It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Although banks are scooping up billions in bailout money or borrowing money from the Federal Reserve at as low as 0%, they aren't passing on those savings to consumers. Credit card interest rates have increased for many major card issuers and even doubled or tripled for some consumers who pay their bills on time. Bank of America is raising interest rates on about 4 million customers with balances. Citigroup and Capital One have also jacked up rates.
Credit card interest rates are typically pegged to the prime rate, which has fallen from 5.25% a year ago to 3.25% now. But the national average rate for credit cards has actually risen over that period, moving from 11.3% to 12.4%, according to the CreditCards.com's weekly rate survey of large card issuers.
Originally posted by silent thunder
I expect eventually I will be FORCED to use a card in one way or another, however. There were a spate of articles last year about how credit card co's were actually cancelling the cards of people known to pay off every month or to maintain positive balances (surreally, such responsible types are actually referred to as "deadbeats" within the rabbit-hole of the credit-card industry itself, because they don't generate late fees and needed interest).