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Bank of America Enhances Benefits for its Customized Cash Rewards Credit Card | Fintech Finance News

August 23 2023

Bank of America Enhances Benefits for its Customized Cash Rewards Credit Card

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Bank of America today announced that its Customized Cash Rewards credit card now offers more ways for cardholders to earn cash back in a category of their choice, with the expansion of two of its popular 3% cash back categories: gas and online shopping.

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, and consumer cardholders can also earn 3% cash back on cable, streaming, internet and phone plans within the online shopping category.1

“We are constantly looking for ways to enhance our products to align with our clients’ needs and 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 Customized Cash Rewards product and to offer our clients more ways to maximize 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 – with more than 70% of this spend including recurring charges.

Customized Cash Rewards Features – With these enhancements, the Customized Cash Rewards card continues to stand out as a highly versatile option. Cardholders can earn 3% cash back in their choice of the following categories:

  • Gas & EV Charging Stations
  • Online Shopping, Cable, Streaming, Internet & Phone Plans
  • Dining
  • Travel
  • Drug Stores & Pharmacies
  • Home Improvement & Furnishings

Customized Cash Rewards cardholders also earn 2% cash back at grocery stores and wholesale clubs (on the first $2,500 in combined purchases in the choice category and at grocery stores and wholesale clubs each quarter), and unlimited 1% cash back on all other purchases. The 3% category can be switched once per month.

Earn Even More with Preferred Rewards – Members of the Bank of America Preferred Rewards®program earn 25% to 75% more cash back on every purchase made with the Customized Cash Rewards card, depending on their rewards tier. That means the 3% cash back earned in the selected choice category could increase to up to 5.25% cash back.

To learn more about the Customized Cash Rewards card, please visit  bankofamerica.com/customizedcash.

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Jason Gaughan, Bank of America | Fintech Finance

Jason Gaughan

Bank of America

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Bank of America
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