Caremark launches medical rewards credit card
Bank of America and medical services provider Caremark have launched a new loyalty rewards-based credit card, offering cardmembers various incentives to help them manage their medical costs.
The new Caremark Visa card with WorldPoints, to be made available to Caremark customers later in 2007, will feature a rewards programme that awards loyalty points for making beneficial decisions related to the use of prescription medications, including choosing generic and preferred drugs.
The credit card offers a number of such reward opportunities, and will only be available to consumers covered by a Caremark-administered prescription drug plan, or enrolled in one of Caremark's discount card programmes.
Earning points Apart from 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 will also be awarded to those who refill existing prescription orders using cost-saving technologies such as Caremark's web site or automated phone system. Cardholders will receive reward points for registering with Caremark on the internet, or for updating their existing web profile with their credit card account number.
Burning points The points members earn can then be redeemed through Bank of America's WorldPoints programme, for merchandise, travel, and cash-back. Caremark and Bank of America say they plan to introduce additional medically-focused reward opportunities in the future.