Zacks Analyst Blog Highlights: Bank of America Corporation, JPMorgan Chase & Company, Discover Financial Services, Citigroup and Capital One Financial Corp.

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CHICAGO--(Business Wire)--
Zacks.com announces the list of stocks featured in the Analyst Blog. Every day
the Zacks Equity Research analysts discuss the latest news and events impacting
stocks and the financial markets. Stocks recently featured in the blog include:
Bank of America Corporation (NYSE: BAC), JPMorgan Chase & Company (NYSE: JPM),
Discover Financial Services (NYSE: DFS), Citigroup (NYSE: C) and Capital One
Financial Corp. (NYSE: COF).

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the Pros newsletter: http://at.zacks.com/?id=4579

Here are highlights from Wednesday`sAnalyst Blog:

BofA Vows Not to Hike Card Rate

Bank of America Corporation (NYSE: BAC) said on Tuesday that it will not raise
rates or change terms on consumer credit card accounts before the new law (CARD
Act) intended to reform industry practices takes effect early next year.

To manage costs in light of the sweeping new reforms to the credit card
industry, in August 2009, BofA along with JPMorgan Chase & Company (NYSE: JPM)
switched most fixed-rate cards to variable rates. Discover Financial Services
(NYSE: DFS) moved some of its cardholders from fixed to variable rates in June.

Since most of the cards of Bank of America carry a variable rate, customers
could still see rising interest rates as the interest is tied to the rise and
fall of the prime rate.

BofA also said that it will continue to re-price customers who are late on two
or more payments in a one-year period.

The CARD Act will restrict credit card issuers to raise fees and interest. As a
result, many companies have started increasing charges and rates in the recent
months. However, Bank of America said that it will not implement any change in
terms of consumer credit card accounts between now and the effective date of the
Act. Last month, U.S. Representatives Carolyn Maloney and Barney Frank
introduced a legislation that could speed up the implementation of new credit
card rules to December 2009.

The new CARD Act will negatively impact major credit card issuers including
JPMorgan Chase & Company, Citigroup (NYSE: C) and Capital One Financial Corp.
(NYSE: COF).

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