Webster Bank announced today that it has introduced its own VISA credit card offering one of the lowest rates in the country.
Webster’s VISA credit card program features a Classic VISA and a Gold VISA card in both low rate and no annual fee versions.
The low rate and no annual fee programs will both be offered at an introductory rate of 6.9 percent fixed for the first six months. After the introductory period, holders of the low rate card will be offered an ongoing rate of Prime plus 3.6 percent on purchases and balance transfers. The annual fee for the Classic VISA card is $18, while the Gold VISA is $28. Webster customers with a Webster One account will be entitled to a $5 discount on the annual fee.
After the six-month introductory period, the no annual fee card will offer a rate of Prime plus 7.9 percent on purchases and balance transfers. Customers must make three purchases during the year to qualify for no annual fee. “Currently, our six-month introductory rate is one of the lowest in the country for cardholders with a balance of $2,000 or more,” said Peter K. Mulligan, executive vice president for Webster Bank’s Consumer Banking Division. “The rate starts low and it stays low because even after the introductory period, Webster has one of the lowest rates in the country.”
Webster’s VISA offers other features that make it a useful financial tool for cardholders. Cardholders may access cash at any ATM displaying the VISA logo and may obtain cash advances at any Webster Bank office, at 242,000 VISA/Plus ATMs in 87 countries, at 300,000 VISA member offices in 247 countries or with Convenience Plus Checks provided free by Webster Bank.
“The addition of a credit card to Webster’s product offerings enhances our commitment to full-service banking,” Mulligan said. “We realize that to develop long-lasting customer relationships, we must offer the products and services that customers use every day. The more our customers use our services, the better our ability to retain or expand the relationship.
Webster Financial Corporation (Nasdaq: WBST), headquartered in Waterbury, Connecticut, is the holding company for Webster Bank. Webster has assets of $3.8 billion and 64 offices extending from the Massachusetts border through central Connecticut to Long Island Sound. Webster provides consumer, commercial and mortgage banking services to retail and business customers in Connecticut.