Jockeying ahead of credit card law continues

November 30, 2009 | By Jim Kim

Bank of America (BAC) has announced it will send concise, plain language explanations of interest rates, balance transfers, advances and a summary of all fees for all its card customers. This was touted as something of a consumer friendly move, one that was not even required by the new law. But the bank's new Credit Card Clarity Commitment comes in a change-happy environment that has all banks making changes that affect customers ahead of new regulation.

TheStreet.com notes many banks have cut card limits, canceled credit lines or boosted fees. Bank of America, for example, changed some cards from fixed to variable rates, presumably to give it more room to move. Bank of America has also started charging annual fees on a small percentage of cards that were previously not charged. You would think we're going to be in for a lot more tinkering. Not all will be accompanied with press releases.

For more:
- here's the article
- here's a press release