Wells Fargo & Co. plans to raise interest rates on most credit card customers by 3 percentage points before new rules limiting such increases take effect, according to a company executive.

"This is something we've been contemplating for quite a period of time," Kevin Rhein, group head of card services for the San Francisco banking company, said in an interview.

Wells began advising customers this week that the change would take effect Nov. 30, a day before House Financial Services Committee Chairman Barney Frank wants curbs on rates and fees under a new credit card law to take effect. Frank plans a hearing today on moving up the date to Dec. 1, from February, to head off increases by card issuers.

Bank of America Corp. said Monday in a letter to Senate Banking Committee Chairman Christopher Dodd that it would not raise rates and fees on customers in good standing until the Credit Card Accountability, Responsibility and Disclosure Act takes effect.

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