Hoping to stimulate fresh interest in one of its relatively newer cobranded products, First National Bank of Omaha on May 24 unveiled enhancements to its Overstock.com MasterCard credit card introduced in September.
The Omaha, Neb.-based issuer 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 0% introductory rate for the first six months.
Certain applicants with higher credit scores now also may qualify to receive a version of the card featuring premium-level MasterCard World Card perks at no extra cost. That version provides MasterCard concierge services and carries no preset spending limit.
Other core features of the Overstock.com credit card are unchanged, including a total of 8% cash back in Club O Rewards Dollars on purchases made using the card through Overstock.com and free membership in its Club O Rewards program. Cardholders receive 1% in rewards on other purchases.
First National, one of the nation’s top 15 card issuers, within the past few years moved into cobranded card marketing at a time when certain other issuers have pulled back (
Although the bank declined to 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 the issuer designed the enhancements to increase the card’s value to cardholders.
What do you think about this? Send us your feedback.
