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Laws to protect credit card customers

July 21, 2009 5:15:50 PM PDT
New laws go into effect next February to protecting credit card customers from unexpected interest rate hikes.

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Now two of the biggest credit card companies, Bank of America and Chase Bank say they will switch many fixed rate credit card customers to a variable rate credit card.

That way they can still raise rates when they want to. The two banks say they'll start next month to change the terms of customer accounts.

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