Initially launched by FleetBoston in 2001, the card has been rebranded with the Bank of America name and is now available throughout the bank’s franchise outlets. As the name suggests, the payment card will look to entice customers by offering a wide portfolio of reward offers, including gift certificates, cash rebates and travel awards. The new card will also look to draw customers through offering reward flexibility.
Card members earn one point for each dollar spent on the card and there is no limit to the number of points card members can earn and redeem each year. Points can be redeemed starting at 2,500 points. Consumers will receive 500 bonus points on their first purchase and small businesses will receive 1,000 bonus points.
Customers want flexibility when it comes to reward programs, said Maribeth Brady, senior vice president of rewards product management at Bank of America. With Power Rewards, consumers and small businesses can choose the type of rewards that best suit their personal needs.
