BPS Visa's rate down

BPS Visa's rate down

JAKARTA (JP): Publicly listed Bank Papan Sejahtera has cut the
interest rate on its Visa credit card from 3.25 percent to 2.7
percent a month.

The bank's card center vice president, Kemal Imam Santoso,
said over the weekend the new monthly interest rate would be
begin effective today.

But he said the rate cut would be valid for only six months
after a credit card application was approved.

"If applications are approved in December 1997, customers will
enjoy the 2.7 percent interest rate until June 1998," Kemal said.

After six months, the monthly interest rate will convert to
the 3.25 percent level.

The interest rates charged by most credit cards issuers was
between three and 3.5 percent a month, he said.

Kemal said Bank Papan preferred to lower its credit card
interest rate than promising customers rewards but charging them
high interest rates as other credit card issuers did. (jsk)