BankAmericard Visa Credit Card
Bank of America Corp. announced it will bring back its BankAmericard, one of the first bank issued credit cards to gain nationwide acceptance and a precursor of the Visa credit card brand.
The new card; however, will carry rewards. According to Bruce Hammonds, president of Bank of America card services, the card is primarily to give customers additional awards, and there would be no spending limit nor a cap on earning points, plus no annual fee.
The new BankAmericard Rewards card; in red, white and blue colors with the Visa logo, will offer bonus points to customers who have at least one other bank product, such as a checking account or a loan. Every dollar spent using the card will earn 1.25 reward points, plus an annual bonus of 25% just for maintaining the banking relationship.
Cardholders will also have access to concierge services, such as help with dinner reservations, plus the ability to cash in rewards points by phone or on the Internet.
Hammonds said that starting in 2008, customers who want to take their rewards in cash will be able to have an automatic deposit to a checking, savings or brokerage account. Deposits would be made quarterly.
BankAmericard was first introduced in 1958, and gained such wide acceptance that Bank of America eventually licensed it to other banks and then to a company that evolved in the 1970s into Visa.
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