Consumer Payment Card News

Mini Card

Bank of America has decided to chop its credit cards in half with the launch of a mini VISA. The new card is about half the size of a regular credit or debit card and can be attached to a key chain. The mini VISA card, which is being offered as a companion to full-sized credit and debit cards (it will share the same account number), is initially being distributed to select existing BofA consumer credit cardholders. The card can only be used in swipe terminals, not in terminals, such as ATMs, that require the card to be fully inserted. By the end of the month, current and future credit card customers of BofA will be able to request a mini card. Bank of America will initially make the mini card only available to credit card customers, with an introduction of a debit card version slated for the future. Bank of America will retain exclusive rights to issuing the mini card for a one-year period. Following the first year, under a license from Bank of America, other VISA banks will be permitted to issue VISA-branded mini cards, for which Bank of America will receive royalty payments. For more information: www.bankofamerica.com.

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