Clarity is important, Changes that will help you understand credit card contracts.
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 to improve their understanding of products, rates and fees through a number of clarity initiatives. Starting in December 2009, the bank will be sending personalized copies of its Credit Card Clarity Commitment to approximately 40 million customers. This easy-to-read, one-page summary includes card information on payments, interest rates and fees. Customers will benefit from taking the time to read this important information when it arrives by mail.
 
New customers receiving a credit card will be contacted by phone by a Bank of America representative who will answer questions they have and discuss the benefits, rates and fees that come with their new credit card.

The Credit Card Clarity Commitment is the latest initiative created to provide consumers with the information they need to make better informed decisions. Earlier this year, the bank unveiled its Home Loans Clarity Commitment summary, which provides home owners with valuable information about their loan agreements. It also introduced new fee options for checking account customers to limit overdraft fees.
 
Customers should expect increased transparency across banking products and services, as Bank of America finds new ways to enhance customer service through simplified communications and open dialogue.

Also, Bank of America wants their customers to know how the new legislation (CARD Act) may affect them. In December their credit card customers will be notified of several favorable changes to their credit card agreement.

For valuable information on the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, click here.