Bank of America has announced enhanced cash back rewards for new cardholders of its Customized Cash Rewards and Unlimited Cash Rewards credit cards. Starting June 1, new clients will benefit from increased cash back rates during their first year.
For the Customized Cash Rewards card, new holders can earn 6% cash back in a chosen category, up from the previous 3%. The Unlimited Cash Rewards card offers 2% cash back on all purchases, an increase from 1.5%, with no cap on earnings.
Lora Monfared, Head of Consumer Card Products at Bank of America, stated: "We are committed to providing our clients with credit cards designed to help them make the most of their everyday spending – now with an extra boost to help navigate the year ahead.” She added that these cards offer value whether clients prefer specific spending categories or a flat rate on all purchases.
In addition to increased cash back, both cards come with a $200 welcome bonus for those who spend $1,000 or more within the first 90 days after opening an account.
The Customized Cash Rewards card allows users to choose a category such as gas and EV charging stations or online shopping for double cash back in the first year. Afterward, it reverts to 3% in their selected category. Purchases at grocery stores and wholesale clubs earn 2%, while other purchases earn 1%.
The Unlimited Cash Rewards card provides unlimited 2% cash back during the first year and switches to unlimited 1.5% thereafter. Both cards maintain no expiration on rewards as long as accounts remain active.
Bank of America serves approximately 69 million consumer and small business clients across various financial services globally. Its stock is listed on the New York Stock Exchange under BAC.
Reporters may contact Don Vecchiarello at Bank of America via phone at 1.980.387.4899 or email don.vecchiarello@bofa.com.