Bank of America Offers Two New Reward Cards
There are over 1,000 credit cards available in the United States and, without a doubt, reward cards have become one of the most competitive categories in 2011. Major card issuers are all vying to secure new customers with high credit scores, and the bait they are using are increased rewards.
The country’s largest bank, Bank of America, is launching two new reward cards– BankAmericard Cash Rewards and Cash Rewards for Business MasterCard credit cards.
The new BankAmericard Cash Rewards credit card pays cardholders 1% cash back on all purchases. Customers can also earn 2% cash back on grocery store purchases and 3% cash back on gas station purchases on the first $1,500 of combined purchases made during each calendar quarter.
The card has two other bonuses: a $50 bonus in cash rewards once you spend $100 during the first 60 days of the account; and a 10% bonus when customers deposit their cash rewards into their Bank of America checking or savings account ($25 in cash rewards = $27.50 deposit).
Anything above 1% is a better-than-average rewards credit card. However, this card has a $1,500 purchase limit each quarter for the higher rewards. There are some rewards cards on the market, like Capital One Cash and the new Blue Cash Everyday Card from American Express, that don’t have those types of limitations.
Bank of America’s new Cash Rewards for Business MasterCard credit card offers 1% on all purchases, 2% on all restaurant purchases, and 3% on office supply store, gas station and computer network service purchases. On this card, there is no limit on the rewards on any of these purchase categories.