BANKING & FINANCE - Nov. 27, 1993
From Times Staff and Wire Reports
Chase Manhattan Offers New Credit Card: The New York bank said the card, which is aimed at people with little or no credit history, functions like a regular credit card except that it is backed by an interest-bearing security deposit equal to the customer’s credit line. Credit lines of $450 to $5,000 are being allowed. The cards bear an annual fee of $20 and a fixed interest rate of 17.9%. The security deposit will accrue a fixed 4% interest rate. Qualified customers can convert to regular credit cards within 18 months, Chase Manhattan said. The bank sees potential customers in students, recent immigrants, young adults and women who have not had credit in their own names.
