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.
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.
