For every quarter that a customer pays more than their monthly minimum amount due on their credit card, the bank will offer $25. Cardholders with a checking, savings or other qualifying account will also receive an additional $5 bonus every quarter, and customers could earn up to $120 in cash rewards each year.
“Customers have told us they want a credit card that reinforces good payment practices and recognizes them in a straightforward way for responsibly managing their credit,” Titi Cole, the executive of retail products at Bank of America, said. “For consumers who typically pay off credit card balances over time, paying more than the minimum due each month can help pay off debt faster. We also want customers to know that we appreciate their business by rewarding them with an added bonus when they have additional banking relationships with us.”
The new card carries no annual fees, and customers are given the option of either having the cash rewards deposited in their Bank of America account or Merrill Lynch Cash Management Account or having the rewards credited to their credit card balances.