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About LinkBacksIt looks like fixed rates may become a thing of the past with the new credit card reforms. Bank of America is transitioning many of their cards over to variable rates and Chase has been doing the same too. Since the prime rate at an historic all-time low right now it doesn't really matter, but when it goes back up again that means the average credit card rates right now will go up to the high teens.
The credit card reforms seem to be now hurting the people with good credit and rewarding those who use credit recklessly.
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Centurion Member & Moderator
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- Jun 2008
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Fixed Interest Rates Going Bye-Bye
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.
Current Cards: American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Citi Thank You Premier
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Centurion Member
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- Apr 2008
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- Big Island, Hawaii
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I had the prime rate plus zero on my Amex card and even that shot up through the roof to 11%. I think it's safe to say the days of cheap and easy credit are over. At least for the rest of my lifetime.
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