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Millions of BOA credit card account to see reduction in interest rates

[Friday, March 25th, 2011]

Just a few days ago, the Bank of America was in news because of their announcement to implement a $59 annual fee on a few of credit cards accounts. This move seemed to be defy the CARD Act. However, now the bank is in news for something totally opposite. Over a million card holders who possess a Bank of America credit card have been notified about an impending reduction in their interest rates, which is again an offshoot of the CARD Act.

The CARD Act stipulates that the banks and other financial institutions review the accounts of their credit card holders once every six months and reduce the interest rates for customers who don’t exceed the credit limit offered by the bank and those who have been very prompt in making their payments each month without any defaults. The interest rates have to be reduced within a period of 45 days after evaluation has been completed.

Speaking on behalf of Bank of America, Betty Reiss their spokesperson said that the bank had completed the first round of evaluation and letters were sent to over a million credit card account holders informing them about the reduced interest rates.

According to one of the industry experts, Bill Hardekoph, the CARD Act has been able to make a significant difference to the credit card holders. He said that just before the CARD Act came into implementation, banks had increased their interest rates to as much as 29.9% even for customers with good credit standing. But, the provisions of the act have now made it possible to reduce these rates for those with good payment record.

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