BofA "More Rewards Day" Takes Place Thursday, November 7

Core Insights - Bank of America is launching its annual More Rewards Day on November 7, 2024, allowing Consumer and Small Business credit cardholders to earn extra rewards just before the holiday season [1][2] - Last year, participants earned over $26 million in additional rewards during this event, indicating strong consumer engagement and spending [1] - Americans are expected to spend nearly$2,100 this holiday season, a 7% increase compared to 2023, highlighting a growing consumer willingness to spend [1] Rewards Structure - Eligible cardholders will automatically earn 2% cash back, 2 points per $1 spent, or 2 miles per$1 spent on purchases made on More Rewards Day [1][2] - Bonus rewards are capped at $50 cash back, 5,000 points, or 5,000 miles for the first$2,500 in purchases made on that day [1][5] - Cardholders without rewards cards will still earn 2% cash back as a statement credit [1] Consumer Behavior - 40% of consumers plan to cover part of their holiday shopping expenses through redeeming points or rewards, indicating a trend towards utilizing rewards programs [1] - The promotion aims to help cardholders maximize their rewards and offset costs during the busy holiday shopping season [1] Company Overview - Bank of America serves approximately 69 million consumer and small business clients, with a wide range of financial products and services [3] - The company operates around 3,700 retail financial centers and approximately 15,000 ATMs across the United States [3] - Bank of America is a global leader in wealth management and corporate investment banking, serving clients in over 35 countries [3]