S.Korean credit card firms slash rates

South Korean credit card firms vowed to support the low-income bracket with lower interest rates.

This transpires ahead of the inauguration of the country's new president.

Major credit card firms slashed their lending rates for revolving loans, with the prime rate of Lotte Card Co. falling 1 percentage point to 6.89 percent late last year. KB Kookmin Card Co. also slashed its interest on card loans by up to 0.8 percentage points.

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