Friday, April 10, 2009
Wall Street Journal: Banks Increase Credit Card Interest
Tamara Smith of Burlington, Vt., told The Wall Street Journal Thursday she is opening a new credit card account with a credit union instead of a bank to protect herself from banks' pursuit of higher interest income.
Smith reacted to a Bank of America notice that her 7.9% interest rate would increase to nearly 13% by calling the bank to opt out of the change.
Bank of America recently announced plans to raise interest rates to double-digit levels for credit-card customers who carry a balance every month instead of paying off the card in full. The bank attributed the move to higher costs for offering credit.
That means more people like Tamara are moving over to their credit union.
Yes, Dupaco does offer a Visa credit card. With local servicing and a low-interest, variable rate, our no-annual-fee VISA Platinum card is one of the best available.
Read the complete story in The Wall Street Journal, click here.