March 2008
Fed Cuts Key Rate By Three-Quarters of a Point: Credit Card Users Will Likely Benefit
Written by Curtis Arnold
Posted On: March 25, 2008
The Fed announced a 75 basis point rate cut, bringing a key rate to 2.25 percent. The prime rate will fall three-quarters of a percentage point, also, to 5.25 percent. The move by the Federal Open Market Committee followed a half-percent rate cut Jan. 30 and brought the federal funds rate down to its [...]
Chase No Longer Increases Rates Based on Credit-Bureau Information
Written by Curtis Arnold
Posted On: March 4, 2008
Chase is no longer increasing the rates of cardmembers based on their credit-bureau information as of March 1, 2008. Consumer advocates have long decried the controversial industry practice commonly known as universal default, under which a customer’s rate could be automatically raised based on a single late payment to another creditor. And, although [...]
