Bank of America New Mexico, Albuquerque, has introduced a Visa business card similar to the one its California counterpart has launched.
The bank has set relationship pricing for the card, so that the annual percentage rate varies depending on the number of qualifying business products the company has with Bank of America.
"This is designed to reward companies that utilize other BofA business banking products and services," said Daniel Puccetti, a senior vice president.
The annual membership fee for each business card is $25, which includes two standard yearend reports. If a company chooses to receive optional management reports, the fee per card may range up to $45, depending on the number of cards issued.
Small businesses may request company lines of credit from $2,500 to $100,000. Companies applying for credit lines of $25,000 or less will be notified of the credit decision within 48 hours.