'Wall Street Journal': Bank of America to boost rates on cards with balances - Phoenix Business Journal:

http://www.alcorconwireless.net/2008/nov-17-protest-the-military-recruiters.html
Customers who carry a balance and have an interesf rate below 10 percent will see their rateds increase into thedouble digits, beginninyg with June account statements. A BofA spokeswoman told the newspaper the changew would affect less than 10 percentof BofA’s card customera in the United States. According to the Journal , BofA has 70 milliojn card customers aroundthe world, but doesn’t breaok out the number of customers in the Uniteed States.
“The increase on these accounts reflects the currenteconomic conditions, where our cost of providingt credit has significantly increased,” the spokeswoman told the Other banks, facing delinquencies, have also increased the ratesd for customers carrying a The federal government passed legislation in December to limiy banks’ ability to raise credit-card interesyt rates. The rule, however, won't go into effecty until July 2010. Congress is mullingh regulations that would place stronger restrictions on banksmuch sooner. N.C.
-based BofA (NYSE:BAC) has receiverd $45 billion in federal fundw through the Troubled AssetRelief Program, which was designec to thaw the credit markets.