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MELLON PSFS INTRODUCES 13.9 PERCENT CREDIT CARD; OFFERS LOWEST OVERALL RATE IN ITS MARKET

 MELLON PSFS INTRODUCES 13.9 PERCENT CREDIT CARD;
 OFFERS LOWEST OVERALL RATE IN ITS MARKET
 PHILADELPHIA, July 15 /PRNewswire/ -- Mellon Bank, through its subsidiary Mellon Bank (DE), is offering consumers one of the lowest credit card interest rates in the country by introducing a Visa(R) and MasterCard(R) with a variable interest rate of 13.9 percent for purchases and balance transfers.
 New and existing Mellon credit card customers may now select the new 13.9 percent variable rate Visa or MasterCard credit card with a $35 annual fee or the existing 18.6 percent fixed rate credit card with a $18 annual fee and first year free. Mellon's new rate applies to all purchase balance levels, including those transferred from other bank and department store credit cards.
 This offer is being made to the majority of Mellon's existing credit card customers, who may respond to a letter they will received in July or a special insert in their August statement. New customers may choose the 13.9 percent option by completing an application, available at any Mellon branch, or by calling 800-358-1949. Free customer benefits, such as credit card registration and change of address service, discounted car rentals and $100,000 common carrier travel accident insurance, apply to both the 13.9 percent and 18.6 percent cards.
 "This new product option gives consumers the opportunity to select the Mellon credit card that best meets their purchasing habits and financial needs," said Kerry J. Ryan, senior vice president and head of Mellon's credit card operation. "As soon as customers notify us, we'll lower their rate for the current billing cycle, which may include purchases they've already made. Existing Mellon customers who choose the 13.9 percent option will continue to use their current cards, and new and existing customers can easily consolidate their balances from other banks at our low 13.9 percent rate."
 Ryan added that, "Mellon will provide free balance transfer checks to customers to pay off other credit cards at Mellon's 13.9 percent purchase rate. In addition, by choosing the 13.9 percent rate, customers can save $59 annually for every $1,000 monthly balance they carry on a 19.8 percent card."
 "This new credit card option gives consumers an excellent reason to bring their credit card account to Mellon PSFS," said Paul S. Beideman, senior vice president and head of Mellon PSFS Retail Banking. "It's another way for us to develop strong client relationships through customer service and product enhancements."
 The interest rate on Mellon's 13.9 percent variable rate credit card is determined by adding 6.9 percent to the Prime Rate (published in the Wall Street Journal on the 15th day of the month preceding each quarter), with a floor of 13.9 percent. Mellon also is offering the 13.9 percent rate to Gold MasterCard customers.
 With a credit card portfolio in excess of $1 billion, Mellon Bank Corporation, through its subsidiary Mellon Bank (DE), is a regional leader in issuing MasterCard and Visa credit cards and has a selected national presence in affinity cards. From its Delaware processing center, Mellon Bank issues affinity cards for several organizations including 25 American Automobile Association (AAA) clubs, the World Wildlife Fund, the University of Pittsburgh and the U.S. Olympics.
 Mellon PSFS is part of Mellon Bank, N.A., the largest bank in Pennsylvania. Mellon PSFS serves the five-county retail and commercial market in Philadelphia with 111 offices providing a broad range of products and services to meet financial needs of consumers and small- and mid-sized businesses.
 With assets of approximately $30 billion, Mellon Bank Corporation is a major super-regional bank holding company. Through its subsidiaries, it provides wholesale, middle market and retail banking, as well as numerous service products including trust and investment, cash management and financial data processing.
 /delval/
 -0- 7/15/92
 /CONTACT: Jim Dever of Mellon PSFS, 215-553-4684/ CO: Mellon PSFS ST: Pennsylvania IN: FIN SU: PDT


MJ-JS -- PH001 -- 9376 07/15/92 08:11 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
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