American Express is set to launch a new credit card, EveryDay, with an aim to increase its customer base.
The EveryDay card, which will be available by 2 April 2014, is a no-fee credit product that offers card holders with all the bank’s rewards programmes such as the ability to transfer travel points, which was not available on other American Express cards.
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Additionally, EveryDay card holders will have a spending limit and will not be required to pay their full balance every month.
The new card will carry a 0% interest rate for the first 15 months and 12.99% to 21.99% later on. Embedded with EuroPay International, MasterCard and Visa (EMV) anti-fraud technology, the card provides better security than cards with magnetic strips.
American Express president, Ed Gilligan, said the card issuer is seeking new kinds of customers including US mothers by offering incentives such as extra points for shopping at supermarkets.
"This segment didn’t think AmEx had a product that fit their needs," Gilligan added.
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