the reforms listed in this article, in a bill co-sponsored by our very own Sen. Claire McCaskill, one slimy thing the banks do is that they raise your interest rates on all your accounts as you increase the number of credit card accounts you open, even if you make your payments on all accounts faithfully.
Logic would dictate that this is the kind of credit customer that the banks would want, and would reward with lower rates, not higher rates.
