See ya
July 15, 2009 | Wall Street Journal, alternatives, industry | Comments (0)The Wall Street Journal says we need to say “goodbye” to fixed rate credit cards:
Two major card issuers – JPMorgan Chase & Co. (JPM) and Bank of America Corp. (BAC) – recently switched some existing customers to variable-rate cards.
More than 90% of the offer letters card issuers mailed to consumers in recent months were for variable-rate cards, up from 60% in early 2008, while less than 10% were pitching fixed-rate cards, according to data from Mintel Comperemedia, a market-research firm based in Chicago.
“The fixed-rate-type cards are a dying breed,” said Curtis Arnold, founder of CardRatings.com, a consumer-information site.
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