Bank of America will pay credit card customers who make more than minimum monthly payments. Learn more.
A credit card launched this week by Bank of America Corp. will reward customers who pay more than the minimum required amount each month, the company announced yesterday.
The Bank of America Better Balance Rewards card will automatically pay customers $25 for every financial quarter in which they make timely payments and pay more than the minimum due, according to a company statement. Customers with other qualifying Bank of America accounts can earn a “relationship bonus” of an additional $5 a month. There is no annual fee associated with the card.
“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, retail products executive for Bank of America, said in a statement. “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.”
Will the new rewards card help rebuild trust between the bank and Main Street consumers? According to infoplease, Bank of America is the largest U.S. bank in terms of assets and manages more than $2.34 trillion. It’s the most familiar bank to Main Street investors, those with investable assets of $100,000 up to $1 million, but also one of the least popular, according to a fourth-quarter study from Spectrem’s Millionaire Corner on investors’ perceptions of financial service providers.
Eighty percent of Main Street investors indicate they’re aware of Bank of America, but only a small share rate the bank highly for offering personalized services or innovative products, according to our research. The bank also receives low marks for having talented advisors, and being trustworthy or stable. Eleven percent of Main Street investors indicate they’re likely to use or increase their use of Bank of America in 2013. Perhaps the Better Balance Rewards card will help Bank of America rebuild its reputation on Main Street.