Innovative card program offers incentives to consumers to help manage their
prescription costs
CHARLOTTE, N.C. and NASHVILLE, Tenn., Oct. 26 /PRNewswire/ -- Bank of
America and Caremark Rx, Inc. have teamed to launch a ground-breaking
credit card program offering cardholders incentives for managing their
prescription drug costs. The new Caremark Visa(R) card with
WorldPoints(TM), 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.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )
The no-annual-fee credit card 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 internet Web site or automated phone system.
In addition, cardholders will receive reward points for registering on
http://www.caremark.com or updating an existing profile on Caremark.com with their
credit card account number.
The points can be redeemed through Bank of America's robust WorldPoints
program for merchandise, travel, and cash back. Caremark and Bank of
America plan to introduce additional pharmaceutical-focused reward
opportunities over time.
"We are extremely pleased that Bank of America shares our vision and
desire to reward consumers for managing the cost and quality of their
prescriptions and pharmaceutical needs," said Mac Crawford, Caremark
Chairman, President and Chief Executive Officer. "We think the new Caremark
credit card represents an excellent way for plan sponsors to encourage
their members to choose clinically appropriate and cost-effective
prescription drugs. This card program also adds to the extensive array of
tools and services that Caremark offers to help consumers take greater
responsibility for managing their pharmaceutical costs. We look forward to
working with our clients to build enrollment for this strategic program."
According to Bruce Hammonds, president, Bank of America Card Services,
"We are very focused on the healthcare sector and are particularly
committed to providing creative solutions that drive beneficial consumer
behaviors. This program demonstrates the innovation that Bank of America
brings to the health care arena."
For additional information about the Caremark Visa credit card program,
visit http://www.caremark.com or call Bank of America at (888) 229-4111.
About Caremark Rx, Inc.
Caremark Rx, Inc. is a leading pharmaceutical services company,
providing through its affiliates comprehensive drug benefit services to
health plan sponsors and their plan participants throughout the U.S. The
company's clients include corporate health plans, managed care
organizations, insurance companies, unions, government agencies and other
funded benefit plans. In addition, Caremark is a national provider of drug
benefits to eligible beneficiaries under the Medicare Part D program. The
company operates a national retail pharmacy network with over 60,000
participating pharmacies, seven mail service pharmacies, the industry's
only FDA-regulated repackaging plant and 21 licensed specialty pharmacies
for delivery of advanced medications to individuals with chronic or genetic
diseases and disorders.
Additional information about Caremark is available at http://www.caremark.com
and in the company's Forms 10-K, 10-Q and other SEC filings.
About Bank of America
Bank of America is one of the world's largest financial institutions,
serving individual consumers, small and middle market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk-management products and services. The company
provides unmatched convenience in the United States, serving more than 55
million consumer and small business relationships with more than 5,700
retail banking offices, nearly 17,000 ATMs and award-winning online banking
with more than 20 million active users. Bank of America is the No. 1
overall Small Business Administration (SBA) lender in the United States and
the No. 1 SBA lender to minority-owned small businesses. The company serves
clients in 175 countries and has relationships with 98 percent of the U.S.
Fortune 500 companies and 80 percent of the Global Fortune 500. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York Stock
Exchange.
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SOURCE Bank of America
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Related links:
http://www.bankofamerica.com
http://www.caremark.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Betsy Weinberger of Bank of America,
+1-704-387-7376, or Betsy.Weinberger@bankofamerica.com; or Emilio
Ruocco, +1-615-743-6647, or Emilio.Ruocco@caremarkrx.com, or Dale
Thomas, +1-480-614-7212, or Dale.Thomas@caremarkrx.com, both of
Caremark Rx, Inc.
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