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Major Banks Raise Lending Rates

by Peter Andrew

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Major

Banks Raise Lending Rates

Following

the raise in federal lending rates announced on Tuesday, several

major banks raised their prime lending rates. Customers of these

banks who carry variable-rate credit cards soon can expect a

raise in their credit card interest rates.

Bank

of America, Citibank, HSBC and US Bancorp all announced quarter-point

raises to their prime lending rates, from 6.75% to 7.00%. Because

variable-rate credit cards increase or decrease based on banks'

prime lending rates, credit card customers of these banks can

expect a quarter-point increase in their rates within the next

couple of weeks.

 

Published 11/02/05 (Modified 01/21/13)


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