08.08.2005
Bank Millennium reduces interest rate on credit cards
As of 1 September 2005 Bank Millennium will reduce the interest rate on credit card credit for all types of card transactions i.e.: non-cash transactions, payment of debt on a credit card issued by another bank and cash advance.
The interest rate on non-cash transactions and for debt payment made with Millennium Visa Classic, Visa Classic PRESTIGE, Millennium American Expressâ credit cards will be reduced from 30% to 21.9%, for Millennium Visa Gold Credit Card, Millennium American Expressâ Gold Credit Card, Visa Gold PRESTIGE Credit Card from 30% to 20.9% while for the Visa Platinum PRESTIGE Credit Card from 30% to 19.9%.
Meanwhile the interest rate on cash advance transactions done with any Bank Millennium credit card will be reduced from 30% to 26.9%.
"The decision to reduce interest rate on credit cards resulted from several factors, i.a. the macroeconomic situation, including another reduction of interest rates. However crucially important was our experience with the Millennium Visa economic card, where the interest rate is particularly appealing. This card is popular with Customers." – says Marcin Dyczak, Director of the Payment Cards Department.
The data are also presented in the table below.
Interest rate on Bank Millennium credit cards valid as of 1 September 2005.
| Bank Millennium business line | Card | Interest rate on credit for non-cash transactions and debt payment transactions | Interest rate on cash advance transactions |
|---|---|---|---|
| Millennium | Millennium Visa economic Credit Card | 9,9%*-19,9% | 26,9% (from 29,85%) |
| Millennium | Millennium Visa Classic Credit Card | 21,9% (from 30%) | 26,9% (from 30%) |
| Millennium | Millennium American Express Credit Card | 21,9% (from 30%) | 26,9% (from 30%) |
| Millennium | Millennium Visa Credit Card | 20,9% (from 30%) | 26,9% (from 30%) |
| Millennium | Millennium American Express Gold Credit Card | 20,9% (from 30%) | 26,9% (from 30%) |
| Millennium PRESTIGE | Visa Classic PRESTIGE Credit Card | 21,9% (from 30%) | 26,9% (from 30%) |
| Millennium PRESTIGE | Visa Gold PRESTIGE Credit Card | 20,9% (from 30%) | 26,9% (from 30%) |
| Millennium PRESTIGE | Visa Platinum PRESTIGE Credit Card | 19,9% (from 30%) | 26,9% (from 30%) |
| Millennium PRESTIGE | American Express Gold Credit Card | 20,9% (from 30%) | 26,9% (from 30%) |
* interest rate applied during a period of 6 full calendar months from the date of signing the card agreement with the Bank. After this period the interest rate is 19.9%. until the end of September 2005 a promotion of the Visa economic card will continue, in the promotion the card is issued free of charge.