Bank of America is upping the ante in the battle to win market share of credit cardholders with above average credit scores.
Specifically, Bank of America has increased benefits for Customised Cash Rewards credit cardholders. The card now offers cardholders the expansion of two of its popular 3% cash back categories: gas and online shopping.
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Consumer and small business cardholders can now earn 3% cash back at electric vehicle charging stations as a part of the expansion to the gas category. Consumer cardholders can also earn 3% cash back on cable, streaming, internet and phone plans within the online shopping category.
“We are constantly looking for ways to enhance our products to align with our clients’ needs. We have observed growing demand for electric vehicle charging and streaming services,” said Jason Gaughan, Head of Consumer Credit Card Products at Bank of America. “We’re thrilled to introduce these new additions to our Customised Cash Rewards product. And offer our clients more ways to maximise rewards based on their own personal spending habits.”
Bank of America saw 44% growth in electric vehicle charging transactions during the first half of 2023. Additionally, 65% of active Customized Cash Rewards cardholders have used their card to pay for cable, internet, streaming and phone plans in the past year. More than 70% of this spend includes recurring charges.
Customised Cash Rewards Features
Cardholders can earn 3% cash back in their choice of the following categories:
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By GlobalData- Gas & EV Charging Stations
- Online Shopping, Cable, Streaming, Internet & Phone Plans
- Dining
- Travel
- Drug Stores & Pharmacies
- Home Improvement & Furnishings
Customised Cash Rewards cardholders also earn 2% cash back at grocery stores and wholesale clubs. This applies to the first $2,500 in combined purchases in the choice category and at grocery stores and wholesale clubs each quarter. Cardholders receive unlimited 1% cash back on all other purchases. The 3% category can be switched once per month.
Preferred Rewards benefits
Members of the Bank of America Preferred Rewards programme earn 25% to 75% more cash back on every purchase made with the Customised Cash Rewards card. This depends on cardholders’ rewards tier. As a result, the 3% cash back earned in the selected choice category could increase to up to 5.25% cash back.
