April Credit Card Statements Reflect Rate Increase

Beginning with this month's statement, ABA member booksellers participating in the association's credit card affinity program with Bank of America will see a rate increase of .02 percent for swipe transactions. The increase, which Bank of America announced to customers in their February statements, reflects an increase in the interchange rate by Visa and MasterCard. There is no rate increase for key-entered transactions.

As an example of the increase for swipe transactions, Bank of America points out that for customers whose current rate is 1.95 percent, the new rate will be 1.97 percent, plus applicable transaction and interchange fees. Booksellers should address questions about their statements to Bank of America's Help Desk at (800) 228-5882. The customer service team at the Help Desk is comprised of specialists who can answer detailed questions, view a store's activity, track deposit data, and explain the different interchange requirements.

ABA members who would like to learn more about Bank of America's competitive rates -- which can be as low as 1.91 percent for swipe transactions and 1.60 percent for check cards -- should contact Paula Kelly, vice president, BA Merchant Services, at [email protected] or (860) 523-6122. Kelly will also be available to meet with booksellers and to answer questions in the ABA/Book Sense Lounge at this May's BookExpo America in Washington, D.C.