Credit card companies introduce new agreements

September 18, 2009 1:46:07 PM PDT
Some credit card companies are introducing simpler card agreements before a new law goes into effect that restricts their lending practices. In February, the ability to raise rates and fees will be limited following sharp criticism about the practices of the credit card industry.

Starting next month, Bank of America will offer a basic Visa card.

For an annual fee of $39 the card offers one rate for all transactions, including cash advances and balance transfers. The interest only changes with the prime rate.

Chase also now has a blueprint card. The bank says it will help borrowers pay down balances.

Cardholders can decide which expenses to pay off in full each month while accruing interest on other purchases.


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