Wells Fargo cut its rates for some credit cards.

The bank said it is reducing its credit card interest rate to 17% for active customers who have held Wells Fargo MasterCard or Visa credit cards for five years or more. For longtime customers whose purchases total less than $100 in a monthly billing period, and for credit card holders of less than five years’ standing, Wells Fargo’s credit card interest rate remains at 20%. About 500,000 of the bank’s credit card holders will be eligible for the lower rate when it goes into effect in August.