Back to the Future as BankAmericard Launches
By Justin McHenry
Bank of America is resurrecting the name of the original revolving credit card, BankAmericard, and giving it a contemporary spin with some enticing features, including no cap on rewards earnings and no spending limits.
The BankAmericard Rewards Visa will have an interesting rewards formula as well. Similar to tie-ins Bank of America is using on other products, the company will offer greater rewards to cardholders who also have other Bank of America accounts such as checking, savings, CDs, and loans. These multiple account holders will earn 1.25 points per dollar spent and also earn an extra .25 points per dollar on past purchases for each year that they continue to hold multiple accounts. In essence, loyal Bank of America cardholders can earn 1.5 points per dollar, while those holding the BankAmericard without other B of A accounts will get just one point per dollar. Points will be good toward standard rewards of merchandise, gift cards, travel or cash back.
While Bank of America is “re-launching” the BankAmericard, in truth they are simply rebranding to a past name that some may have nostalgia for. Launched originally in 1958, BankAmericard is considered to have been the first revolving credit card. BankAmericard later morphed into the network known today as Visa.