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Lower rate credit cards 1995
CONSUMERS LEAGUE OF NEW JERSEY PRIVATE
60 South Fullerton Avenue
Montclair N.J. 07042
201-744-6449
LOWER RATE CREDIT CARDS 1995
Different banks set
different interest rates for
Visas and MasterCards. If you
have a $1,000 running balance
each month at 20%, you'll pay
$200/year in interest. But at
8.5%, you'll pay only $85, a
savings of $115. Which would
you rather throw away: $115 or
your high rate card? To help
you shop for credit, Consumers
League is giving away this
list free to people who send
us a stamped, self-addressed,
long envelope. For each bank
below, we list the annual
percentage rate, the annual
"fee," and late charge if any.
The banks have a grace period
for paying the purchases
without interest, unless
otherwise stated.
NEW JERSEY
Community National Bank, 609-
869-7900
222 Haddon Avenue, Westmount
NJ 08108
13.92%, $25 annual fee, $15
late charge
Great Falls Bank, 201-942-1111
55 Union Blvd., Totowa, NJ
07524
9.6% interest, $15 fee, $5
late charge
New Jersey residents only
Independence Bank, 201-825-
1000
1100 Lake St, Ramsey, NJ 07446
14.4%, no fee, $20 late- gold
card
Interchange State Bank, 201-
703-2265
Park 80 Plaza West Two, Saddle
Brook, NJ
14.8%, $15 fee waived 1st
year, No late
Metropolitan State Bank, 201-
402-0100
Changebridge Rd, Montville NJ
07045
14.88%, $15, No late charge
13.8%, $35, ("gold" card)
Midlantic Nat Bk/First USA
(Del)
800-955-9900 Offers vary from:
13.15% to 15.65%; no fee
Trust Co of NJ 201-420-2730
14.9%, $15 fee, Late= 5% of
payment
Where are the other
banks? If you find other lower
rate banks, tell us. In 1981,
NJ legalized 30% interest for
all types of consumer credit.
This is the second worst usury
ceiling in the country. For
300 years before the radical
change in 1981, NJ enjoyed
reasonable usury ceilings.
Consumer groups have asked the
NJ Legislature to establish a
"floating" usury ceiling,
which would go up and down
with economic conditions.
Bankers think this principle
is dandy when consumers pay
adjustable rate mortgages.
Somehow the banks and
Legislature oppose the same
principle when applied to
maximum interest rates. So
switch to lower rates in other
states!
NATIONAL
Arkansas Federal Sav Bk, 501-
227-5654,7283
10.25% V, $35 fee, late charge
$18
Federal Savings Bk, Rogers Ark
800 285 9090
9.72%, $33 fee, $15 late
charge
Metropolitan National Bank
Little Rock, Ark
9.24%, $25 fee; Late charge
$10
Colorado Savings Bank (Colo)
303 295 7200
13.9%, No fee, $10 late charge
Great Country Bank (CT) 203
734 2561
11.4%, No fee, $10 late charge
People's Bank, (CT) 800-426-
1114
11.5% for purchases, 18% cash
advances,
No fee, Late charge: $15
Bank of New York (DEL), 800-
942-1977
14.4% Var., no fee,
no grace period, Late charge:
$18
PNC National Bank Del 800 762
2263
13.49%, no fee, no grace
period Late: $15
"Fee" means Annual membership
fee; V= Variable, F= Fixed,
Late= Late charge
Wachovia Bank, (GA)
800-241-7990
Late charge $18, $18 fee
8.5%V first year, then 12.4%V,
Amalgamated Trust & S Bk,
312-822-3000
1 W. Monroe, Chicago, Ill
60603
13.75% (12.5% "gold"), no fee,
Late: $10
Oak Brook Bank, (ILL)
708-571-1050
14.4%V No fee; $15 late charge
or: Prime rate for 1 year,
then
prime + 4.9 with $17 fee
Palos Bank & Trust Ill
708-448-9100
13.9%, with no grace period,
or:
15.9% with 25 days grace
period,
no fee if charge $2500, else
$12
Astoria Fed Savings, NY
800 752-8406
Late:$5 15.9% F, $15 fee,
East New York Sav. Bank (NY)
800 724 3697
13.75%, no fee, Late: $15
Extebank, (NY)
516-232-0300
300 Wheeler Rd, Hauppauge, NY
11788
14.4%, $20 (free first year),
