Bank of America vows to stop raising credit card interest rates through February


Here's the good news: Bank of America announced Tuesday that it won't raise credit card interest rates or fees before February, when a new law kicks in that's designed to reform the credit card industry.

But as with just about anything with news about banks and credit cards, it helps to read the fine print. If you have a Bank of America card and are thinking, "Phew, at least things won't get worse between now and February," I wouldn't relax much.

As the Associated Press points out in a story that ran in USA Today, most Bank of America customers have variable rate cards, which are linked to the prime rate. So if the prime rate goes up, customers may see their interest rates climb.