New Credit Cards Tout Simplicity
If reading and understanding the terms and conditions of your credit card make your head spin, you’re not alone.
With credit card companies constantly changing their terms and conditions, and with the new regulations and restrictions being placed on creditors, the process of understanding your credit card has become all that more complicated.
However, some banks have recognized this and have begun to offer credit cards that tout the concept of simplicity.
Sounds nice, doesn’t it? Now we no longer need a degree in finance to understand our credit card statement, as well as its terms and conditions.
Bank of America Basic Visa
Bank of America was the first to jump on the “simplicity” bandwagon, with a “basic” credit card for customers that want straightforward language that is easy to understand.
Called the Bank of America Basic Visa card, this new credit card, which was recently introduced, features an easy-to-read, one-page explanation of its terms and conditions and a simple, $39 late payment fee.
Bank of America has responded to many customers’ desire for more transparent credit cards. Bank of America hopes this new card will eliminate confusion among customers.
Bank of America was also one of the first banks to introduce basic mortgages, as well, and backed up their promise of simplicity with a “clarity commitment.”
The fixed rate on this Bank of America Basic Visa applies to any type of transaction, including cash advances. The fixed rate will be the U.S. prime plus 14%. This rate will not change, regardless of the customer’s payment history or credit rating. In addition, there will be no fees if the customer exceeds their credit limit.
JP Morgan Chase Blueprint
JP Morgan Chase, likely in response to Bank of America’s new Basic card, has also rolled out its own version of a simplified credit card, called the Blueprint Card. This card provides greater flexibility to customers regarding how they pay their credit card balances every month.
As more and more customers become disheartened by forever-changing credit card practices, charges and fees, credit cards are being used less and less. It is now up to the credit card companies to follow the direction of Bank of America and Chase and start offering consumers what they’ve wanted for years: simplicity.
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