BOSTON - Bay Banks Inc. is reducing the interest rate on its MasterCard and visa credit cards to 14.9%, from 16.98%. The new rate, which is fixed, will take effect June 15 for all new and existing BayBanks cardholders.

The rate for BayBanks' gold cards will remain at 14.49%.

The standard cards charge an annual fee of $21; gold cards, $40. BayBanks has 265,000 cardholders and $300 million of credit card loans outstanding.

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