You may have heard or read in the news recently that the Federal Reserve approved the new consumer protection plan proposed by the Credit Card Act. This plan prohibits any interest rate increase in the first year after opening an account and any rate increase on an existing balance. Additionally, consumers under 21 must have parent or guardian permission or demonstrate the ability to make payments.
Many big banks and credit card companies have already begun to increase their lowest advertised rates an average of 20 percent before the regulation goes into effect on February 22, 2010.
Please note that Team One's credit card interest rates has always provided stable and relatively low rates for the members.
We are not increasing the interest rates on our Visa Platinum; they will remain starting at a fixed rate of 9.9% APR or 10.9% APR with ScoreCard Bonus Points.