Bank of America said Tuesday that it's bringing back the BankAmericard brand that was launched in 1958 as the first nationally accepted bank credit card.
California's largest bank is introducing the BankAmericard Rewards Visa as the first of several new products coming down the pike under the BankAmericard brand over the next year.
Bank of America (NYSE: BAC) is using the new credit card to reward customers for bringing more of their business to BofA.
Bank of America offers holders of the BankAmericard Rewards Visa card and at least one other non-card accounts at the bank -- such as a loan, checking, investments or savings accounts -- several benefits. Those benefits include 50 percent more points for every dollar spent using the card. Half of the bonus is paid at the time of purchase while the other half is paid annually to those customers maintaining their banking relationship. The card has no limit on the points earned and offers access to a free concierge service.
The new credit card also offers a broad range of rewards. Early next year, the bank will allow BankAmericard Rewards holders to direct their cash rewards into any type of deposit or loan account at BofA.
"Our size and scale continue to enable us to create breakthrough products for our customers," said Bruce Hammonds, president of BofA's card services.
The BankAmericard credit card debuted in Fresno nearly 50 years ago and quickly became available to consumers across the country through partnering banks. BankAmericard later became today's Visa Inc.