NEW YORK - Bank of New York has introduced the Consumers Edge Grace Visa, taking a cue from American Express' True Grace Optima card.

It allows a 25-day grace period on all purchases, whether or not there is a preexisting balance. The card has a fixed 9.9% introductory rate, which jumps to 7.9% over prime after January 1996.

This is a departure from the bank's other low-rate card, Consumers Edge, which charges interest from the date of purchase, even if there is no balance. Those balances are charged at prime plus 5.9%.

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