BANKING

American Express Cuts Optima Card Rates: American Express Co. lowered the interest rate it charges Optima credit card customers by half a percentage point. Citibank announced a similar cut Wednesday for its best customers. The new rates on the Optima card range from 12% to 18.25%, American Express said. Customers who have held the Optima card a year, spend at least $1,000 on the card annually and have made no late payments in the last year qualify for the 12% rate. Customers in good standing for a year who don’t meet the spending requirements qualify for a 14.25% rate. Those not in good standing will pay 18.25%.