“Simple” Credit Card Released By Bank Of America

As the economic crisis continues and credit cards become more and more expensive to maintain, some credit card companies are seeing the need for a radically different type of credit card for the needs of today’s consumers. One particular bank, Bank of America, has seen it necessary to release a new kind of credit card which emphasizes “simplicity” in its every aspect.

Dubbed the BankAmericard Basic Visa card, Bank of America is trying to entice consumers who are currently getting credit card-shy to their new credit card line by offering a completely “simplified” credit card for them. The new credit card is also an attempt of Bank of America to follow through with the Credit CARD (Card Accountability, Responsibility and Disclosure) Act, the new set of legislations drafted by Congress and signed by President Barack Obama this May. The Credit CARD Act promotes credit cards with simplified and fair terms for credit card holders, something which the BankAmericacard Basic Visa card has in spades.

The BankAmericard Basic Visa card which was announced to the public this Thursday has many features which makes it easier and safer to use for credit card holders. First, it features a terms and conditions agreement which is explained in a single page only. It is also offered to a fixed rate interest which is connected to the national prime rate. The BankAmericard Basic Visa credit card also only has a $39 flat fee for payments coming in late. Credit card holders of the BankAmericard Basic Visa card will also receive no fees if they go over the credit limits of the card. These are just a few of the perks that Bank of America is offering with their new, “simplified” credit card.

Notably, the fixed rate of the BankAmericard Basic Visa credit card is going to be the same no matter what transactions the credit card holder is using. This covers anything from simple purchases to cash advances. Specifically, the interest rate of the credit card will be equivalent to the prime rate of the U.S. added on with a 14% margin. Bank of America will not change this fixed rate based on the credit rating or the payment history of the credit card holder.

The rollout of its “simplified” BankAmericard Basic Visa card was announced by Bank of America to be on October of this year. It is the latest product being released by Bank of America in response to the need for banking products offering simpler and more transparent agreements which try to avoid confusing consumers. The release of the card is also preceded by the release of the Bank of America Home Loans “clarity commitment” this April which shows consumers in one single page what they will be paying for their mortgages.