Bank of America Announces Credit Card Clarity Initiative
Bank of America has announced the launch of a new Credit Card Clarity Commitment - "a one-page summary of customers' rates, fees, and payment information." Bank of America says it is "the first bank to provide each cardholder with a clear and simple explanation of this kind." BofA says that its Credit Card Clarity Commitment will be sent to its 40 million current cardholders beginning in December and will be available to new customers next year.
"We know that now, more than ever, people want clear, straightforward information from their bank," said Bank of America Global Card Services President Ric Struthers. "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."
"Bank of America is investing more in our customers and our future," said Brian T. Moynihan, Bank of America Consumer, Small Business Banking, and Card Services president. "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."
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