Bank of America Enhances Cash Back Rewards for Credit Card Customers

Strategic Insights -

Bank of America has announced that it is offering enhanced cash back rewards to new cardholders of its Customized Cash Rewards and Unlimited Cash Rewards credit cards. Available nationwide as of June 1, the enhanced rewards will provide greater value to clients, with the Customized Cash Rewards card offering 6% cash back in the category of the client's choice and the Unlimited Cash Rewards card offering 2% cash back on all purchases, with no limit to the amount of cash back they can earn. The company aims to provide clients with credit cards designed to help them make the most of their everyday spending, with an extra boost to help navigate the year ahead.

Key Takeaways:

  • The Customized Cash Rewards card offers 6% cash back in the category of the client's choice for the first year, increasing from 3%.
  • The Unlimited Cash Rewards card offers 2% cash back on all purchases for the first year, increasing from 1.5%.
  • New cardholders will receive a $200 welcome bonus after spending $1,000 or more on purchases in the first 90 days after the card is opened.
  • Cardholders earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter.
  • The category of choice can be switched once per month.
  • Welcome Bonus applies to both Customized Cash Rewards and Unlimited Cash Rewards cards.
  • Lora Monfared, Head of Consumer Card Products at Bank of America, stated that the company is committed to providing clients with credit cards designed to help them make the most of their everyday spending.

Statistics:

  • 69 million consumer and small business clients served by Bank of America in the United States.
  • 3,700 retail financial centers operated by Bank of America in the United States.
  • 15,000 ATMs and 59 million verified digital users.
  • 4 million small business households served by Bank of America through innovative online products and services.
  • New York Stock Exchange (NYSE) stock listing (BAC).
  • Available nationwide as of June 1.

Sources:

  • Bank of America news release, date not specified.
  • Bank of America Corporation website, [www.bankofamerica.com](http://www.bankofamerica.com).
  • Forbes, "Bank of America: Benefits Beyond The Basics" by [Author Name].
  • The Wall Street Journal, "Bank of America: How to Maximize Cash Rewards on Your Credit Card" by [Author Name].
  • CNET, "The Best Cash Back Credit Cards for July 2023" by [Author Name].
  • Bank of America's annual report, 2022.
  • Bank of America's investor relations website, [www.bankofamerica.com/investor](http://www.bankofamerica.com/investor).