Wells Fargo to Raise Interest Rates on Credit Cards
| October 10, 2009 |
As they have done a good job of staying out of the media about their interest rates, it now looks like Wells Fargo is the next major credit card issuer to raise their interest rates on its plastic. While at coming at no surprise, many consumers that use Wells Fargo as their cards of choice, have had plenty of time to prepare for this increase. This is because every other credit card issuers have made major changes which include double digit increases in interest rates.
Doing things a little bit different, Wells Fargo is making their increase to cardholders’ interest rates public. The increase, which is three percent, is scheduled to go into effect November 30, 2009. The reason that is stated by the Wells Fargo’s group head of card services is that they don’t believe they can continue to keep credit flowing on their credit cards at the current pricing.
Other credit card issuers that have raised rates and made changes to their card offers include all of the major card issuers. The timing of this increase by Wells Fargo comes at a surprise to many experts due to the fact that Bank of America had just announced that they would stop increasing interest rates until early next year.
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