Fintech & Ecommerce

Bank of America Announces Expansion to Its Customized Cash Rewards Credit Card

Bank of America (BoA) announced the expansion of the use scale of its Customized Cash Rewards credit card, which provides owners with additional benefits and opportunities when receiving cashback in several categories.

Bank of America Announces Expansion to Its Customized Cash Rewards Credit Card

The financial institution stated that charging stations used by owners of electric cars were added to the category of objects, the interaction of customers with which is the basis for the return of part of the funds spent on services. The bank also noted that in the first half of 2023, there was an increase in transactions for charging vehicles that are powered by electricity. The financial institution offers its customers cashback in the amount of 3% at charging stations for electric cars.

Jason Gaughan, Head of Consumer Credit Cards at BoA, commenting on the new solution, noted that the bank is in constant motion in creating and implementing initiatives and products that are designed to improve the lender’s line of offers in terms of its compliance with consumer needs. He also separately stressed that currently, the financial institution is recording an increase in demand for charging electric cars and streaming services.

Another new decision of the bank was the expansion of the category of online purchases, the commission of which provides customers with the opportunity to receive cashback in the amount of 3%. In this case, the financial institution benefits from the growth of consumer demand for streaming services and an increase in the number of customers who use cards issued by the lender to pay for cable TV operators, Internet service providers, and to pay for telephone tariffs and for access to content on multimedia platforms.

The Customized Cash Rewards credit card also provides the opportunity to receive cashback when visiting restaurants, traveling, and paying for purchases at pharmacies. Also, a refund of part of the funds spent is provided in the case of the purchase by the client of furniture and goods for the arrangement of living space. The owners of this credit card receive 2% cashback in grocery stores and wholesale clubs. All other purchases guarantee a refund of 1% of the amount spent.

Also in August, KeyBank launched a similar offer for customers. The financial institution announced the emergence of new ways to get more favorable rates and return cash, as well as the acceleration of access to deposits. The Key’s Relationship program provides customers with access to the highest level of cashback on a Key Cashback credit card. The Key Select check offers an annual cash bonus, a waiver of monthly payments, a reduced fee amount, and preferential offers at ATMs.

As we have reported earlier, Bank of America Says About Importance of Transcontinental Transparency for Cross-Border Payments.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.