Bank of America has recently revamped its credit card offerings to attract new customers, introducing higher cashback rewards and enticing welcome bonuses. Notably, new cardholders can earn up to 6% cashback in a chosen category for the first year, an increase from 3%. Additionally, the Unlimited Cash Rewards Card's cashback returns have risen from 1.5% to 2% in the first year. A $200 welcome bonus is also available for spending $1,000 in the first 90 days. These enhancements position Bank of America favorably against competitors who have scaled back on credit card rewards.
Some Redditors applauded Bank of America's recent announcement of better rewards amid other competitors "nerfing" their credit cards. Here's what you should know about the bank's new credit card rewards.
Bank of America started its press release by announcing that customers who open a Customized Cash Rewards card will earn 6% cashback in the category of their choice in the first year.
The Unlimited Cash Rewards Card also received a buff, with the 1st-year cashback rate increasing from 1.5% to 2.0% on all purchases.
These upgrades make Bank of America's credit cards more appealing to new customers and can help the bank win over additional business.
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