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CCB WAY AHEAD ON PRESIDENT'S CALL FOR LOWER CREDIT CARD INTEREST

    CCB WAY AHEAD ON PRESIDENT'S CALL FOR LOWER CREDIT CARD INTEREST
    DURHAM, N.C., Nov. 15 /PRNewswire/ -- Central Carolina Bank (CCB) did not need encouragement from President Bush to offer a lower interest rate on its credit cards.  The Durham-based bank has offered its gold credit customers an interest rate of either 1 percent or 1.5 percent above the prime rate since 1983.  The interest rate now stands at 9 percent, the lowest since CCB started offering the Visa and MasterCard gold cards.
    Earlier this week, President Bush urged banks to cut interest rates on credit cards to help spur consumer spending.  Most banks charge between 18 percent and 21 percent interest on their regular credit cards.
    "We have known for a long time that a lower interest rate on our gold cards meant a great deal to CCB customers," said J. Scott Edwards, executive vice president at CCB.  "A good number of our customers take advantage of these rates to do just what President Bush is hoping consumers will do -- buy goods and services.  With our cards, they can make credit purchases at a lower total cost."
    CCB has about 55,000 credit card customers.  Some 20,000 of those customers carry gold cards.  To qualify for gold cards, customers generally must have excellent credit histories and meet minimum income requirements.  The CCB gold card has an interest rate floor of 9 percent and carries a $20 annual fee.  For credit lines of $5,000 to $10,000, the rate is prime plus 1.5 percent.  For lines of $10,000 and over, the rate is prime plus 1 percent.
    CCB's gold card is recognized by RAM Research Corporation of Frederick, Maryland as having one of the best rates in the country for what the firm calls its "Low-Rate Gold Card" category.  CCB has been receiving telephone inquiries from consumers throughout the country interested in lower credit card rates, Edwards said.
    CCB's regular bank credit card also has the lowest interest rate of any major bank in North Carolina, with a comparable annual fee.  The regular CCB Visa or MasterCard rate is 17.88 percent compared to 18 percent charged by most other N.C. banks.
    -0-                         11/15/91
    /CONTACT:  Susan L. Howerton, Central Carolina Bank, 919-683-7641/
    (CCBF) CO:  Central Carolina Bank ST:  North Carolina IN:  FIN SU: DF -- CH005 -- 1601 11/15/91 14:04 EST
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Publication:PR Newswire
Date:Nov 15, 1991
Words:400
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