Bank of America expands loyalty program to attract more customers

Bank of America plans to launch a new loyalty program that will extend rewards to a wider range of customers, it said on Wednesday, as U.S. lenders race to ‌deepen relationships ⁠with ⁠retail clients.

The new program, called BofA ​Rewards, will replace the bank's existing preferred rewards offering ​on May 27.

The loyalty program will be available to any customer with ​a personal checking account, with ⁠no minimum ‌balance required for enrollment.


BofA Rewards will offer four tiers based on ⁠a customer's average balance across Bank of America and Merrill accounts.

Perks include ​credit card rewards bonuses, cash back deals, discounts on home and auto loans, and enhanced fraud monitoring.

Preferred honors and premier tier customers will ‌receive extra benefits, across lifestyle categories such as travel, automotive, food among others.

The bank ​said ⁠customers using its business rewards program will remain in that plan for now.

Since its launch ​in 2014, the bank's preferred rewards has grown to more than 11 million members.