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Credit Card Firms Offering Simpler Deals Ahead of Law

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Credit card companies took a great deal of criticism as Congress was writing a law restricting their ability to raise rates and fees. The law, passed in May, won't go into effect until February, but already some companies have begun offering simplified agreements to counter that criticism. The Washington Post reports that Bank of America announced Thursday that starting in October, consumers will be able to apply for its Basic Visa card. The new card offers one rate for all transactions -- including balance transfers and cash advances, which are typically charged different rates than purchases. That one rate, prime rate plus a margin of 14 percentage points, would only change if the prime rate fluctuates.