Credit Cards

Bank of America Announces “More Rewards Day” for 2023

by Kyle BurbankOct 12, 2023

“Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.”

Bank of America has announced details for its second annual More Rewards Day.

About More Rewards Day:

On November 9th, Bank of America credit card customers can earn extra cashback, points, or miles as part of this year’s More Rewards Day. Purchases made on this day will all earn the equivalent of an extra 2x back. For cashback cards like the Customized Cash Rewards or Unlimited Cash Rewards, this means an additional 2% cashback per $1 spent. Meanwhile, BofA issued cards — including co-branded cards — that earn points or miles will earn an additional 2 points/miles per $1 spent on this day. What’s more, even non-rewards credit cardholders will be able to earn 2% cashback in the form of a statement credit as part of this promotion.

In each case, these rewards come on top of any rewards the card already earns. For example, those with the Unlimited Cash Rewards card will be able to earn 3.5% cashback on November 9th as opposed to the card’s typical 1.5%. However, Extra Rewards Day bonuses are limited to a total of $2,500 in spending, with a rewards cap of $50, 5,000 points, or 5,000 miles per eligible card.

As noted, this is the second year that Bank of America has offered Extra Rewards Day. Last year’s event took place on November 12th.

What they’re saying:

Announcing the inaugural More Rewards Day last year, BofA’s Head of Consumer Card Products Jason Gaughan said at the time, “We created More Rewards Day to show appreciation for our clients’ loyalty and to help with the expenses that come during the holiday season. Earning the extra rewards is easy and automatic – all clients have to do is shop using their Bank of America credit card and they’ll earn bonus rewards while they’re checking items off of their holiday lists.”

My thoughts:

In some ways, BofA’s Extra Rewards Day bears a resemblance to Bilt’s Rent Day promotion, which gives cardholders double points on all purchases made on the first of each month (although both promotions were announced mere weeks apart). Of course, the big difference is that Bilt’s promotion recurs each month while, for now, Extra Rewards Day is an annual event.

It’s also worth noting that Bank of America’s Preferred Rewards could make this offer even more attractive. Considering that upper-tier Preferred Rewards members already earn a 75% bonus on credit card rewards, the 2.62% (1.5% plus 75%) cashback these customers earn with the Unlimited Cash Rewards card could become 4.62% on November 9th.

If I were a Bank of America credit card customer, I’d already be making plans to maximize this year’s Extra Rewards Day. However, as always, it’s best to do so by buying things you’d buy anyway — as the 2% bonus doesn’t justify making unnecessary purchases. If there are purchases you can put off until November 9th, though, it may well be worth it.

“Fioney has partnered with CardRatings for our coverage of credit card products. Fioney.com and CardRatings may receive a commission from card issuers.” (Note: advertising relationships do not have any influence on editorial content. Advertising compensation allows Fioney.com to provide quality content for free. All editorial opinions are those of the individual author and/or Fioney staff.)

Author

Kyle Burbank

Head Writer ~ Fioney

Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Money@30's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

Small Business News

2023 Small Business Credit Card Satisfaction Tops 2019 Highs

by Kyle BurbankDec 8, 2023

The latest small business credit card study from J.D. Power shows satisfaction continuing to rise. About the study and results: This week, J.D Power released its 2023 U.S. Small Business Credit Card Satisfaction Study, which includes responses from more than 3,400 small business credit card customers. In this case, the study looked at businesses with annual revenues between $10,000 and $10 million. First, it was discovered that overall satisfaction among...

Credit Cards

Discover Announces 5% Bonus Categories for First Quarter of 2024

by Kyle BurbankDec 7, 2023

With 2024 sneaking up on us, Discover has announced its rotating 5% bonus categories for the first quarter of next year. About the Q1 2024 bonus categories: From January through March 2024, Discover It customers will be able to earn up to 5% back in two categories: restaurants and drugstores. According to the company, the Restaurants category includes full-service establishments, cafes, cafeterias, fast-food locations, and dining delivery services. For the...

FinTech News

Public App Adds Corporate and Treasury Bonds Feature

by Kyle BurbankDec 6, 2023

The FinTech trading app Public has announced new investment options for its members. About the features: Public is now rolling out the ability for customers to invest fractionally in corporate and Treasury bonds. This capability will be introduced on both the mobile and desktop interfaces for the service. According to Public, the addition comes as demand for fixed-income products increases. In addition to these bond types, the app will also...