Why so much talk about rate hikes at the end of November when we are barely rounding out the first week of October?  Federal law requires lenders to give consumers 45-day notice before increasing interest rates. 

So, consider yourselves warned!

While Wells Fargo has established itself as the bank for small business, it has managed to capture the title of 8th largest lender for U.S. credit cards.  Others in in the top ten list include Bank of America, at #2, which reportedly will not raise credit card rates until the passage of the Credit Card Accountability Responsibility Act legislation takes effect.

 

Related Resources:

  • Wells Fargo Will Raise Credit-Card Rates Ahead of Law (Bloomberg)
  • Wells Fargo, the Small Business Bank (FindLaw’s Free Enterprise)
  • Choosing a Credit Card (FindLaw)
  • Credit Card Holders’ Bill of Rights: What it Could Mean for You (FindLaw’s Law & Daily Life)

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