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Drop in interest rates may come as a surprise to card holders

[Wednesday, April 6th, 2011]

After so many unpleasant changes in the recent past, here is some pleasant news to look forward to for credit card holders. In a surprise move, many credit card lenders are planning on reducing the interest rates on most of the existing credit card accounts.

This can be attributed to one of the rules that are a part of the Credit Card Accountability Responsibility and Disclosure Act that came into effect in late 2009 and early 2010. One of the rules stipulates that credit card lenders have to review their card holders’ account every six months and review the interest rates for people who have been making the payments on time. Over the last six months, the number of defaulters has come down drastically, showing that many card holders are making efforts to pay off their outstanding dues on time consistently. This has paid off since banks are all set to reduce the interest rates for these card holders.

According to the data from the Federal Reserve, average interest rate in 2009 stood at 14.31% as compared to 13.57% in the year 2008. While it is sure that many card holders will be intimated about the reduction in interest rates very soon, it is too early to tell how many of them will experience this change. Bank of America alone is set to reduce the interest rates on close to one million accounts, which is by far the largest by any bank in the United States.

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How to Benefit with Discover it® Cashback Bonus Cards in 2019
[May 10th, 2019]

Owners of the Discover it® Cash Back, the Discover it® Balance Transfer, the Discover it® Student Cash Back and the NHL® Discover it® credit cards surely appreciate the 5% cashback bonus on purchases at its true value. We would remind you that it applies to purchases up to $1,500 per quarter in certain categories rotating quarterly and is available after activation.

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Here’s Why Every Frequent Flyer Needs a Travel Rewards Credit Card
[January 16th, 2019]

If you think the only advantage to carrying a credit card that offers travel rewards is that you can earn more frequent flyer miles by making purchases on the card, you could be missing out on some of the biggest perks offered by card issuers and airlines.

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Answer These 4 Questions To Find Out If A Prepaid Card Is Right For You
[October 17th, 2018]

If you pay any attention to the finance industry, or even if you don’t, you’re probably aware that prepaid cards have become increasingly popular over the past several years. But you may still not quite know what a prepaid card is, or how one works.

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