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October 31, 2007updated 04 Apr 2017 1:15pm

BofA resurrects BankAmericard

Unlike the original card, the new Bank-Americard incorporates a loyalty scheme designed to reward customers who have at least one other BofA product, such as a personal loan or current account.The card, which has no annual fee, offers 1.25 points for each $1 spent and an annual bonus of 0.25 points for every $1 charged to the card, providing the customer keeps at least one other BofA account

By Douglas Blakey

Bank of America (BofA) has announced it is to relaunch its BankAmericard, the credit card that revolutionised consumer credit when it was introduced in 1958. The original BankAmericard credit card was one of the first nationally accepted bank-issued credit cards and became so popular that BofA licensed it to other banks and then to a company that evolved in the 1970s into Visa.

Unlike the original card, the new Bank-Americard incorporates a loyalty scheme designed to reward customers who have at least one other BofA product, such as a personal loan or current account.

The card, which has no annual fee, offers 1.25 points for each $1 spent and an annual bonus of 0.25 points for every $1 charged to the card, providing the customer keeps at least one other BofA account. Cardholders who do not hold another BofA account will receive 1 point for each $1 charged to the card.

Unlike a number of competing card loyalty schemes, there will be no spending limit or cap on earning points.

“There’s a lot of pride in the [Americard] name,” said Bruce Hammonds, president of Bank of America Card Services. “It’s a product we’re bringing back primarily to give our customers additional awards.”

The new BankAmericard, which will be coloured red, white and blue and carry the Visa logo, is the first in a line of products the bank plans to introduce that promote the Americard brand.

BofA will continue to offer its existing WorldPoints rewards programme, but, according to the bank, it expects to sell more of its new Americard product than WorldPoints. BankAmericard cardholders will have access to the bank’s MyConcierge programme, a benefit of the WorldPoints scheme that offers help in securing dinner reservations and tickets for sporting events, concerts and theatre shows.

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