July was a time for getting back to basics, it seems, as a number of firms introduced simplified or stripped-down versions of products. Credit card firms lead the way with changes from Bank of America, Wachovia and Wells Fargo.

Credit Card Rewards Modified

Bank of America released two versions of the pre-existing BankAmericard Power Rewards Visa – BankAmericard Visa and BankAmericard Cash Rewards Visa Signature. The BankAmericard Visa is a basic card that does not include a rewards program, while the Cash Rewards Signature card allows card holders to redeem rewards for a check, direct deposit, account credit or to pay down a Bank of America mortgage account.

Wells Fargo unveiled a revamped rewards site, offering a new Earn More Mall and new rewards categories. The new online shopping portal allows customers to earn up to 16 bonus points per dollar spent on featured merchants. Wachovia also made changes to its rewards program. The firm informed clients that in order to standardize its rewards program, it will decrease the amount of points customers earn per net dollar by a factor of four. Additionally, customers will no longer be able to combine multiple Rewards accounts into one account.

Basic Annuity Offerings and Bicycles

Annuities sometimes receive a bad rap for being fee-heavy and containing several confusing components. To combat these perceptions, firms are introducing new fixed and variable annuities that are cost-effective and easy to understand. John Hancock released the JH Essential Income fixed annuity and the AnnuityNote Series of variable annuities, which are designed to withstand market fluctuations but deliver a steady stream of income throughout retirement.

Though an eighth first-place finish was just out of reach at the 2009 Tour de France, Lance Armstrong’s LIVESTRONG cancer benefit continues to achieve top recognition for its fundraising and cancer initiatives. This month, American Century added a brand new sitelet devoted to the 20th anniversary American Century Championship (July 17 – 19), with proceeds benefiting the Lance Armstrong cancer foundation.

In Other News:

• Personalizing Plastic – American Express continues the trend among industry firms to allow credit card personalization. Cardholders can now upload a photo to be used as a card template for a fee of $6.95 per card.

• Comments Welcome – Vanguard now allows comments to be posted to its blog, Vanguardblog.com. The firm lists a set of guidelines for posting comments, including staying on topic and not offering investment advice.