New ‘Basic’ Credit Card: Basically More of the Same

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Bank of America is introducing the Bankamericard Basic Visa, due in part to consumer requests for “products that offer simple and straightforward solutions,” according to a BofA exec.

Read what Salon.com’s Andrew Leonard has to say about the card. The big point is that BofA boasts that the card has “One interest rate — U.S. Prime plus a margin of 14 percent — that never changes for the life of the account. Rate increases and decreases will only occur if the Prime Rate changes.”

In other words, the rate can change all the time—which isn’t remotely simple or straightforward. It is also quite the opposite of a rate that “never changes for the life of the account.”

More on Credit Cards:

“Debit Cards vs. Credit Cards”

“Is a Credit Card Annual Fee Ever Worth It?”

“Credit Card Reform: While One Hand Gives, the Other Adds Fees”

“Credit Card Fee Watch: Now There’s a Fee for NOT Buying Stuff”

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