While new rules prohibit universal default clauses in your lending agreement, they do nothing to prevent banks from withholding special offers if your credit report shows late payments. (shoprate.com)
In 2007, Citibank voluntarily eliminated universal default clauses from its credit card agreements. (mymoneycounselor.com)
The Universal Default Clause states that a lender can raise APR's if you have been late on any payments to your accounts including those with other financial institutions. (creditcardeducation.com)