In an effort to restore some lost faith while fueling increased spending, Bank of America has announced a new card and service that will offer responsible spenders significant rewards.
The Bank Americard Better Balance Rewards card is a new credit card that rewards customers a substantial amount of money for responsibly managing their credit card payments. Those who both pay amounts greater than the minimum payment on time for three consecutive months will receive $25 from the bank. Any customer that does this for an entire year will receive $100.
Titi Cole, retail products executive at Bank of America, spoke to reporters about the company's initiative, stating that it was important to reward those who spent responsibly.
"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," Cole 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."
It's likely that this program will lead to both new Bank of America customers and increased card usage. Some merchants could find themselves under pressure to process an increased number of card-based payments, so implementing a credit card pos system is crucial. This will allow companies to keep up with any drastic changes in spending behavior without compromising the security of customer information.
Merchants looking to implement a credit card processor or upgrade a current model should contact a payment solutions provider to get the right system to fit their needs.