Bank of America has launched Credit Card Clarity Commitment (CCCC), a one-page summary of customers’ rates, fees and payment information. This was released following the launch of BankAmericard Basic, which has one rate for all transactions and no over limit fees.
This is the an initiative to simplify consumer communications and help customers understand their banking agreements. The commitment will be sent to approximately 40m current cardholders beginning in December and will be available to new customers next year.
Each cardholder’s CCCC will include rates for purchases, balance transfers and cash advances, and payment information to keep the account in good standing and summary of fees.
Ric Struthers, president of global card services at Bank of America, said: “We know that now, more than ever, people want clear, straightforward information from their bank. Our goal is to communicate clearly and make it as simple and easy to understand as possible so that they can use credit wisely. Our business is linked to our customers’ success, and we will do everything we can to ensure they have the information they need in simple, clear, and straightforward terms.”
Brian Moynihan, president of consumer, small business banking and card services at Bank of America, said: “Bank of America is investing more in our customers and our future. We are delivering simplicity and choice across our products and services that will help our customers better manage their finances. In the end, when our customers succeed, we will succeed.”
