PROVIDENCE, R.I. -- Fleet Bank said it would cut its interest rate on credit cards to 11.9% from 14.9%, for all transactions between Oct. 1 and Jan. 31, and would leave the rate in place on all new balances until they are paid.

A. Christian Fredrick, senior vice president of the Fleet Financial Group Inc. subsidiary, called the change a "no strings attached" offer.

Fleet is also maintaining its 25-day interest-free grace period and waiving the annual credit card fees, which range from $20 to $40, on new accounts.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.