Bank of America today introduced the BankAmericard ® Better Balance Rewards™ card - a new credit card that rewards customers with up to $100 annually for responsibly managing their monthly credit card payments. The new card will be available in banking centers and online beginning this week.
Bank of America introduces new credit card that rewards customers for good payment practices. Customers can earn $100 annually for making more than the minimum payment on time - plus an additional relationship bonus. (Photo: Business Wire)
With the BankAmericard Better Balance Rewards credit card, customers automatically receive $25 for every quarter that they pay any amount more than the monthly minimum due and make payments on time. Card customers with a checking, savings or other qualifying account relationship with the bank also receive an additional $5 bonus each quarter. With the relationship bonus, customers could earn up to $120 in cash rewards annually.
“Customers have told us they want a credit card that reinforces good payment practices and recognizes them in a straightforward way for responsibly managing their credit,” said Titi Cole, Retail Products executive at Bank of America. “For consumers who typically pay off credit card balances over time, paying more than the minimum due each month can help pay off debt faster. We also want customers to know that we appreciate their business by rewarding them with an added bonus when they have additional banking relationships with us.”
Key features of the Better Balance Rewards card include:
- $25 quarterly cash rewards when payments are made on time and for more than the minimum amount due.
- Additional $5 bonus per quarter for having another qualifying Bank of America account, such as a checking or savings account.
- Customers can choose to have their cash rewards automatically credited to their card balance or deposited into a Bank of America checking or savings account or Merrill Lynch Cash Management Account.
- No annual fee.