Bank of America Targets Dissatisfied Credit Cardholders
| September 17, 2009 |
What would a credit card have to offer you before you would want to go and apply for it? For many Americans this question is one that could be quickly answered as millions of consumers have seen their interest rates rise and dramatic changes in their cardholder’s agreements.
According to an article in the Wall Street Journal, it seems that Bank of America is now trying to go after dissatisfied cardholders with a credit card called the "BankAmericard Basic Visa". From what is stated by Bank of America representatives, consumer are looking for a simpler and more transparent banking product and this new credit card is the answer. Key features for the BankAmericard Basic Visa include a fixed interest rate that is the same for purchases, balance transfers, and cash advances.
In my opinion, with the BankAmericard Basic Visa scheduled to be released in October, it seems that Bank of America is not only trying to gain dissatisfied cardholders from other issuers but could also be trying to keep current customers. This is because not to long ago both Chase and Bank of America announced that they were moving many of their credit cards that had fixed interest rates over to a variable rate. I imagine that many consumers were not too happy about this and Bank of America needed a way to keep their current cardholders that were affected.
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What about the practice of:
Payments will be applied to balances with lower APRs (including balances with promotional or introductory APRs) before balances with higher APRs. This means that if you have balances or incur charges at higher APRs, you will pay more in finance charges because payments will not be applied to higher APR balances until all lower APR balances are paid in full.
Just plain usury!
Comment by Debby Bukky in California — September 20, 2009 @ 2:22 pm