BofA Pledges To Stop Raising Credit Card Interest Rates

The AP reports Bank of America has promised to stop jacking up interest rates on credit cards with fixed interest rates. But that doesn’t mean your rate won’t jump.

The story says:

Since most Bank of America customers have variable rate cards, however, they could still see their interest rates go up. The interest on variable-rate cards is tied to the rise and fall of the prime rate.

The move is a reaction to lawmakers’ efforts to bump up the date credit card reform laws — which limit banks’ abilities to raise fees and interest rates and force them to disclose hidden fees — from going into effect on Feb. 1 to Dec. 1. The story says the House of Representatives Financial Services Committee will hold a hearing on the date-changing legislation Thursday.

Bank of America pledges halt on credit card rate hikes [AP via USA Today]
(Photo: e. wilder)
(Thanks, Jeff!)

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