Bank of America launches credit card rewards for electric vehicle owners – as it reports a 44% increase in charging transactions
Bank of America has become the latest credit card company to add benefits for electric car owners to its rewards program.
The bank’s Customized Cash Rewards credit card will now offer 3% cash back at electric vehicle charging stations, in addition to its offer for purchases at traditional gas stations.
It joins US Bank, which expanded its gasoline rewards category to include electric cars in January 2022, and Sam’s Club Mastercard, which announced a 5% cash back offer on electric vehicle purchases in May. 2022.
The move comes after Bank of America saw growing demand for a green rewards program.
In the first half of this year alone, the company saw a 44% growth in electric vehicle charging transactions with its cards, it said in a statement.
Bank of America has become the latest credit card company to add benefits for electric car owners to its rewards program.
Bank of America’s Customized Cash Rewards credit card will now offer 3% cash back at electric vehicle charging stations
Along with this new benefit, Customized Cash Rewards cardholders can also earn 3% cash back on cable, streaming, internet, and phone plans.
President Biden has pledged to make two-thirds of new vehicle sales electric by 2032 – and to build a network of 500,000 chargers across the country.
The government is also offering tax credits of $7,500 to motorists who invest in ten specific electric vehicle models. Seven more will entitle buyers to $3,750.
But an exclusive DailyMail.com survey has found the majority of Americans say federal incentives aren’t convincing them to buy an electric vehicle – and Americans with higher incomes are far more likely to consider the purchase.
According to the analysis of a research organization Opiniononly 29% of respondents said such incentives had an impact on whether or not they wanted to buy an electric vehicle.
Some 43 percent said it had no impact on their decision – and a further 15 percent said it made them less likely to consider buying.
Only 29% of Americans said government incentives made them consider buying an electric vehicle.
The Biden administration has set a target requiring two-thirds of new vehicle sales to be electric by 2032.
Americans in the highest income brackets are much more likely to consider owning an electric vehicle than those who earn less, according to an analysis by research agency Opinium.
About 26 percent of people earning less than $50,000 said they would consider buying an electric vehicle in the future, while nearly half of those earning between $100,000 and $150,000 would do.
A staggering 70 percent of Americans earning $150,000 or more said they would consider switching to an electric vehicle.
Electric cars are much more expensive to buy than their gas-powered counterparts, although they tend to be cheaper to operate. It can take up to a decade to break even for an electric vehicle compared to driving a gas-powered car.
Figures from auto retailer Edmunds show the average cost of a new gas-powered car in May this year was $47,892, while a typical electric car would set you back $65,381.
