Are Fairer Credit Cards Really On The Way?

Credit cards spent the summer imposing draconian terms and higher interest rates before all of the consumer-friendly rules Congress passed last spring can take effect in February.

But we may be getting our first glimpse of what life under the Credit Card Accountability, Responsibility, and Disclosure Act might really be like and it’s kind of promising.

Bank of America is introducing a new “Basic Visa” card this fall that features what it calls “simplified rates and terms” and embodies many of the changes Congress — not to mention its customers — seem to want.

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