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REFINANCE YOUR CREDIT CARD BALANCE IN 1993, IT COULD SAVE YOU HUNDREDS OR THOUSANDS OF DOLLARS

 NEWARK, Del., Jan. 21 /PRNewswire/ -- If you refinanced your home mortgage in 1991 or 1992 to take advantage of lower interest rates or are interested in finding new ways to save money, you're a smart consumer. Here's another great idea: refinance your credit card debt in 1993. The same principles apply when you refinance your credit card debt as those which led millions of Americans to refinance their mortgages.
 "As long as you keep an outstanding monthly balance on your credit card, a reduction in the annual percentage rate that you are charged could save you hundreds or even thousands of dollars a year," said Robert H. Burke, chairman of the Bank of New York (Delaware).
 Here's how it works. Let's say you keep an average balance of $5,000 on your credit card and pay around 18 percent in interest every year. At the end of that time you would have paid around $900.00 in finance charges alone. If you transferred the debt on your high interest rate card to a card with a lower interest rate, charging 13.9 percent like the Consumers Edge MasterCard or Visa, your finance charges would be $695.00, which amounts to a savings of around $205.00.
 Consumers have many options when it comes to choosing a credit card. When reviewing those choices, consider when your savings may come, if at all. Can you really afford to pay a higher interest rate today in the hopes of getting a discount on a car, refrigerator, or airline tickets sometime in the future? Do you need to pay an annual fee on top of that high interest rate? Do you pay for services you will probably never use or need like a shopping service or travel insurance? Wouldn't you rather save money now? These are some of the questions you should be asking yourself as you think about applying for a new credit card or when you get that next monthly bill with large finance charges. Also, be cautious of special introductory offers promising lower rates for six months or a year. While other credit card companies may offer a competitive introductory rate to that of the Consumers Edge Card, they will greatly increase their rates after the introductory period is over and will cost you more in the long run.
 There is an alternative that will give you immediate savings. Its called the Consumer Edge credit card, it has no annual fee, and the current interest rate is only 11.9 percent on merchandise and 13.9 percent on cash advances or balance transfers. Reports from Bankcard Holders of America show that Consumers Edge finance charges have remained the lowest among all national credit card issuers for the past year. According to recent surveys by "Money Magazine" and "New York Magazine" the Consumers Edge Card, issued by the Bank of New York (Delaware), was rated among the top five nationally available credit cards.
 Consumers Edge is one of the fastest growing credit cards because it offers immediate savings, not promises of savings that may never appear. If you're interested in learning more about how to cut you credit card expenses, (just like the millions that refinanced their mortgages) or just want to reduce your credit card bill payments call 1-800-942-1977.
 Think about refinancing your credit card debt, its a smart way to save money.
 The Bank of New York (Delaware), which was founded in 1784 by Alexander Hamilton, is the oldest bank in the country still operating under its original name.
 -0- 1/21/93
 /CONTACT: Steven Bruce or Rick Stockton of Abernathy MacGregor, 212-371-5999, for Bank of New York (Delaware)/


CO: Bank of New York (Delaware) ST: Delaware IN: SU:

SM -- NYFFNS6 -- 7189 01/21/93 07:06 EST
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Publication:PR Newswire
Date:Jan 21, 1993
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