Major Banks Raise Lending Rates
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Banks Raise Lending Rates
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.
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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