Prior to the passage of the Credit CARD Act of 2009 there were calls from consumers and consumer groups for cards with simpler features, terms and conditions. Since that time a few issuers have begun offering just such products. This was the genesis of a basic Visa card from Bank of America, which they even originally named “Basic”. So, is the BankAmericard a smart choice for those seeking a plain vanilla credit card? It certainly could be for a number of reasons. Especially since it added a more than plain feature a few years ago – a smart chip.
Bank of America first launched the Visa Basic card in 2009 and its name evolved to become even more simple, the BankAmericard® Credit Card. The selling point was its pure simplicity! The original terms of the service agreement were touted as being only one page long, which may no longer be the case in today’s tighter disclosure environment. The annual percentage rate for the BankAmericard® Credit Card is stated as a fairly broad range. This broad of a range is meant to accommodate those with excellent credit at one end of the spectrum and less than stellar credit at the other.
If you’re someone that finds the concept of a truly basic plain-jane credit card appealing – either because you simply need to pay down a transferred balance, you want to avoid the temptation of a rewards card or just want a more transparent cardmember experience, the BankAmericard® Credit Card might be the card for you.
There are a few other plain vanilla cards in the market, such as the Chase Slate. It too offers no rewards and no annual fee plus a vertical card design if that suits your fancy. It’s one of the easiest Chase cards to qualify for, similar to the more lenient approval policies of the BankAmericard Visa.
By the way, if you’re curious as to why BofA is going by the name BankAmericard on this card, check out Bank of America’s Visa card history for the answer.