Since the first of the year some issuers have stepped up rates while others have stepped down rates. It's the same ole rate dance, just new players. This month Chase Manhattan stepped into the ring with a new Prime Rate card. The card's A.P.R. never goes above the prime rate. As of this week the prime rate is 8.75%. It's an incredible deal. But it does require an annual fee of $49. Chase is not sending out applications. You have to call in to get the deal. The Chase hotline for the Prime Rate card is 1-800-619-2104. Wachovia Bank has had a Prime For Life card for at least the past four years. It's the same A.P.R., but the annual fee for the Wachovia version is $88. A card with an 8.75% A.P.R. and a $49 or $88 annual fee is a good deal if you have a big balance. For a cardholder with an average balance of the $5,000 the effective interest rate is between 9.5% and 10.5% for either the Chase Manhattan card or the Wachovia card. If you have a balance under $1,000 the annual fee for these cards will add to the cost significantly.

Meanwhile Bank One/First USA has quietly phased out its 9.99% A.P.R., no-annual-fee offerings and has replaced the offers with a Prime +4.99% rate with no-annual-fee. The rate adjustments are in response to recent earnings problems at Bank One's First USA credit card division. The issuer engaged in blistering competition last year, which led to irrational pricing, which, in turn, led to reduced profits. Given the size of the Bank One/First USA portfolio it is possible other issuers may follow. So far, Fleet Boston is the only issuer that has hiked rates. Fleet was offering one of the lowest rates in the nation, a fixed 7.99% APR. This month Fleet moved the rate for its Titanium MasterCard from 7.99% to 8.99%. Fleet made adjustments with other card products as well.

Overall, competition among other issuers continues to be intense this year. American Express, Citibank, Capital One, and Providian continue to offer short-term introductory rates of 0%.