Bank of America (BoA) has announced an expansion to its Customized Cash Rewards credit card, providing cardholders with more benefits and opportunities to earn cash back across several categories.
One of the enhancements is the addition of electric vehicle (EV) charging stations to the gas category, the bank said in a statement, pointing the growth in EV charging transactions during the first half of 2023. BoA is offering 3% cash back at EV charging stations.
Commenting on the news, Jason Gaughan, head of consumer credit card products at BoA, said the bank is “constantly looking for ways to enhance our products to align with our clients’ needs” and has “observed growing demand for electric vehicle charging and streaming services.”
Additionally, the financial institution (FI) has also expanded the online shopping category to enable cardholders earn 3% cash back, as it capitalizes on the growing demand for streaming services and the share of cardholders having used their card to pay for cable, internet, streaming and phone plans in the past year.
Beyond gas and online shopping, the Customized Cash Rewards credit card also offers a range of categories for earning cash back, including dining, travel, drug stores and pharmacies, and home improvement and furnishings. Cardholders also earn 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases.
Another FI, KeyBank, has made a similar move, announcing earlier this month the addition of new ways for customers to earn better rates, get cash back and access deposits more quickly.
One of new offerings is Key’s Relationship program, which gives clients access to the firm’s highest cashback level on the Key Cashback credit card, while Key Select Checking offers an annual cash bonus, monthly fee waivers, lowered fees and ATM benefits.
“We’re excited to empower our clients with enhanced products and tools, more digital capabilities and customized support that provides further control over their personal financial paths,” Jeannie Fanning, director of relationship growth at the 15-state, 1,000-branch financial service company, said.
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