Union Bank, a $16.8 billion-asset bank based in San Francisco, has introduced a low-rate credit card for customers with good credit histories.

For those who qualify, Union Bank's Classic Visa card comes at prime plus 3.8%, or 11.55%. The variable rate will exist for as long as a customer keeps the card.

The card has a 25-day grace period and a $24 annual fee, which is waived each year if the cardholder makes purchases totaling $3,000. Union Bank is encouraging new customers to consolidate balances from other cards onto the low-rate Visa.

Madeline Progner, senior vice president and head of the bank card department, suggests cardholders transfer balances each month from higher rate cards to gain the benefit of special rebates or airline miles.

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