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BofA expands loyalty program to attract more customers
- Starting May 27, Bank of America will replace Preferred Rewards with BofA Rewards, a no‑fee loyalty program for banking and Merrill investing clients, announced today.
- Any customer with a personal checking account can join BofA Rewards with no minimum balance required, making more than 30 million newly eligible clients.
- BofA Rewards will feature four tiers based on a client's three-month average balance, from less than $30,000 to over $1 million, with perks like bonuses and discounts.
- Existing Preferred Rewards members will be automatically enrolled in BofA Rewards on the transition date, though some may face higher thresholds or smaller bonuses while current benefits remain for at least six months.
- New enrollees will have balances reviewed daily during the first 30 days, with benefits activating within 30 days, and they can enroll via the Bank of America mobile app.
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12 Articles
12 Articles
Bank of America expands rewards access with new loyalty program
Attention, Bank of America account holders: On May 27, the issuer will launch a new loyalty program called BofA Rewards. And unlike the current Preferred Rewards® program, the new program won't require members to maintain a minimum balance to join.While the move puts rewards within reach for millions of additional customers, some current program members may see their perks change. With new tier thresholds and expanding access to benefits and cre…
Coverage Details
Total News Sources12
Leaning Left2Leaning Right1Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 29%
C 57%
14%
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