rate increases coming! Let us take a look..
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The Latest Credit-Card Tricks
With new federal rules looming, card issuers are concocting creative ways to collect fees
PICK A RATE
Almost 120 million accounts may be affected by a change that will allow issuers—when setting the variable rate on a card—to pick the highest rate in the past three months from the interest-rate index it tracks. Previously, companies used the rate on the last day of the billing cycle. The result is that borrowers pay an average interest rate that is 0.3 percentage points higher than before. The card industry could generate $720 million a year from this shift, estimates the Center for Responsible Lending, a consumer advocacy group.
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