After the Durbin Amendment passed, many debit card issuers cut back on debit rewards programs, however, Bank of America recently announced new credit card rewards that offer up to three percent cash back on certain purchases.
"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," Bank of America Consumer Banking Products Executive Susan Faulkner said. "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."
The bank is launching its BankAmericard Cash Rewards program that includes a 10 percent bonus when customers deposit cash rewards into their Bank of America checking or savings account. Additional perks include one percent cash back on all purchases, two percent cash back on grocery store purchases and three percent cash back on gas station purchases.
BankAmericard Cash Rewards customers also earn two percent and three percent cash back on gas and grocery purchases up to the first $1,500 per quarter. After that amount is exceeded, customers continue to earn one percent back on purchases.
In addition, BoA is implementing another new program called Cash Rewards for Business MasterCard credit cards that returns one percent on all purchases, two percent on all restaurant purchases, three percent on office supply store, gas station and computer network service purchases.
Neither card has an expiration date for its rewards.
"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," Laurie Readhead, Bank of America's retail banking executive said. "This new program gives customers a simple way to earn additional cash back by giving us more of their business."