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AT&T UNIVERSAL CARD OFFERS FREE REFINANCE PACKAGE

 AT&T UNIVERSAL CARD OFFERS FREE REFINANCE PACKAGE
 /ADVANCE/ JACKSONVILLE, Fla., March 20 /PRNewswire/ -- AT&T


Universal Card Services and Universal Bank today announced an opportunity for new customers to refinance their existing credit card balances at a variable annual percentage rate (APR) well below the fixed-rate fees charged by most of the nation's largest banks.
 The new offer is a no-annual-fee-for-life AT&T Universal Card- MasterCard and comes with a variable APR of 16.4 percent. AT&T said the offer is available to consumers who transfer balances of $1,000 or more from other credit cards, where they may currently be paying interest of as much as 19.8 percent on unpaid balances.
 "Consumers are interested in saving money, consolidating their debts and simplifying their financial lives," said Paul Kahn, president, AT&T Universal Card Services. "This program clearly meets those needs."
 According to trade publications, more than 80 million cardholders are currently paying nearly 20 percent in fixed-rate interest fees charged by several of the nation's largest banks.
 "Refinancing your credit card isn't any different than refinancing your home to take advantage of lower mortgage rates," said Kahn. "Because of the opportunity to save money, a lower APR on a credit card becomes a compelling feature."
 The AT&T Universal Card program was launched with a variable APR in March 1990. In two years, the program has opened more than 8.1 million accounts and issued nearly 13 million MasterCard and Visa cards, while dropping interest rates a total of 3.5 percent.
 Last year, AT&T Universal Card cardmembers used their cards to charge more than $13.2 billion in purchases and AT&T long-distance calls -- the third highest volume in the industry.
 "Combining the value of the AT&T Universal Card with a low variable APR makes the card attractive for consumers," said Kahn. "They're continuing to vote loud and clear that our program is right on target in meeting their needs."
 Those cardholders who respond to the offer, pending credit approval, will be given AT&T Universal Card checks to close out existing balances on other credit cards. The minimum balance transfer to qualify for the free-for-life offer is $1,000.
 "Our goal is simple," said Kahn. "We want to become our customers' primary credit card. We built the variable interest rate into our product from the beginning to deliver value to our customers."
 UCS said the offer will conclude June 15, 1992. To apply, cardholders should call toll-free 1-800-66-APPLY 24 hours a day.
 -0- 3/23/92
 /CONTACT: Bruce Reid of AT&T Universal Card Services, 904-443-8894 (office) or 904-285-7686 (home)/ CO: AT&T Universal Card Services ST: Florida IN: FIN SU:


JJ-AW -- FL010 -- 0280 03/20/92 18:00 EST
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Publication:PR Newswire
Date:Mar 20, 1992
Words:458
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