Industrial Bank Cuts Card Rates
In the first move following a Fair Trade Commission order, Industrial Bank of Korea said it would lower its BC Card credit card rates, effective Monday. The antitrust agency ordered credit card companies in March to lower interest rates, and gave the companies until May 27 to comply.Industrial Bank said it would lower interest on credit card cash advances by up to 4.76 percentage points; the new rates will range between 14.28 percent to 23.23 percent. Rates charged on installment sales will be reduced by up to 3 percent to a maximum of 16 percent, depending on the length of the payment term.
An official at BC Card, the largest credit card company by membership, said most of its member banks are expected to lower their rates.
with the Korea JoongAng Daily
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