Initiatives to help you better understand your credit card.
Understanding how to take advantage of all the products and services offered by financial institutions is essential to maintaining financial health.
Bank of America is helping millions of customers improve their understanding of products, rates and fees through a number of clarity initiatives. For example, credit card customers receive a personalized copy of the bank's Credit Card Clarity Commitment® summary. This easy-to-read, one-page summary includes information on payments, interest rates and fees.
Another clarity initiative relies on direct communication with customers to help ensure they understand and can take advantage of the features and benefits of their card. New customers who receive a credit card are contacted by phone by a Bank of America® representative who will answer questions they have and discuss the benefits, rates and features that come with their new credit card.
Bank of America also wants its customers to know how the Credit Card Accountability, Responsibility, and Disclosure Act legislation have had an impact on their account. For valuable information on the CARD Act, click here.
The Credit Card Clarity Commitment summary builds on the successful introduction of the bank's Home Loans Clarity Commitment® summary, which provides homebuyers with a synopsis of key loan terms also written in an easy-to-read, one-page format.
Customers should expect to have a clearer understanding of banking products and services, as Bank of America finds new ways to enhance customer service through simplified communications and open dialogue.
The Clarity Commitment® summaries are provided as a convenience, do not serve as a substitutes for a borrower's actual loan documents or Credit Card Agreement, and are not a commitment to lend, approve or extend credit. Borrowers should become fully informed by carefully reviewing all of the loan and disclosure documentation provided and all of the terms disclosed in the Credit Card Agreement.