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Major Banks Raise Lending Rates

by Peter Andrew
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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