Wachovia Bank Card Services has introduced its first cobranded card, a Visa product, with BMG Entertainment North America.
The BMG Visa combines a low interest rate with the opportunity to accumulate points toward a variety of music-related rewards: compact disks recorded by BMG artists, concert and award show tickets, portable and home electronics, and autographed memorabilia.
Cardholders earn a point for every $1 charged, and three points for every $1 charged from BMG's club, BMG Music Service. Retail partners including music stores will also offer bonus points.
The annual percentage rate is 7.9% for six months, then prime plus 7.9%. There is no annual fee.
Charles M. Hegarty, head of Wachovia Bank Card Services, said it plans to do more cobranding with companies that "share common objectives with us- the most important of which is offering real value to consumers."