Major Banks Raise Lending Rates
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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.
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