MINNEAPOLIS (dpa-AFX) - U.S. Bank (USB) on Wednesday announced a new kind of credit card that enables automatic, no-fee, no-interest equal monthly payments on all purchases: the U.S. Bank Split World Mastercard.
The Split Card operates like a standard Mastercard, accepted at millions of merchants worldwide. However, every transaction is automatically split into three equal monthly payments with no interest, no fees, and no annual charge. For purchases over $100, cardholders can extend repayment to six or twelve months for a small, fixed monthly plan fee.
'Split Card meets the diverse needs of today's consumers who are seeking easy and transparent ways to fund purchases of all sizes,' said Chris Roncari, head of product and experience for consumer and small business payments at U.S. Bank. 'Split Card has elements of a typical card, but is far from a typical credit card with its budgeting control and interest-free option. We expect Split Card will be a top choice for Gen Z consumers, and many others, who desire the broad scale usability, simplicity, and protections of a credit card but also need the financial consistency of equal monthly payments.'
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