The $1.2 billion Chartway Federal Credit Union has cut the rateson its credit cards as most, if not all, bank card issuers haveraised their own.
"Like everyone else, I watched the Today Show's piece last weekon bailed-out banks boosting the interest rates on their creditcards," said Ron Burniske, CEO of the Virginia Beach, Virginiabased credit union. "I can tell you that I'm appalled. These bigbanks are treating average consumers unfairly. They're alreadystruggling during this tumultuous economic period."
Chartway offers primarily a Visa Platinum card and has over23,000 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 thereport, is 9.99%.
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