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Banks In Illinois And South Dakota Get An A+
The credit card applications going out in the mail to folks in Maywood, Illinois and Mitchell, South Dakota are sure to get some attention.
The banks are introducing affinity credit cards that benefit local schools. Anyone who pays school taxes in those communities is sure to be interested in the fact that revenue will be generated for the schools from the use of the credit cards.
Continental Community Bank in Illinois reports they hope to add 1,500 new card holders to their base, and if they do so may generate as much as $45,000 for the three schools it's backing. The cards bear the three school district logos on the card, with a pile of school books and an apple for the teacher. 12.9% will be the regular interest rate, with a senior citizen's rate of 11.9%
There is a human corncob called "Kernel Pride" on the CorTrust Bank's card. The use of that card will benefit technology education in Mitchell. CorTrust says a second card picturing Mount Rushmore will be available for their depositors in Sioux Falls, and will benefit extracurricular activities at the three high schools there. CorTrust is starting their cards out at a 7.9% interest rate that will go to a fixed 14.8% after March 1,1998. They're also offering discounts on eyeglasses and travel with their cards.
Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 2, 2/98
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