xxxx

Bank of America has put as many as four million of its customers on notice. BofA will likely be raising rates for the customers.

The hike is said to affect those who carry a balance and have an interest rate below 10 percent. They can expect their interest rate to climb into the double digits starting with June account statements.

Recently the federal government limited how the credit card companies could raise rates. The problems is that the rule doesn’t take effect until July 2010. Congress is trying to make these rules go into effect sooner, but not in time for the Bank of America increase.

So if you don’t carry a balance or you have an interest rate higher than 10% you should be ok.

Jeremy

View all posts by Jeremy
Jeremys website