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Capital One places fixed rate on some cards: report
NEW YORK (Reuters) - Capital One Financial Corp <COF.N> recently changed interest rates on several of its credit cards to a fixed rate from a variable one for new customers, the Wall Street Journal reported on Thursday in its online edition.
The changes mean that customers will not get lower interest rates if the Federal Reserve continues to cut short-term rates, the Journal said. According to the newspaper, average rates on variable rate cards have fallen to 12.13 percent from 13.97 percent in early September, while the average rate on fixed rate cards is 11.89 percent.
A Capital One spokeswoman confirmed the changes to the Wall Street Journal. Representatives of the company could not immediately be reached for comment.
(Reporting by Justin Grant; Editing by Paul Bolding)
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