As part of the renewal, Bank of America, which includes the former MBNA, will continue to issue Visa branded products and the two organizations will collaborate to develop market-leading card products to enhance the purchase experience for the Bank's customers.

"Our goal is to delight each of our customers. Continuing our relationship with Visa helps us live up to our ongoing commitment to deliver innovative products and the very best service to our cardholders," said Bruce Hammonds, Bank of America Card Services president.

For the past 30 years, Bank of America has been committed to driving performance of payment cards, including the growth of credit, debit, and prepaid card issuance and the delivery of enhanced services to consumers and merchants.

"This is great news for Visa, Bank of America and all of our customers who will benefit from the product and service innovations that this partnership will deliver," said John Philip Coghlan, president and CEO of Visa USA. "Together, Visa and Bank of America have driven the migration to electronic payments. We are excited to build upon that foundation and redefine the bank-customer experience."

The agreement will be retroactive to Jan. 1, 2006 and run through Dec. 31, 2011.