Bank of America has announced an enhancement in cash back rewards for new cardholders of its Customized Cash Rewards and Unlimited Cash Rewards credit cards. Starting June 1, clients who open a Customized Cash Rewards card will earn 6% cash back in their chosen category during the first year, increased from the previous 3%. Those opting for an Unlimited Cash Rewards card will receive 2% cash back on all purchases in the first year, up from 1.5%, with no cap on earnings.
"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," said Lora Monfared, Head of Consumer Card Products at Bank of America. "Whether they prefer to maximize rewards in a specific spending category or earn a flat rate on all purchases, our cash rewards cards provide value to stretch their dollars further."
In addition to these benefits, new cardholders can receive a $200 welcome bonus after spending $1,000 within the first 90 days. The Customized Cash Rewards card offers double cash back during the initial year across various categories such as gas and EV charging stations, online shopping, dining, travel, drug stores, home improvement and furnishings. After this period, cash back reverts to standard rates but remains flexible as users can change their preferred category monthly.
The Unlimited Cash Rewards card provides unlimited 2% cash back for all purchases within the first year before reverting to a continuous rate of 1.5%.
Bank of America serves millions of consumers and businesses worldwide with extensive banking services and operates thousands of financial centers across multiple countries.
Reporters may contact Don Vecchiarello at Bank of America via phone at 1.980.387.4899 or email don.vecchiarello@bofa.com.