Credit cards changing to variable rates

By: Credit Card News - July 19 2009, 7:49 AM

Dear Credit card holder, It is now time to kiss your fixed-rate credit cards goodbye!

Bank of America and Chase Bank, two of the biggest credit card issuers in the nation, say they're switching some fixed-rate credit cards to variable rates to manage costs in light of the sweeping new reforms to the credit card industry.

The interest on variable-rate credit cards will be tied to the rise and fall of the prime rate.

These changes will be effective starting in August 2009 for both banks.

So...

What do you think about that?

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Credit Card News says...

Variable-rate credit cards make up 66 percent of credit cards issued by the nation's largest lenders, according to... more »