BofA "More Rewards Day" Takes Place Thursday, November 7

Rhea-AI Summary

Bank of America has announced the return of its More Rewards Day on Thursday, November 7, 2024. This annual event allows Consumer and Small Business credit cardholders to earn extra rewards on their purchases, just before the holiday season. Eligible cardholders will automatically earn bonus rewards on top of their standard rewards:

• 2% cash back
• 2 points per $1
• 2 miles per $1

The bonus rewards apply to the first $2,500 in purchases made on November 7, 2024, with a maximum of $50 cash back, 5,000 points, or 5,000 bonus miles per unique account. New Bank of America data shows that Americans plan to spend nearly $2,100 this holiday season, up 7% from 2023. The More Rewards Day offers an opportunity for cardholders to maximize their rewards and offset costs ahead of the busy spending season.

Positive

• Automatic bonus rewards for eligible cardholders without enrollment
• Potential to earn up to $50 in additional rewards or 5,000 bonus points/miles
• Timing aligns with increased holiday spending, helping offset costs
• Last year's event resulted in over $26 million in additional rewards for participants

Negative

• Bonus rewards are capped at $2,500 in purchases
• to a single day (November 7, 2024)
• Preferred Rewards bonus does not apply to the incremental rewards earned during the promotion

Insights

Financial Analyst

Bank of America's "More Rewards Day" is a strategic move to boost consumer spending and loyalty ahead of the holiday season. The promotion offers additional rewards of 2% cash back, 2 points per $1, or 2 miles per $1 on purchases up to $2,500, capped at a $50 value. This initiative is particularly noteworthy given the bank's data showing consumers plan to spend $2,100 on average this holiday season, a 7% increase from 2023.

The timing is crucial, as 40% of consumers report using rewards to cover holiday expenses. By incentivizing spending right before the holiday rush, BAC aims to increase credit card usage and potentially capture a larger share of holiday spending. Last year's $26 million in additional rewards distributed suggests significant engagement, which could translate to higher transaction volumes and fee income for the bank.

While the direct revenue impact may be due to the one-day nature of the event, the long-term benefits in customer acquisition, retention and increased card usage could be substantial. This promotion aligns with BAC's strategy to strengthen its position in the competitive credit card market and drive growth in its consumer banking segment.

Market Research Analyst

The "More Rewards Day" promotion is a clever marketing strategy that capitalizes on consumer behavior trends. With holiday spending projected to increase, this event is well-timed to capture consumer attention and wallet share. The automatic enrollment feature reduces friction, potentially leading to higher participation rates compared to opt-in promotions.

The promotion's structure, offering bonus rewards across various card types, is designed to appeal to a broad customer base. This inclusive approach could help BAC retain existing customers and attract new ones, particularly those who might be considering switching card providers for better rewards.

The $2,500 spending cap and $50 maximum reward create a sense of urgency and encourage higher spending volumes without exposing the bank to excessive reward costs. This balance between customer incentive and cost control demonstrates a well-calibrated approach to promotional marketing.

Given the competitive nature of the credit card industry, this event could help BAC differentiate itself and potentially gain market share during a important spending period. The long-term impact on customer loyalty and spending habits will be key metrics to watch in assessing the promotion's success.

Consumer and Small Business Cardholders Automatically Earn Extra Cash Back, Miles or Points as They Prep for the Holiday Season

CHARLOTTE, N.C., Oct. 22, 2024 /PRNewswire/ -- Bank of America announced the return of its highly anticipated More Rewards Day, taking place on Thursday, November 7, 2024. Now in its third year, this annual event offers a unique opportunity for Consumer and Small Business credit cardholders to earn extra rewards on their purchases, just in time for the holiday season. Last year, participants earned more than $26 million in additional rewards during More Rewards Day.

"As our clients prepare for the holidays, we celebrate them with More Rewards Day," said Mary Hines Droesch, Head of Product for Consumer, Business, and Wealth Management Banking and Lending at Bank of America. "Whether they are shopping for gifts, booking travel or purchasing everyday essentials, this promotion allows our cardholders to maximize their rewards and get more value on their spending to kick off the season."

On More Rewards Day, all eligible Bank of America credit cardholders with rewards cards will automatically earn the following bonus rewards on top of their standard rewards:

• 2% cash back
• 2 points per $1
• 2 miles per $1

Additionally, cardholders who do not have a rewards-based credit card will earn 2% cash back as a statement credit applied to their account.  Bonus rewards will be earned on the first $2,500 in purchases (up to a maximum of $50 cash back, 5,000 points, 5,000 bonus miles or a $50 statement credit) made on November 7, 2024, per each unique account or each unique small business company. Enrollment is not required – bonus rewards will be applied automatically.*

New Bank of America data shows that Americans plan to spend nearly $2,100 this holiday season, up 7% compared to 2023. Additionally, 40% of consumers say they are able to cover all or part of their holiday shopping just by redeeming points or rewards. With many consumers spending more than last year, More Rewards Day offers a unique opportunity for Bank of America cardholders to stretch their rewards earnings even further and offset costs ahead of the busy spending season.

All Bank of America consumer and small business credit cards that are open with active charging privileges on More Rewards Day are eligible. The reward type earned will depend on the card used for the purchases.

Bank of America Preferred Rewards^® members will earn their Preferred Rewards bonus on purchase amounts as usual, but not on the incremental rewards earned for the More Rewards Day promotion. 

For more information, please visit bankofamerica.com/morerewardsday. 

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock  is listed on the New York Stock Exchange (NYSE: BAC).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

*The offer will be in effect for one full day on all purchases made with a Bank of America credit card from 12:00 a.m. to 11:59 p.m. Eastern Time on Thursday, November 7. Purchases must have a transaction date of November 7, 2024, to qualify. Bonus rewards earned on 11/7 will be capped at $50 cash back/5,000 points/5,000 miles/$50 statement credit, per unique consumer or small business account.

The retail purchase must appear on the customer's statement with a transaction date of November 7, 2024, to qualify. Transactions with delayed processing of 90 days or more will not be eligible to be included in the promotional offer. This promotional offer does not apply to past purchases. Cash Advances, Balance Transfers and Wire Transfers, are not considered retail purchases and do not apply for purposes of this offer. Generally, we expect to process bonuses on rewards cards as transactions post to the account, and within 20 days of transactions posting for non-rewards cards, but for certain transactions and merchants, it may take longer.  Therefore, customers should allow up to two billing cycles after the promotional offer ends for the bonus rewards to be added to their account. If customers are enrolled in Preferred Rewards, they will earn the Preferred Rewards bonus on the purchase amount(s). The Preferred Rewards bonus does not apply to the incremental bonus earn for this promotion. 

Reporters may contact:
Don Vecchiarello, Bank of America 
Phone: 1.980.387.4899
don.vecchiarello@bofa.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/bofa-more-rewards-day-takes-place-thursday-november-7-302282820.html

SOURCE Bank of America Corporation

FAQ

When is Bank of America's More Rewards Day in 2024?

Bank of America's More Rewards Day is scheduled for Thursday, November 7, 2024.

How much extra cash back can BAC cardholders earn on More Rewards Day?

BAC cardholders can earn an additional 2% cash back on purchases, up to a maximum of $50 cash back on $2,500 in spending.

Do Bank of America (BAC) cardholders need to enroll for More Rewards Day?

No, enrollment is not required. Bonus rewards will be applied automatically for eligible Bank of America credit cardholders.

What is the spending cap for Bank of America's More Rewards Day 2024?

The bonus rewards apply to the first $2,500 in purchases made on November 7, 2024, per unique account or small business company.