After I posted here earlier today, I found a link on Ben’s blog (sorry, but I can’t find the link or the story) for a WSJ story published today that the credit crunch is affecting the credit cards companies. It did say that many companies have cut back on sending out the offers and the ones that are going out are not offering 0-2 percent starter rates, but more like 6.99. It also said that many cc companies are simply raising rates astronomically or simply closing people’s accounts — even people who had never paid late. There was an anecdote about such a guy who was summarily notified that his rate was going from 17.9 to 29.9. Another anecdote was about Amex suddenly demanding that a customer (and not a new customer, either) prove his income or something like that.
