Payment Card News

Equi:Money VISA

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Michigan National Bank rolled out a new card product based on home equity Tuesday called the ‘Equi:Money VISA Gold’. Besides offering tax deductible interest and a low interest rate, the new secured credit card offers an interest-free grace period on new purchases even when an account carries a balance forward from the previous month. In addition, ‘Equi:Money VISA Gold’ offers cardholders the option to enroll in Michigan National’s ‘Relationship Rewards’ program, which allows them to receive special benefits and added discounts on many banking products and services. The card carries a prime+2% rate for balances under $25k, prime+0.5% for balances between $25k and $50k and the prime rate+0% for balances over $50k. The annual fee is $40 with a first year fee waiver. The card is targeted to Michigan homeowners.

FULL STORY:
Michigan National Bank announced a new product called Equi:Money VISA — an innovative, new, secured credit card for homeowners that offers interest that is generally tax deductible and a low interest rate based on the Prime Rate. Equi:Money VISA provides consumers with a smart, economical vehicle to finance both major and every-day purchases.

“Equi:Money VISA is designed for homeowners seeking better, more convenient ways to manage their money,” said Robert Hutchinson, head of channel management. “Because of its money-saving benefits, we expect the card to be extremely popular with consumers throughout the state.”

The card features a low interest rate that is fixed to the Prime Rate. This low rate is standard and not a one-time or introductory offer. Because the credit limit on the card is based on the homeowner’s equity, Michigan National is able to offer Equi:Money VISA customers a higher line of credit than most credit cards, allowing consolidation of more expensive credit card and non-deductible loan debts.

Equi:Money VISA also offers the advantage of an extended interest grace period. Generally, credit cards do not offer an interest grace period unless a balance is paid in full every month. However, Equi:Money VISA card purchases are free of interest charges from the purchase date until the 28th day of each month, even when an account has an outstanding balance carried over from a previous period.

Because Equi:Money is a VISA Gold card, it is accepted at more than 14 million merchants and thousands of ATMs world-wide. The card provides a detailed monthly credit card statement showing purchases, cash advances, payments and the balance. Card holders also receive Equi:Money VISA checks as an option for making purchases and payments against the account. In addition, Equi:Money VISA card holders are eligible to enroll in Michigan National’s Relationship Rewards Program, which allows them to receive special benefits and added discounts on many banking products and services.

Michigan National provides diversified financial services and offers creative ideas and product options designed to help consumers and businesses meet their financial goals. It is committed to being the bank of first choice in its markets and provides the leading-edge products and services that customers expect from a member of a global financial network. Visit Michigan National’s web site at http://www.MichiganNational.com.

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