Consumer Payment Card News

Platinum Priority

The platinum VISA/MasterCard market picked up yet another competitor with the national introduction last week of NationsBanks Platinum Priority VISA card. The no-annual-fee platinum program offers credit lines up to $100,000 and a 5.9% fixed, six-month, intro APR. Like most Citibank programs, NationsBank requires applicants to transfer a balance to activate the 5.9% promo rate. The new Platinum Priority VISA also incorporates risk-based, variable-rate pricing, offering three tiers of interest rates: Prime +7.9%; Prime +9.9% or Prime +12.9%. Cardholders who default face a punitive rate of four additional percentage points above their full rate or a current maximum APR of 25.4%. NationsBank is also featuring a Year-End Account Summary and $1 million of automatic travel accident insurance. More than four million platinum VISA or MasterCards have been issued over the past eighteen months primarily by MBNA and First USA.

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