I heard that if you use a credit card in a strip club, the issuer might downgrade your credit worthiness. Then they might lower your credit limit, or raise your interest rates. Any truth to this?
The CC companies/banks primarily care about your payment history with them and other creditors. There is a lot of credit limit slashing going on, but visiting a strip club is not a valid reason.
Are registered as a restaurant or night club with the CC companies, not as a "strip club". In the vast majority of cases the CC company has no idea and no way of knowing what type of entertainment you paid for.
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