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The World is changing itself very quickly. Everybody need more ease in his life. Now-a-days Credit Card is very IN stuff. Persons find it reliable and simple. But when there come the time of payment of credit card bills, Companies try to snatch as much interest rate from customer as they can. By giving reason, A change took place in Interest rate.
But a new legislation ,effective from February `09, approved by US government about change of fixed interest rate to variable rate that will bound the Companies to notify the customer about upcoming change in interest rate at least 45 days before.
The Bank of America and JPMorgan Chase ,being the Big Lenders in America, already adopted this Law.
The Law has a big deal for customer that their interest rate will be unchanged for first year of their new fixed-rate account.
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Posted to » Banks, Credit, Interest Rates, credit cards, credit score
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