Bank of America (BofA) announced it will launch a new rewards program that will provide millions of its customers with access to benefits.
The BofA Rewards program, the bank said, will be a no fee loyalty program designed to provide clients for their full relationship across BofA banking and Merrill investing accounts. Starting May 27, the bank’s clients can enroll in the new program that will unlock benefits on eligible credit cards, cash back deals, banking services, curated experiences and more, amounting to between $150 and $4,000 in annual value. BofA said the bank’s existing rewards program has 11 million members, but that after the changes, another 30 million members will qualify for the rewards.
“BofA Rewards ensures every client, no matter where they are in their financial journey, can experience meaningful benefits and feel valued for their relationship with us,” Mary Hines Droesch, Head of Consumer and Small Business Products & Analytics at Bank of America. “Clients want loyalty programs that offer the flexibility to choose benefits that reward their ambitions. BofA Rewards delivers differentiated value that evolves with clients’ goals.”
The rewards will be available to all clients with an active Bank of America persona checking account. The program will feature four tiers based on a client’s three-month average account balance across their qualifying BofA and Merrill accounts – less than $30,000 (member); $30,000-less than $100,000 (Preferred Plus); $100,000 to less than $1 million (Preferred Honors); and $1 million or greater (Premier).
Benefits will include perks designed to make everyday banking more rewarding, including credit card rewards bonuses of 10 to 75 percent on everyday purchases, cash back deals, exclusive discounts, and enhanced fraud and identity monitoring, among other things. Preferred Honors and Premier tier members can also get reimbursed for popular subscriptions from top streaming, entertainment and news services.