OTTAWA SEEKS EXPLANATION OF CREDIT CARD RATES

  Minister of State for Finance Tom Hockin
  said he has asked the Canadian Bankers Association, an industry
  lobby group, for an explanation of the level of credit card
  interest rates.
      Hockin said he hopes to here the association's response on
  the "important" issue soon. Hockin was responding to questions
  in the House of Commons about why credit card rates, which run
  as high as 28 pct per year, remain high when other rates are
  falling.
      Today, the Canadian bank rate fell to 7.28 pct from 7.54
  pct last week and the Canadian Imperial Bank of Commerce cut
  its prime rate, effective tomorrow, to 8.75 pct from 9.25 pct.
  

