Bank of America Introduces Its Credit Card Clarity Commitment Program
Today Bank of America is introducing its new program that promises to make the terms and conditions for its credit card accounts easier to understand. It is called the Credit Card Clarity Commitment program.
In essence it is a one-page summary of all the pertinent terms written in plain English making it easy for cardholders to understand. This is not new for Bank of America. Earlier this year they launched a similar program for their mortgage customers.
This no doubt will be received well by B of A cardholders. Clearly it is an effort to reach out to frustrated credit card account holders that have been demanding more honesty and transparency from credit card issuers.
Bank of America global card services president Ric Struthers said in a statement, “We know that now, more than ever, people want clear, straightforward information from their bank.”
Struthers further stated, “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.”
Every Bank of America credit card holder will be receiving a copy of the Credit Card Clarity Commitment through the mail beginning Tuesday, December 1st. It contains information on interest rates, balance transfers, cash advances, fees and account summaries.
Brian Moynihan, BofA president of consumer, small-business banking and card services added, “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.”
We salute Bank of America’s efforts to make their products more consumer friendly and easier to understand. It is safe to say that this will more than likely be copied by the other major credit card issuers as they try to curry favor in any way they can with their very, very frustrated customers.
Well done Bank of America, for showing some initiative and leading the way.
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