BEAVERTON, Ore. — Rivermark Community Credit Union has lowered interest rates for more than 9,700 credit card holders as part of a credit card consolidation initiative.
"The average rate reduction was 3.2% and applies to all new purchases," said Scott Burgess, president and CEO at the $574-million asset credit union. The CU's current average rate is 8.30% after the reduction, and these new rates are fixed, not variable.
Rivermark Community CU said in a statement that members with a balance of $7,000 would save more than $1,900 in loan interest if they made only the minimum payment until the card was paid off.
"People, not profits, are our number one priority," said Burgess.
