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A number of credit card issuers have recently announced the addition of new, simple credit cards and programs to their offerings to the public. Chase has announced BluePrint, American Express has simplified their rewards system and Citi has released the Forward card. Bank of America is also giving consumers something new.
Bank of America recently announced a new credit card added to its offerings. The BankAmericard Basic Visa was designed to provide an easy-to-use and plain credit card. The BankAmericard, featuring the same name as the credit card the company introduced back in the 50’s, has no over-the-limit fees and a flat rate fee of $39 for any late payments. The credit card also comes with a simple, one-page disclosure form and a single interest for both balances and purchases.
The interest rate may be of particular interest, however. The interest rate on the card stands at 14% plus prime, which is currently over 3%. Considering the average credit interest rate in the country is currently around 12% the card definitely comes at a price. Still, the interest rate on the card is guaranteed for the life of the account, although it will remain attached to the prime rate. This can be a welcome break for many individuals that find their credit card issuers raising their interest rate despite good credit use.
The BankAmericard will be available to consumers beginning next month. It’s hard to say now how consumers will react to the basic credit card as card issuers have spent the last decade boosting extras and adding rewards. If you’re interested in applying for the BankAmericard Basic look for it at bankofamerica.com starting in October.
Credit Shout is a community of personal finance experts dedicated to helping you save money and make smart financial decisions. Learn how to master your credit card rewards, improve your credit score and start eliminating your debt.