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Merger of High-yield checking and credit card account:
With the advent of electronic transactions, it is now possible for Bank of America to provides consumers the best of both worlds, ie
high-yield checking account and a credit card : the combination helps consumers:
a) end overdraft/non-sufficient fees etc : if checking account goes overdraft, automatically charge credit card at standard credit card APR (no overdraft, non-sufficient fees for consumers) : this also helps reduce customer support, and such savings can be passed on to consumer
b) high-yield checking account that helps consumers maximize on receiving interest
c) cash back on credit card purchases : ie 2% cash back, or better yet, 2% less charges to begin with, when purchases made directly from checking account
Credit Card requirements:
a) Credit cards should list exact date when introductory APRs etc expire and such information should be easily find-able on the website, when one logs in. And every monthly statement should have information, on exact date when Introductory APR etc will expire.
b) Credit cards should list what the APR will be after that Introductory period. Right now, that information is not on online monthly statement.
c) Credit Cards should update finance charges DAILY, in their user’s online accounts; this way, user does not have to wait till end of month to know what montly finance charges were
d) Credit card email alerts : should be available, so that as soon as the to-date finance charges exceed , say $10 or pre-determined amount, consumer should get an email alert.
More details in http://docs.google.com/Doc?id=dthcr25_139fjrbbb
