Bank of America, Visa renew relationship
The renewal, which is retroactive to Jan. 1, continues until the end of 2011. Under the deal, Bank of America, the No. 2 U.S. bank by assets, remains the largest issuer of Visa-branded credit cards, debit cards, and prepaid cards, according to a Visa press release.
Using its 13,432 member financial institutions, Visa has issued over 510 million Visa-branded cards domestically. Bank of America has expanded its credit card business via its January acquisition of MBNA Corp. Bank of America has also partnered with American Express and recently started to offer American Express credit cards.
This new agreement would seem to quell recent rumors that Bank of America was considering the development of a competing card network. Bank of America was the original architect and marketer of the BankAmericard, which was the precursor to present day Visa network.
To comment on this story, write Editors@CreditCards.com.
More credit card news.
Published: October 10, 2006
- Product Page Story Template – See related: 7 things to know about business credit cards, Supercharge rewards with a business credit card, Financing your business without relying on personal credit ...
- Sears MasterCard holders earn more ‘Shop Your Way’ rewards through the holidays – Sears MasterCard holders can start earning more Shop Your Way points through a complimentary offer running Nov. 1, 2016 through Dec. 31, 2017 ...
- How four families rein in their holiday spending – From an all-cash Christmas to traveling together, you can celebrate on a budget ...