credit card rate

BofA won’t increase interest rates before the CARD Act comes into effect

October 7, 2009 - 2:10am | Banks and internet banks | News

This week Christopher Dodd, chairman of the Senate Banking Committee, released the letter that stated Bank of America won’t lift rates or make any changes in terms on consumer credit card accounts before the reform legislation comes into effect next year. Dodd urged other companies to follow BofA’s sample and freeze their rates.

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Credit card fees are increasing, banks blame Congress

June 30, 2009 - 3:57am | News | Plastic cards

Most issuers have raised credit rates or fees for certain borrowers. In the latest round, Bank of America and Chase have raised, or are raising, their maximum balance-transfer fees, from 3% to 4% and 5%, respectively. Chase is also expanding the definition of who could get hit with a penalty interest rate. Meanwhile, InfiBank is establishing a higher minimum APR — the greater of 15.99% or 11.99% plus the prime rate — on many cards. And Capital One and Citigroup continue to increasse card rates for certain borrowers.

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