AT&T to Cut Rates On Its Card Early
NEW YORK - American Telephone & Telegraph Co. said it is accelerating a plan to reduce the interest charge on its Universal credit card.
The rate was set to be cut in December by one percentage point, to 16.4%, for 8.5 million charter cardholders, and 17.4% for three million others.
Instead, the rates will change Monday.
AT&T said it was responding to calls by President Bush for rate reductions to stimulate consumer spending.
The basic Universal card rate, which floats at 8.9 points above the prime, was trimmed twice earlier this year.