Bank of America today announced a new Bank of America® Cash Rewards credit card that gives clients the flexibility to choose how they earn rewards based on their changing priorities and interests. This is the first cash back card that offers this level of flexibility on earning and redeeming rewards.
Beginning the week of January 14, clients will be able to choose how they earn their 3 percent cash back from one of six popular categories: gas, online shopping, dining, travel, drug stores, or home improvement and furnishings. Clients will continue to earn 2 percent cash back at grocery stores and wholesale clubs, and unlimited 1 percent cash back on all other purchases.
“We understand that consumers’ lives and spending priorities change constantly, and clients tell us that they want the power to choose how they are rewarded,” said Jason Gaughan, credit card executive at Bank of America. “Clients can choose which categories best align with their life priorities, allowing them to maximize the rewards they earn.”
Clients can easily change the 3 percent category for future purchases once each calendar month in their Mobile Banking app or in Online Banking, or make no change and it stays the same. The 3 percent cash back category will initially be set to gas. The ability to choose the 3 percent category will automatically be applied to existing Cash Rewards accounts and all new Cash Rewards cards starting in mid-January, when the new card is introduced.
In addition to changing the way clients can earn rewards, Bank of America is adding more flexible redemption options, such as the ability to redeem for credit into an eligible 529 account or having no minimum requirement when making a one-time redemption into an eligible Bank of America account.
Clients enrolled in Bank of America’s Preferred Rewards program can get a 25 to 75 percent rewards bonus on every purchase. That means the 3 percent choice category could go up to 5.25 percent; the 2 percent at grocery stores and wholesale clubs could go up to 3.5 percent; and the unlimited 1 percent for all other purchases could go up to 1.75 percent.
Later in 2019, Bank of America will launch similar enhancements to help maximize rewards for Business Advantage Cash Rewards cardholders. Clients can choose to earn 3 percent cash back in one of the following six popular spending categories for businesses: business consulting services, computer services, gas stations, office supply stores, travel and TV, telecom and wireless. Business Advantage Cash Rewards clients enrolled in the bank’s Business Advantage Relationships Rewards program can increase their credit card rewards bonus up to 75 percent.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with more than 36 million active users, including nearly 26 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Reporters may contact:
Betty Riess, Bank of America