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.
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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.
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By GlobalDataBofA 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.
