Fixed Interest Rates Going Bye-Bye

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Mogul of Pineapples
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Fixed Interest Rates Going Bye-Bye

Postby Mogul of Pineapples » Tue Jul 14, 2009 1:54 am

It looks like fixed rates may become a thing of the past with the new credit card reforms. Bank of America is transitioning many of their cards over to variable rates and Chase has been doing the same too. Since the prime rate at an historic all-time low right now it doesn't really matter, but when it goes back up again that means the average credit card rates right now will go up to the high teens.

The credit card reforms seem to be now hurting the people with good credit and rewarding those who use credit recklessly.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Postby 1bootcamp » Tue Jul 14, 2009 4:18 am

I had the prime rate plus zero on my Amex card and even that shot up through the roof to 11%. I think it's safe to say the days of cheap and easy credit are over. At least for the rest of my lifetime.

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