Competition is heating up in the credit card biz, as issuers are vying for the business of creditworthy consumers. With charge-off averages sinking lower and lower and delinquencies tapering off dramatically, lenders are loosening up their proverbial purse strings and extending ever-more appealing offers in an effort to lure consumers into opening new accounts. Also, with the October one start date of the Durbin Amendment’s “swipe” fee cap for debit card transactions, it certainly behooves banks to get more customers acquainted with pulling out their they credit card when it comes time to pay.
Bank of America has recently made public their intention to add two new credit cards to their arsenal of plastic offerings, theBank of America Cash Rewards card and the Cash Rewards for Business MasterCard credit card.
“Customers have told us they want to get rewarded for what they use their cards for the most, such as gas and groceries, and office supplies for small business customers,” said Consumer Banking Products Executive Susan Faulkner in a press release displayed on the website.
“We have developed a solution that sets us apart from the competition by giving customers more value in the spending categories that matter most to them.”
According to Bank of America’s website, their new Bank of America Cash Rewards credit card offers:
- One percent cash back on all purchases.
- Two percent cash back on grocery store purchases.
- Three percent on gas station purchases.
- Customers earn the 2 percent and 3 percent cash back on gas and grocery purchases up to the first $1,500 per quarter. After that, they continue to earn 1 percent on purchases.
Their new Cash Rewards for Business MasterCard credit card offers:
- One percent on all purchases.
- Two percent on all restaurant purchases.
- Three percent on office supply store, gas station and computer network service purchases.
- No cap on purchase categories.
“These improvements demonstrate that Bank of America is responding to what our customers want by providing easy-to-use, clear and straightforward solutions that they value,” said Laurie Readhead, Retail Banking executive in the official press release. “This new program gives customers a simple way to earn additional cash back by giving us more of their business.”
Anyone interested in how to go about getting one of these cards that gives back can find out how to go about it on the Bank of America website.