Consumers looking to simplify their household debt can soon get help from a familiar name. When Bank of America launches its BankAmerica Basic product in October, the lender reconnects with the straightforward origins of the American credit card with an attractive set of features and benefits:
- Streamlined finance charges, with a consistent interest rate on all purchases and transfers calculated by adding fourteen points to the current U.S. Prime Rate.
- No changes to the interest rate based on account history or late payments, since only fluctuations to the Prime Rate will affect finance charges.
- A flat, $39 fee for late payments.
- No over-limit fees.
- A single page of terms and conditions.
Banking historians regard the BankAmericard brand with high esteem, since its launch in 1958 introduced simple, revolving credit card accounts to Americans. While the original BankAmericard offering evolved into the brand we know today as Visa, Bank of America officials have revived the brand for a series of new products aimed at no-nonsense consumers. Other BankAmericard offerings feature rewards and benefits designed to fit cardholders' needs while remaining compliant with new credit card regulations.
About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.