According to Andrew S. Ross at the San Francisco Chronicle, Wells Fargo credit card holders can expect to see a 3% hike on their Wells Fargo card interest rates effective November 30th. This is of course not likely to sit well with the House Financial Services Committee and other politicians who recently enacted legislation that will attempt to curb these very types of interest rate hikes that are levied on the existing balances of cardholders.
Barney Frank, the Chairman of the House Financial Services Committee is expected to seek for the new legislation to be enacted earlier than expected in order to prevent these types of moves by Wells Fargo and others who are hiking rates before they are no longer able to with such abandon under the new credit card laws.
Reading credit card news like this just makes it all the more important to be vigilant as a consumer. Read the fine print, know what you are getting into, do your homework, and of course don’t carry a balance on your credit card in the first place! From rewards credit cards to airline credit cards to balance transfer credit cards – use our free credit card “Chaser” tool to find and compare the best credit card offers today!
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