No Hidden Rate Increases with MAFCU Visa
It is not just people with lower credit scores who are experiencing rising interest rates on their credit cards. Many consumers, including those with good credit, are seeing their rates increase. “It is a critical time for consumers to be cautious about rate changes,” says Mike Shuman, Vice President of Lending. “As a credit union, MAFCU is always focused on members and how to help them have access to credit in a fair and safe way. We are not about forcing members to have additional financial obligations by piling on excessive fees or rates that change. Our Visa ® credit cards are a great alternative to other options out there.”
ABC’s World News with Charles Gibson reported that credit card companies have notified hundreds of thousands of their customers that their interest rates are going up – sometimes as high as 28 percent. The broadcast reported that banks are also raising credit card fees for everything from annual charges to late fees, even billing people for paying one hour late. And, though credit card companies deny it, many industry observers say the banks are squeezing cardholders to make up for losses in the “mortgage mess.”
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