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NORWEST CUTS CREDIT CARD INTEREST RATES FOR THE SECOND TIME IN FIVE WEEKS

 NORWEST CUTS CREDIT CARD INTEREST RATES
 FOR THE SECOND TIME IN FIVE WEEKS
 DES MOINES, Iowa, July 6 /PRNewswire/ -- For the second time in just five weeks, Norwest Card Services is cutting credit card interest rates, effective immediately, to 13.4 percent on gold cards and 15.0 percent on classic cards, both variable annual percentage rates.
 This move represents as much as a 6.4 percent interest rate drop in the past month for hundreds of thousands of Norwest cardholders. On June 1, Norwest lowered its 19.8 fixed APR to 13.9 percent on gold cards and 15.5 percent on classic cards.
 Annual percentage rates charged by Norwest are based on the prime rate and are adjustable quarterly. The reduction is three months ahead of Norwest's next scheduled adjustment date of Oct. 1, 1992.
 "When the Federal Reserve lowered the discount rate Thursday and major banks followed suit, we decided to pass the savings on to our customers now, rather than wait until October," said Norwest Card Services President Brian O'Hare. "We are committed to providing our customers with outstanding value and one of the most competitive cards available."
 Included in the new credit card pricing plan is a combination of unique features:
 -- A 12 percent introductory rate on new purchases and balances transferred from other Mastercard (R), Visa (R) and Discover cards, plus a $10 bonus for closing a non-Norwest account.
 -- An automatic rebate every time customers use their Norwest credit card for purchases, up to 1 percent back on annual purchases.
 Consumers interested in a Norwest "Prime Performance" credit card can apply for one at any Norwest Bank location.
 Norwest Card Services offers credit cards through bank subsidiaries of Norwest Corporation (NYSE: NOB) in 12 states and is the twelfth largest bank card issuer in the U.S., with more than 2.1 million cardholders. Norwest Corporation is a $41.2 billion company providing banking, insurance, investments and other financial services through 1,688 offices in 49 states and internationally.
 -0- 7/6/92
 /CONTACT: Sue Bunce of Norwest Bank (weekdays/weekends) 515-226-2489/
 (NOB) CO: Norwest Bank ST: Iowa IN: FIN SU:


SB -- NY034 -- 6619 07/06/92 12:20 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
Words:366
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