CHICAGO -- Ameritech Corp. has introduced a variable interest rate policy for its MasterCard product, which will reduce finance charges.
The new rates on the company's Complete MasterCard, a combined telephone and general-purpose credit card, will vary monthly, depending on the prime rate, Ameritech said.
For purchases made after July 1, the new interest rates will be 14.9% for balances of $2,000 or more and 17.4% for smaller balances. The previous rates were in three tiers: 16.8% for balances $2,000 and greater, 18.8% for balances of $1,000 to $1,999, and 19.8% for balances of less than $1,000.
