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Bank of America (NYSE:BAC):
Bank of America has begun to give out rewards to credit card customers carrying a balance in order to win them over. The bank has been considering a new credit card that gives borrowers $25 back for each quarter in which they pay their monthly bills on time. In order to qualify, it is required that the customer pay more than the minimum due each month in the quarter. The BankAmericard Better Balance Rewards card intends to address a “pretty significant unmet customer need for people who are carrying a credit card balance today,” according to Titi Cole, retail products executive for Bank of America. Cole adds, “Consumers are still a little bit nervous about taking on more debt…as we looked in the marketplace, there definitely was a need [for a product that] rewards them for what they’re trying to do, which is pay down their debt.”
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