Bank of America Launches New Credit Cards with Up to 3% Cash Back Rewards

Strategic Insights -

Bank of America has unveiled two new credit cards, BankAmericard Cash Rewards(TM) and Cash Rewards for Business MasterCard(R), designed to reward customers with up to 3 percent cash back on their purchases. The cards aim to give customers more value in the spending categories that matter most to them, such as gas, groceries, and office supplies. The new cards feature improved cash back rewards programs that cater to individual and business customers.

Key Takeaways:

  • The BankAmericard Cash Rewards card offers 1% cash back on all purchases, 2% on grocery store purchases, and 3% on gas station purchases.
  • Customers earn the 2% and 3% cash back on gas and grocery purchases up to the first $1,500 per quarter, and then 1% on all purchases after that.
  • The new Cash Rewards for Business MasterCard credit card offers 1% on all purchases, 2% on restaurant purchases, and 3% on office supply store, gas station, and computer network service purchases, with no cap on purchase categories.
  • Susan Faulkner, Consumer Banking Products Executive, stated that customers have told the bank they want a rewards program that gives them more value in their spending categories.
  • Laurie Readhead, Retail Banking executive, emphasized that the new program gives customers a simple way to earn additional cash back by giving Bank of America more of their business.

Statistics:

  • Customers can earn up to 3% cash back on gas station purchases.
  • The BankAmericard Cash Rewards card offers a 10% bonus when customers deposit their cash rewards into their Bank of America(R) checking or savings account.
  • The cash back rewards have no expiration date.
  • Customers can earn 2% cash back on grocery store purchases up to $1,500 per quarter.
  • Overall, the new credit cards aim to provide customers with a straightforward and value-driven rewards program.

Sources:

  • Bank of America
  • [1] Susan Faulkner, Consumer Banking Products Executive, "Customers have told us they want to get rewarded for what they use their cards for the most, such as gas and groceries, and office supplies for small business customers."