DENVER -- Rocky Mountain BankCard System said it will reduce credit card interest rates to 15.9%, from 18.6%, for cardholders who have made timely payments for the previous 12 months.
The card company is jointly owned by Colorado National Bankshares Inc. and Central Bank, the Denver subsidiary of Minneapolis-based First Bank System Inc. First Bank's rival, Norwest Corp., announced a lower rate last week for long-standing customers with good payment records.
Rocky Mountain BankCard said about 75% of its 1.5 million cardholders will qualify for the reduced rate. The company said it would also reduce the monthly minimum payment to 3% of the balance, from 5%.