Late: 0
M & T Bank, (NY)
716-639-6000
Buffalo NY Late charge: $15
13.75% V, $40 $15 late
Central Carolina Bk (NC) 800
577 1680
11%, $29 fee $15 late
Ohio Savings Bank, 800-860-
2025
1801 East Ninth St, Cleveland,
Oh
14.75%, $25 fee, $15 late
charge
USAA Federal Sav Bk, OKL 800-
922-9092
12.5% Var., no annual fee,
Late: 0
Savings & Trust Bank (PA)
800-325-2265
9.96% one year; no fee; No
late
Union Planters Bank,
901-383-6000
Memphis, Tenn Late charge:
$10
12.25%, $29 fee 25 days
Consumers Best/Signet Bk VA
804 355 7229
8.9% -14.9%; $20 fee; Late $18
Armed Forces Benefit Ass'n,
703-549-4455
908 No Washington St.,
Alexandria Va 22314
11.4 > 14.5% Var, no annual
fee, Late: $10,
or: 11%, $35 fee
Bank One Wisconsin, 800-388-
0225
11.25%, $25 fee, Late charge:
$18
Which bank is best for
you? Two thirds of customers
carry balances from month to
month: never getting the
benefit of a grace period.
These consumers should look
for low interest rates. If you
usually pay 100% of purchases
each month, be sure to get a
card with a grace period. This
means that no interest is
charged on purchases, if you
paid all purchases last month,
and you pay all purchases in
the current month. Look for
banks in states with strong
usury laws. It only takes 15
minutes to change banks and
save money. To "transfer" your
high interest debts to a low
interest bank+ apply for a low
interest card, then pay off
the old balances with a cash
advance. Everyone should use
credit wisely+ credit cards
can be an expensive way to
borrow! Watch out for $15 late
charges, they are unfair and
excessive!
This information was
checked by phone in January
1995. We can't be responsible
for mistakes, and since rates
do change, call the bank
directly before you apply.
For updates, see the
CONSUMERS LEAGUE CREDIT CARD
COST INDEX, printed on the
last Sunday of the month in
The Record, Hackensack, NJ.
Copyright 1995 by Consumers League of New Jersey
CONSUMERS LEAGUE OF NEW JERSEY
60 South Fullerton Avenue
Montclair N.J. 07042
201-744-6449
Dear friend:
We hope you can make good use of your free list of lower interest
credit cards. There is no sense in donating money to banks
unnec
essarily!
You could put your money to better use by donating to the Consumers
League. We are active in fighting for your rights in these hard times.
We publish the Consumers League Newsletter four times per year. Learn
what your legal rights are!
Our voice has been heard in Congress, which has included our ideas
in several consumer laws. We also publish a pamphlet on "Rent to Own" (a
bad way to buy a $200 TV for $1,000- yes $1,000!). We made the RENT TO
OWN RAP, which is a one minute public service announcement for the
media.
Add your voice to ours. Membership adds up to only a nickel a day.
MEMBERSHIP RENEWAL/APPLICATION: I wish to continue as, or to become a
member of the Consumers League of New Jersey, and/or the Consumers
League Education Fund. Annual dues of $20 include a subscription to the
Consumers League Newsletter. Contributions to the Education Fund (only)
are tax deductible.
________Consumers League of New Jersey, annual membership, $20
________Consumers League Education Fund, $20
________Newsletter subscription only, $10 (not a member)
________I want to do more to help CLNJ, that's why I'm enclosing an
additional contribution of:
_____$100, _____$50, _____$25, _____other.
NAME ________________________________________________________________
ADDRESS
________________________________________________________________
CITY _____________________________STATE___________ZIP CODE________
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