The $1.8 billion Kern Schools Federal Credit Union has sold its credit card portfolio to FIA Card Services, a subsidiary of Bank of America.
According to the Bakersfield Californian, the Bakersfield, Calif.-based credit union's cardholders will have to switch from fixed-rate cards to adjustable-rate cards as part of the sale. The credit union's name and logo will remain on the cards as part of an agent issuing agreement between the credit union and bank.
No one from the credit union has yet become available for comment on the sale.
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