Bank of America debuts new Visa card

September 17, 2009 7:49:22 PM PDT
Consumers have long complained the terms and conditions of credit cards are too hard to understand, and that often leads to unexpected fees and other surprises.

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Bank of America introduced its new basic Visa card. It says all the terms and conditions will fit on one page in plain language.

Customers will be charged a fixed rate for all transactions and a flat late fee of $39.

Consumers union likes the simplicity of the card, but cautions the card has a variable rate tied to the prime and the fine print isn't out yet.

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