The National Football League recently announced it would change its branded credit card issuer from Bank of America to Barclays, creating a flood of rewards point-spending for the expiring program.
According to the Associated Press, Barclays will become the official credit card company of the league, allowing it to issue team- and league-branded cards, in September. That has led football fans across the country to spend the remaining rewards on Bank of America’s “NFL Extra Points” program, which can get them everything from team merchandise to on-field experiences before games. That program expires at the end of August.
The AP said that Bank of America’s credit card business is huge, having reached a peak of $184 billion in outstanding balances in 2008. However, it has been hit by an increasing default rate in recent years. That rate has surged from 3.9 percent in 2006 to 11.2 percent through the end of 2009.
A report from WHEC in Rochester, New York, said that Bank of America can still issue debit cards, but not credit cards, for four NFL teams: the New England Patriots, the Washington Redskins, the Carolina Panthers and the Dallas Cowboys.