CHARLOTTE, N.C., Sept. 17 /PRNewswire/ -- In response to consumer demand for a card that offers the convenience of credit with simplified rates and terms, Bank of America is introducing the BankAmericard(R) Basic(TM) Visa(R) card. The new card features one basic rate for all types of transactions, including balance transfers and cash advances. That rate, which is tied to the U.S. Prime Rate, will not change over the life of the account.
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"Today, consumers are telling us more than ever that they need products that offer simple and straightforward solutions," said Bank of America Global Card Services President Ric Struthers. "For those consumers who just want the basics, our goal is to offer products with features that are predictable, easy to understand and help them manage their finances responsibly."
Key features of the BankAmericard Basic Visa card include:
The interest rate is the same for all transactions, including purchases and cash advances, making it easy for customers to keep track of their interest rate at any given time.
One interest rate -- U.S. Prime plus a margin of 14 percent -- that never changes for the life of the account. Rate increases and decreases will only occur if the Prime Rate changes.
No over-the-limit fee.
Easy- to-understand, single-page disclosure explains terms and conditions.
One flat fee of $39 for late payments.
The new card will be available online at bankofamerica.com in October.
The Basic card is one of four new cards in a simplified suite of cards offered under the BankAmericard brand. Other cards in the suite include:
BankAmericard Power Rewards Visa, a robust choice of rewards options
BankAmericard Cash Rewards Visa for customers looking exclusively for cash back; and the
BankAmericard Visa, which includes an introductory promotional rate.
All cards in the suite feature Total Security Protection(R), Bank of America's award-winning security and fraud protection services and access to the bank's free Online Banking service, which gives customers the ability to receive e-statements, view current account activity and receive e-mail alerts when a payment is due.
In addition, all four cards offer customers the ability to earn up to 20 percent cash back on purchases through the Add It Up(TM) program -- a secure online shopping Web site that provides Bank of America customers who have a credit card or check card relationship with access to more than 270 online retailers.
"Our intention is to offer customers the product that best meets their individual needs and help them get the most out of their relationship with us," said Struthers. "We recently introduced our clarity commitment -- a one-page summary disclosure -- to our mortgage customers. The Basic card is another step in responding to consumers who are looking for greater simplicity in their financial products."
Bank of America also provides tools and resources to help consumers manage their finances through an easy-to-navigate Web site at www.bankofamerica.com/learn.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,500 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
www.bankofamerica.com
