Bank of America announced the initial launch of the Bank of America mini card (patents pending). About half the size (1 1/2″ X 2 1/2″) of a regular credit or debit card, the mini card is an innovative payment tool that will provide customers with a more convenient way to make purchases. Bank of America will initially make the mini card available to credit card customers, with an introduction of a debit card version in the future.
The new mini card can be easily attached to a key chain, eliminating the need for consumers to constantly carry wallets and purses. Like all Bank of America credit card products, the mini card is safeguarded through several financial security features, such as the bank’s zero liability policy for unauthorized use of lost or stolen cards.
Bank of America’s mini card will be branded as Visa(R), the largest payment card platform in the world. Bank of America will retain their exclusive rights to issuing the mini card for a one-year period. Following the first year, under a license from Bank of America, Visa member banks will be permitted to issue Visa-branded mini cards, for which Bank of America will receive royalty payments.
The mini card, which is being offered as a companion to full-sized credit and debit cards (it will share the same account number), is initially being distributed to select existing Bank of America consumer credit cardholders. By the end of the month, current and future credit card customers of Bank of America will be able to request a mini card.
“Bank of America is committed to making our customers lives easier. With the mini card, we have introduced a tool that gives people the ability to make card purchases faster and easier than ever before,” said Henry Fulton, Consumer Card Executive, Bank of America. “Customer satisfaction is our number one priority, and we are confident that the mini card will further cement our position as the financial services industry leader in payment card innovation.”
Customers will be able to use their Bank of America mini cards at point- of-sale (POS) terminals with “swipe” readers wherever they see the Visa logo at more than 24 million locations worldwide.
“Visa applauds Bank of America’s innovation and customer focus,” said Al Banisch, senior vice president of consumer credit products at Visa USA. “With the introduction of the mini card, Bank of America is truly helping make Visa the best way to pay and be paid by giving consumers greater choices in how they use their Visa cards.”
One of the world’s leading financial services companies, Bank of America is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through the nation’s largest financial services network, including approximately 4,400 domestic offices and 13,000 ATMs, as well as 30 international offices serving clients in more than 150 countries, and an Internet Web site that provides online banking access to 4 million active users, more than any other bank.
Bank of America stock (NYSE: BAC) is listed on the New York, Pacific and London stock exchanges. The company’s Web site is http://www.bankofamerica.com. News, speeches and other corporate information including additional Bank of America mini card images may be found at