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.

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member of the Consumers League of New Jersey, and/or the Consumers 
League Education Fund. Annual dues of $20 include a subscription to the 
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are tax deductible.


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