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)