Bank of America, the largest US bank
by deposits, has launched a credit card that it says answers public
demand for “transparent and easily understandable” interest rates
and terms.
The BankAmericard Basic Visa card offers one
basic rate – the US prime rate plus a margin of 14 percent – for
all transactions including balance transfers and cash advances
which will not change over the account’s lifetime.
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No over-the-limit fees are charged and the
card also features a single-page disclosure of terms and conditions
and a $39 flat fee for late payments.
Bank of America has also launched three other
new cards under its BankAmericard brand: Bank Americard Power
Rewards Visa for customers looking to maximise their rewards;
BankAmericard Cash Rewards Visa for customers looking for
exclusively cash-based rewards; and Bank-Americard Visa for
customers looking to take advantage of an introductory promotional
rate.
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By GlobalData
