Credit cards changing to variable rates

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.


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