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FLEET BANK LOWERS CREDIT CARD INTEREST RATE; PROMOTIONAL CAMPAIGN FEATURES 11.9 PERCENT FOR ALL CONSUMERS

 FLEET BANK LOWERS CREDIT CARD INTEREST RATE; PROMOTIONAL CAMPAIGN
 FEATURES 11.9 PERCENT FOR ALL CONSUMERS
 PROVIDENCE, R.I., Sept. 3 /PRNewswire/ -- Fleet Bank today unveiled plans for a credit card promotion that features one of the lowest interest rates offered anywhere in the United States.
 "Fleet Bank will begin offering a rate of 11.9 percent for every transaction occurring between Oct. 1 and Jan. 31, 1993," said A. Christian Fredrick, senior vice president in the Products and Services Division of Fleet Corporate Administration. Fredrick said the low interest rate applies to purchases and cash advances until those balances are paid in full, which makes the promotion even more appealing to consumers because the 11.9 percent rate continues beyond the promotional period.
 "This is a terrific promotional offer for consumers because it will save them money with absolutely no strings attached or hidden costs. All they have to do is use the card for purchases or cash advances and those transactions will carry the 11.9 percent rate, which is one of the lowest in the entire credit card industry," Fredrick said.
 "Fleet is pleased to be the first major New England bank to announce a further credit card rate reduction. There are several reasons we believe the time is right for this action. It will benefit our existing customers, as well as attract new customers, and we hope it will play at least a small part in the emerging economic recovery,' Fredrick added.
 In addition to the low interest rate, Fleet is maintaining the full 25-day grace period and waiving the annual credit card fee for new accounts, amounting to a savings of between $20-40 a year depending on the credit card.
 The promotional offer applies to both existing Fleet customers and to new customers who apply for a VISA Gold, VISA, MasterCard, or student credit card.
 "During our last credit card promotion, we offered a 12 percent rate on cash advances only and we generated an overwhelming response in terms of new accounts," Frederick said.
 To support the promotion, Fleet is launching an aggressive advertising campaign breaking in all of its bank markets during the Labor Day weekend including newspaper advertisements, television and radio commercials, direct mail and point-of-purchase materials.
 New customers can apply for the offer at any Fleet Bank before December 15.
 Fleet Bank is a subsidiary of Fleet Financial Group, a $45 billion diversified financial sevices company listed on the New York Stock Exchange (NYSE: FLT) with approximately 1,300 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, investment management, and student loan processing.
 -0- 9/3/92
 /CONTACT: Robert W. Lougee, 401-278-5879, or Charles T. Conway, 401-278-6240 of Fleet Financial/
 (FLT) CO: Fleet Bank ST: Rhode Island IN: FIN SU:


TM -- NE003 -- 6283 09/03/92 09:39 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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