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Should credit cardholders fear Bank of America?
The year has begun with a bang for Bank of America, which will soon become the largest issuer of credit cards in the country once it completes its acquisition of MBNA Corp. However consumer advocates fear that Bank of America may use its sheer size and dominance to take advantage of its cardholders. Delawareonline.com reports:
"Consumers should expect to pay more on their credit card bills because of this acquisition," said Rashmi Rangan, executive director of the Delaware Community Reinvestment Action Council, a consumer advocacy group focused on banking.
Read more: Consumer advocates fear MBNA buyout will cut competition, up fees
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