BofA introduces Visa card with one unchangeable rate for all transactions

image Bank of America announced the introduction of a new costs saving card given consumer demand for a card that offers the convenience of credit with simplified rates and terms. The new card called BankAmericard® Basic™ Visa® 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.

"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 in October.

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