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8.9 PERCENT RATE ON WACHOVIA CREDIT CARDS BEGINS TODAY

 8.9 PERCENT RATE ON WACHOVIA CREDIT CARDS BEGINS TODAY
 ATLANTA, July 15 /PRNewswire/ -- Reflecting this month's one-half


percentage point drop in the prime rate, the interest rate on Wachovia's Prime Plus Visa and MasterCard credit cards fell today to 8.9 percent.
 Wachovia offers the lowest rates of any card issuer currently accepting applications nationwide. The 8.9 percent rate is less than half the national average.
 The Prime Plus credit card can provide consumers who carry a balance significant annual cost savings when compared to higher rate cards, even those with no annual fee, said Jerry D. Craft, head of Wachovia Bank Card Services.
 For example, a $2,000 balance transferred to a card with a 16.4 percent interest rate and no annual fee would incur interest expense of $328 in one year. The same balance transferred to Wachovia's Prime Plus card would incur total expense of $217 (interest plus $39 annual fee), a savings of $111, Craft pointed out.
 The 8.9 percent rate is available to all Wachovia cardholders, Craft noted. The rate for existing Prime Plus customers will be lowered automatically to 8.9 percent effective today.
 The interest rate on the Prime Plus card has been reduced six times since it was introduced in March 1991. The rate on Wachovia's prime- based no annual fee card also declined today to 15.9 percent, also well below the national average credit card rate.
 Free transfer checks are issued with each new account so consumers easily can move balances from higher-rate credit card and revolving credit accounts. No cash advance fees are charged when transfer checks are used.
 Wachovia credit cards are available nationally through Wachovia Bank Card Services, Wilmington, Del. (800-842-3262), and through Wachovia bank branches. Wachovia has 2 million cardholders and credit card outstandings of $1.7 billion.
 -0- 7/15/92
 /CONTACT: Donald C. Guthrie of Wachovia, 404-332-4237/ CO: Wachovia Corporation ST: Georgia IN: FIN SU:


BR-EA -- AT005 -- 9383 07/15/92 08:32 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 15, 1992
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