Credit Card News
Bank of America Announces “More Rewards Day” for 2023
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.
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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.
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