AFL-CIO Masters the Possibilities of Lower Interest
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WASHINGTON — The AFL-CIO announced today that it will sponsor a special MasterCard, to be offered to all of the union’s 13.5 million members, that will charge interest at rates substantially below those of other major credit cards.
Depending on which of two alternative payment plans a participating affiliated union selects, the card member will pay either 5% over the prime rate, now 8.5%, or 7.25% over the prime. That would mean rates today of 13.5% or 15.75%, compared to rates of close to 20%--and more--charged by some credit card companies.
“We are pleased that all Americans will benefit,” said Ray Denison, president of the AFL-CIO Union Privilege Benefit Program, “because this card cracks the high interest-rate barrier.”
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