MBANX RELEASES FIRST CREDIT CARD
By Adnews Staff
The Bank of Montreal's virtual bank, mbanx, introduced its first credit card last week. Called MasterCard BusinessCard, the product lets small business owners apply for a credit limit of up to $50,000. Cardholders can take advantage of a 19-day, interest-free grace period on purchases by choosing to pay their outstanding balance in full every month, or they can make monthly payments. The card has an interest rate of 9.4%. Small business owners will receive monthly management reports that outline cardholder activities as well as summarized expenses by monthly, quarterly or business year-to-date categories. Mbanx officials were unavailable to comment on advertising plans for the card. Advertising for Mbanx is done by Vickers & Benson Advertising of Toronto.