Does your credit card contract contain a hidden surprise?

Like most of us, Larry Maizlish seldom scrutinizes the pages of fine print that accompany his credit cards. The other day, however, he decided to give it a go for his Lexus Pursuits Visa card, which offers points for vehicle repairs.

"I had the time," Maizlish, 53, told me. That was fortunate because he had to dig deep to come across a nasty little stink bomb planted by the card's issuer, Comenity Capital Bank.

About halfway through the pages of legalese, Maizlish found this:

"You grant us a security interest in all goods you purchase through the use of the account, now or at any time in the future …."

In other words, Comenity reserves the right to send guys to your home and take any stuff you have purchased with your card if you don't pay your bills.

And if you have maybe sold the stuff on eBay, they will take the cash you earned.

Credit cards traditionally have represented unsecured debt, meaning no collateral is required to receive the loan. If a borrower fails to make payments, the lender has few choices except to negotiate a settlement or file a lawsuit.

Comenity is securing its credit-card loans with all of the goodies cardholders put on plastic.

This kind of thing fell out of favor among many card issuers in the 1990s. Comenity, however, has stuck with the practice. The company is a leading issuer of store cards, including for retailers Ann Taylor, J. Crew and Pottery Barn.

Think of it as leverage. Some people might think they can get away with not paying their credit-card bills, unfazed by the prospect of a lower credit score. But those same people likely will take notice if faced with losing their flat-screen TV, washing machine or refrigerator.

They would send repo guys to a cardholder's home?

"If it was a large enough purchase, it might be worth their while," Los Angeles consumer lawyer Douglas Crowder said.

Bankruptcy is a key consideration. Under most Chapter 7 bankruptcy filings, much of a consumer's outstanding debt can be erased.

"Credit cards with security interest provisions are a way for these lenders to get on the list of reaffirmed loans," said Chi Chi Wu, a staff attorney at the National Consumer Law Center. "Reaffirm our debt or lose your TV. It's a way to scare you into staying on the hook."

To find out if your credit- card contract has a security interest provision, check the database of card agreements maintained by the Consumer Financial Protection Bureau.

If you have a store card, you can also search Comenity's own site to see if it's one of theirs.

Maizlish, with that Comenity-issued Lexus Pursuits card, said he used his plastic for some recent home improvements.