The $1.2 billion Chartway Federal Credit Union has cut the rates on its credit cards as most, if not all, bank card issuers have raised their own.
"Like everyone else, I watched the Today Show's piece last week on bailed-out banks boosting the interest rates on their credit cards," said Ron Burniske, CEO of the Virginia Beach, Virginia based credit union. "I can tell you that I'm appalled. These big banks are treating average consumers unfairly. They're already struggling during this tumultuous economic period."
Chartway offers primarily a Visa Platinum card and has over 23,000 cards in its portfolio that carry an average balance of $3,176, according to the credit union's end of year call report. The highest rate charged by the credit union, according to the report, is 9.99%.
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