Bank of America (BAC) is revamping its credit cards as the lender aims to boost the consumer unit's annual profit to $20 billion by the end of the decade, Bloomberg reported Thursday.

The company's approach to reach its financial target includes expanding the customer base, deploying technology to sift through more data to reach clients and lowering expenses, the report said.

This month, the bank plans to introduce new incentives for cardholders with higher account balances, Bloomberg said.

Bank of America did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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