Bofa in­tro­duces new credit card

The Pak Banker - - COMPANIES/BOSS -

Bank of Amer­ica to­day in­tro­duced the BankAmeri­card® Bet­ter Bal­ance Re­wards card - a new credit card that re­wards cus­tomers with up to $100 an­nu­ally for re­spon­si­bly man­ag­ing their monthly credit card pay­ments. The new card will be avail­able in bank­ing cen­ters and on­line be­gin­ning this week.

With the BankAmeri­card Bet­ter Bal­ance Re­wards credit card, cus­tomers au­to­mat­i­cally re­ceive $25 for ev­ery quar­ter that they pay any amount more than the monthly min­i­mum due and make pay­ments on time. Card cus­tomers with a check­ing, sav­ings or other qual­i­fy­ing ac­count re­la­tion­ship with the bank also re­ceive an ad­di­tional $5 bonus each quar­ter. With the re­la­tion­ship bonus, cus­tomers could earn up to $120 in cash re­wards an­nu­ally. 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, said Titi Cole, Re­tail Prod­ucts ex­ec­u­tive at Bank of Amer­ica.

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.

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