Released: October 07, 2009

Bank of America pledges halt on credit card rate hikes

Source: Associated Press (USA Today)

Bank of America on Tuesday pledged not to hike credit card interest rates or fees before a new law intended to reform industry practices takes effect in February.

Since most Bank of America (BAC) 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.

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