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May 11, 2006

Leading Credit Card Issuers Raise Lending Rates
In step with the Federal Reserve, several leading credit card issuers announced increases in their lending rates yesterday. Bank of America, Citibank and U.S. Bancorp all raised their base rates one-quarter point, to 8.00% from 7.75%. While other credit card issuers did not make formal announcements, many tie their lending rates to the moves of the Federal Reserve, so borrowers should expect they will increase their rates as well. For consumers and small business owners who carry variable-rate credit cards, the move will mean another increase in their credit card interest rates.

Federal interest rates are now at their highest point in five years, and, despite predictions that the Fed was just about done raising rates, no such promise was made by Federal Reserve Chairman Ben Bernanke. The Fed's next meeting to discuss possible changes in interest rates comes next month.

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