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WACHOVIA ANNOUNCES NO FEE CREDIT CARD

 WACHOVIA ANNOUNCES NO FEE CREDIT CARD
 ATLANTA, April 29 /PRNewswire/ -- Wachovia today expanded its


credit card pricing options with the addition of a card having no annual membership fee.
 The No Fee credit card is available nationwide on Wachovia Visa and MasterCard regular and gold card accounts.
 The new card is a companion to Wachovia's Prime Plus credit card, introduced last year, which has one of the lowest interest rates in the country. The current 9.4 percent interest rate on the Prime Plus card -- half the average rate charged by the nation's 10 largest credit card issuers -- is calculated by adding 2.9 percentage points to the Wall Street Journal prime rate. The Prime Plus annual fee is $39 for the regular card and $49 for the gold card.
 "We now offer cardholders the best of both worlds -- a low interest rate or no annual fee -- whichever customers decide is best for them," said Jerry D. Craft, head of Wachovia Bank Card Services. "Customers can open their account with either option, transfer balances from higher rate cards, and switch to the other option whenever they wish."
 The No Fee card has an interest rate of the prime rate plus 9.9 percent. The current rate, 16.4 percent, is more than 2 percentage points below the national average. As long as the card is used at least once a year for a purchase or cash advance, no annual fee is charged. Inactive regular card accounts pay a $15 annual fee; inactive gold card accounts pay $35.
 Free transfer checks are issued with each new account so consumers easily can move balances from higher-rate credit card and revolving credit accounts, Craft said. Cash advance fees are not charged when transfer checks are used. The Prime Plus and No Fee cards are available to new and existing cardholders.
 Wachovia credit cards are available nationally through Wachovia Bank Card Services, Wilmington, Del. (800-842-3262), and at bank branches in states where Wachovia operates full-service offices. Wachovia Bank Card Services has 2.2 million cardholders and $1.6 billion in outstandings. It is a subsidiary of Wachovia Corporation (NYSE: WB), a $32 billion-asset interstate banking company with dual headquarters in Atlanta and Winston-Salem, N.C.
 -0- 4/29/92
 /CONTACT: Don Guthrie, 404-332-4237; or, in North Carolina, Ken


Brown, 919-770-6692, both of Wachovia/
 (WB) CO: Wachovia Corporation; Wachovia Bank Card Services ST: Georgia IN: FIN SU: PDT


BN-BR -- AT001 -- 4171 04/29/92 08:31 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 29, 1992
Words:412
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