BANKING & FINANCE - Sept. 18, 1992

Bank of America Lowers Credit Card Rate: The bank said it was offering some of its standard card customers a variable rate card with an initial rate of 16.9%. The rate on the card now is a fixed 19.8%. The $18 annual fee would not change. B of A said customers would be offered the lower rate based on credit-worthiness, but refused to say what percentage of its 8 million card holders would receive the offer. B of A said that fees were going down to $18 for its gold cardholders. Mastercard Gold cardholders paid $48, while Visa Gold paid $36. Both will also get a variable rate with a floor of 15.9%.