Bank of America Offering Cardholders Bonus Rewards Points for Shopping on Nov. 5

The bank’s first More Rewards Day is designed to play into early holiday shopping demand.

Close up of a mature woman using her laptop and online shopping
(Image credit: Getty Images)

 

Bank of America rewards credit cardholders will be getting a jump on the holiday shopping season ahead of Black Friday with a full day of shopping that will bring bonus credit card rewards.

More Rewards Day, the first for Bank of America, will feature one day of bonus rewards for consumer and small-business credit cardholders. It’s Saturday, Nov. 5.

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On that day, cardholders will earn 2% cash back, two points per $1, or two miles per $1 spent. That’s on top of rewards cardholders already receive in their Bank of America credit card program. One of those cards, the Bank of America Customized Cash Rewards Visa, is rated as one of our best cash-back credit cards. The bonus awards will be applied automatically to Bank of America credit cardholders’ accounts for More Rewards Day, from 12 a.m. to 11:59 a.m, Nov. 5.

Bank of America credit cardholders who aren’t in a rewards program will also get bonus awards for shopping on Nov. 5. Those bonus rewards will come through a statement credit. That will be 2% of all purchases made on More Rewards Day, the bank said in a news release.

Bank of America is deploying the bonus day specifically to jump-start the holiday shopping season, which could potentially be a dark one for retailers as shoppers reel back spending due  to inflation. At the same time, there should be plenty of bargains for shoppers as retailers continue to shed overstock

The early launch – the holiday shopping season traditionally kicks off on Black Friday, the day after Thanksgiving – from Bank of America careens off a survey conducted by the bank that found 51% of shoppers will be doing most of their seasonal shopping on or before Black Friday and Cyber Monday 2022.

“We created More Rewards Day to show appreciation for our clients’ loyalty and to help with the expenses that come during the holiday season,” said Jason Gaughan, head of consumer card products at Bank of America. The choice of Nov. 5 also reflects the bank’s own survey, which found that found 51% of shoppers will be doing most of their seasonal shopping on or before Black Friday and Cyber Monday 2022.

Online retail giant Amazon already made a major effort to ignite the holiday shopping season early with its Amazon Prime Day in October, called Early Access Sale, which Amazon dubbed a success.

Bob Niedt
Online Editor, Kiplinger.com

Bob is a Senior Online Editor at Kiplinger.com. He has more than 40 years of experience in online, print and visual journalism. Bob has worked as an award-winning writer and editor in the Washington, D.C., market as well as at news organizations in New York, Michigan and California. Bob joined Kiplinger in 2016, bringing a wealth of expertise covering retail, entertainment, and money-saving trends and topics. He was one of the first journalists at a daily news organization to aggressively cover retail as a specialty, and has been lauded in the retail industry for his expertise. Bob has also been an adjunct and associate professor of print, online and visual journalism at Syracuse University and Ithaca College. He has a master’s degree from Syracuse University’s S.I. Newhouse School of Public Communications and a bachelor’s degree in communications and theater from Hope College.