MADISON, Wis. -- This holiday season, consumers will swipe that plastic for gift after holiday gift. But bank officials caution everyone to read the fine print, especially any information on default rates.

"It's so hidden most consumers don't know that these policies are applied to them," said UW Credit Union's Chad LaFlash.

LaFlash said that many consumers are taken by surprise when they open their statement and realize their interest rate has gone up twice or even three times the initial rate.

"We have local competitors that are 34, 35 (percent)," said LaFlash. "We've seen some as high as 39 percent."

The change is called universal default.

While most consumers are aware of the normal default rate on a credit card, with universal default, consumers could be late just one time on any monthly obligation such as a utility payment, house or car payment or another credit card and the interest rate skyrockets.

The rate can also be triggered by a high card balance or if someone has too much available credit.

"You could even have your rate go up for not using your card enough," said LaFlash. "It really can vary a lot from lender to lender and you really need to look at the fine print to make sure you know how they're basing that default rate."

LaFlash said credit cards from the UW Credit Union don't feature universal default, but about half of all card issuers do.

In an age where almost anyone can get a credit card, LaFlash said the reason other banks do it is to reduce their risk, but also to pile up the profits.

"Banks have had to really be creative in how they find ways to make money off credit cards to keep their profits increasing each year," he said.

To avoid universal default, consumers should read the fine print before signing up for a credit card, looking closely at the default provisions, WISC-TV reported.

Automatic bill payments are good ideas for anyone who forgets to pay bills on time.

Experts also said that people should monitor their credit score, because any change could trigger universal default.

If a consumer has already been hit by universal default, experts suggest contacting the credit card company to see if there is any way to get back the old rate.

There has been some effort to cap credit card interest rates and fees.

The New York Assembly passed the Credit Card Accountability, Disclosure and Responsibility Act in June, which outlawed universal default for non-credit related changes.

"None of these rates or fees are regulated the way they used to be 20 years ago," said LaFlash. "They're not regulated in any way now so the only way to protect yourself against it is to make sure you read the fine print and find a credit card issuer who doesn't treat you that way."