Bank of America has teamed up with pharmaceutical services company Caremark Rx to launch an innovative credit card program that offers cardholders incentives for managing their prescription drug costs.
The new Caremark Visa card with WorldPoints, which will be available to Caremark customers later this year, features a rewards program that provides cardholders with reward points for making beneficial decisions related to their use of prescription medications, including choosing generic and preferred drugs.
The credit card, which has no annual fee, offers numerous prescription drug-oriented reward opportunities and will be available to all individuals covered by a Caremark administered prescription drug plan or enrolled in one of Caremark’s discount card programs.
In addition to earning reward points for retail purchases, cardholders will receive reward points each time they purchase a generic drug or a preferred brand prescribed drug, as determined by the cardholder’s pharmacy benefit plan drug list or formulary. Points also will be awarded to cardholders who refill existing prescription orders using cost-saving technology such as Caremark’s website or automated phone system.
The points can be redeemed through Bank of America’s WorldPoints program for merchandise, travel, and cash back. Caremark and Bank of America plan to introduce additional pharmaceutical-focused reward opportunities over time.