If you don't pay off your credit card balances every
month, you better watch out. The rate may be about
to go up, now that the Federal Open Market Committee
has just raised the fed funds rate by 1/4 percentage
point. That's why you'll want to carefully read any
credit card fine print you get in the mail.

For example, MBNA (one of the biggest credit card
issuers around) recently mailed information out to
cardholders about an amendment effective the first
day after the statement closing date in October
2004, increasing the annual percentage rate and
actually changing the fixed rate to a variable one.
While the fine print says you have the right to
reject the amendment, you must follow a certain set
of rules and no longer use the card any time after
October 21. Otherwise, the variable rate amendment
will apply, even if you objected in writing by the
deadline.

So read the fine print. And pay off those credit
card balances!