Bank of America Corp (BAC) Is Up Today and Could Go Higher

B of A reveals new credit card

In other news, The Wall Street Journalreported yesterday that B of A is marketing a new credit card designed to attract credit card customers who carry balances from month to month. The new card, known as the BankAmericard Better Balance Rewards card, offers cardholders $25 for every quarter that they pay any amount more than the monthly minimum due and make payments on time. Additionally, the quarterly reward increases to $30 if the customer also has a checking, savings, or other qualifying account with B of A.

“For consumers who typically pay off credit card balances over time, paying more than the minimum due each month can help pay off debt faster,” said Titi Cole, retail products executive at the bank. “We also want customers to know that we appreciate their business by rewarding them with an added bonus when they have additional banking relationships with us.”

The move comes amid a broader push at B of A to improve customer service. At the end of January, CEO Brian Moynihan sent a letter to the bank’s 270,000 employees extolling the necessity of satisfying customers after it’s consistently scored the lowest among big banks on the American Customer Satisfaction Index survey. It followed this up by announcing a new marketing campaign designed to repair the bank’s tarnished reputation. “It just boils down to being better than we are today,” Moynihan said at a gathering to inaugurate the campaign.

The article Bank of America Is Up Today and Could Go Higher originally appeared on Fool.com.

John Maxfield owns shares of Bank of America. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America, JPMorgan Chase, and Wells Fargo.

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