Business Notes CREDIT

No one knew it at the time, but a star was born during this spring's Academy Awards telecast. That night AT&T bought more than $1 million worth of airtime to introduce its new Universal credit card. Since then, AT&T has mailed out 1.7 million cards, prompting predictions that the Universal will become the world's most popular credit plate. Besides having the benefits of a Visa or MasterCard, Universal holders get a 10% discount on AT&T phone calls charged on the card. And for all who apply for the Universal this year, AT&T is tossing in a lifetime waiver of annual fees. Ironically, the cost of introducing the new card has eaten into company profits. And card-issuing rivals are in a snit over AT&T's venture onto their turf. Citibank has switched its long-distance service to MCI.