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Manufacturers Hanover cut its credit card rate.

October 09, 1985

The nation's fourth-largest bank said it was reducing interest charges on its 5 million credit cards by 2% to 17.8%. The New York-based bank said the move was both a marketing ploy and a response to lower interest rates for other types of loans. The reduction is effective in November for new charges as well as previous balances. No other bank followed Manufacturers' lead.

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