Bank of America (BAC.N) has announced the launch of a new customer loyalty program, BofA Rewards, designed to extend rewards to a broader range of its retail clients. The program, set to replace the existing Preferred Rewards offering on May 27, comes as U.S. lenders increasingly focus on deepening relationships with their customer base. Bank of America is a global financial institution providing a range of banking, investment, and wealth management services to individuals, small businesses, and large corporations. It aims to deliver comprehensive financial solutions through its various business segments.
The BofA Rewards program will be accessible to any customer holding a personal checking account, eliminating the need for a minimum balance to enrol. The program will feature four tiers, with benefits determined by a customer’s average balance across their Bank of America and Merrill accounts.
The enhanced perks include bonuses on credit card rewards, cash back opportunities, discounts on both home and auto loans, and improved fraud monitoring services. Customers in the Preferred Honours and Premier tiers will gain access to additional benefits spanning lifestyle categories such as travel, automotive, and food.
The bank has clarified that customers currently participating in its business rewards program will continue under the existing plan for the time being. Since its introduction in 2014, the Preferred Rewards program has attracted over 11 million members, underscoring the importance of loyalty programs in the competitive financial services market.
