Hoping to stimulate fresh interest in one of its relatively new cobranded products, First National Bank of Omaha introduced new terms for its Overstock.com credit card, which was introduced in September.
The Omaha, Neb., issuer on Tuesday doubled the statement credit new customers receive when using the card for the first time, to $20 from $10, and lowered the basic annual percentage interest rate on purchases, to 15.99%, from 18.99%. New cardholders continue to receive a introductory rate of 0% for the first six months.
First National, one of the nation's top 15 card issuers, within the past few years moved into cobranded card marketing when certain other issuers have pulled back.
Although the bank did not provide details of the card's performance since its launch, Stephen Eulie, president of First Bankcard, the bank's card-issuing division, said in a press release that the issuer designed the enhancements to increase the value to cardholders.
