Wachovia's new cards to expand loyalty rewards
The US-based bank Wachovia has announced the launch of a new Visa-based retail credit card range that has an 'expandable rewards' programme, allowing cardholders to combine both debit and credit card points to build up loyalty points more quickly.
The new credit cards also have what Wachovia describes as a "friendly fee structure" to reflect the value of each customer's overall relationship with the bank.
Card features The new credit card suite consists of three different products: Wachovia Classic, Wachovia Platinum and Wachovia Signature.
Features include a lack of any annual fees, competitive interest rates, automatic waivers of one late fee and one over-limit fee every year, fraud protection, and of course Wachovia Possibilities Rewards, allowing debit and credit loyalty point accumulation in a single account.
The bank also promises that it will not use "hair-trigger repricing" (a sudden increase in APR if a payment is late or a credit limit is exceeded).
Competitive response Wachovia announced in November 2005 that it had terminated its existing joint marketing agreement with MBNA and re-entered the credit card business.
The bank conducted an analysis of its credit card business options after the announcement that Bank of America would acquire MBNA, leading to the issuing of its own range of retail credit card products.