Bank Of America Rolls Out New Credit Card

August 28th, 2010 - 7:42 pm ICT by GD  

By Ranjan Bhaduri
dataAug 28, (THAINDIAN NEWS) The intense competition in the credit card market has resulted in the users being wooed with a new offer that enables them to transfer their overdraft into a credit card and churn out less than 2 percent a year for that service. Bank Of America has unveiled a new MBNA credit card scheme which can be accessed through its online banking service. The new credit card from Bank of America comes with zero handling fees which makes it an interesting prospect for the users. However, any purchase on the card will attract an interest rate of 16.9 percent which is the industry standard. The number of customers of the bank who prefer the online service is huge and so the card is expected to sell well.

A representative of the Europe Card Services of Bank of America, Will Curley said that the bank management is upbeat about this new credit card and thinks that it will find takers among many of the existing customers of the bank. It will be particularly helpful those customers who are looking for a card to clear their debt in short time at lower costs. The lending industry veterans are of the opinion that it is a winning move on the part of bank of America. Another plus point of this credit card is that the steep money transfer handling charges amounting to 4 percent is not applicable for the transactions made in the first three months.

The initial response among the Bank of America customers is good. So far no other rival bank has similar cards that offer so many benefits at the same time.

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