#USA #New York #loyalty program #Bank of America #BofA Rewards

Bank of America Unveils New BofA Rewards Program

Bank of America has announced a significant enhancement to its loyalty program with the introduction of the BofA Rewards program. This new initiative aims to benefit millions of clients by offering a no-fee loyalty program that recognizes customers for their comprehensive relationship with the bank. Starting on May 27, 2026, clients holding personal checking accounts will be eligible to enroll in the program, which promises to unlock substantial rewards ranging from cash back options to exclusive discounts and tailored services.

A Broad Reach with No Minimum Requirements

The distinct advantage of the BofA Rewards program is its accessibility. With no minimum balance required, it extends eligibility to over 30 million existing clients—ensuring that virtually anyone with an active Bank of America personal checking account can take part. This approach marks a significant shift from previous requirements, which mandated a minimum average account balance of $20,000 across banking and investing accounts.

The BofA Rewards program features four distinctive tiers based on the client's three-month average account balance:

• - Member Tier: balances under $30,000
• - Preferred Plus Tier: balances between $30,000 and under $100,000
• - Preferred Honors Tier: balances between $100,000 and less than $1 million
• - Premier Tier: balances of $1 million and above

Each tier is designed to offer personalized benefits that grow in value as clients progress through the ranks.

Tailored Rewards for Every Phase of Life

The BofA Rewards program not only consolidates Bank of America's existing rewards offerings but also aims to cater to clients' needs at every stage of their financial journey. Members can expect rewarding perks that make everyday banking more enriching and contribute to significant life events. Highlights include:

• - Cash Back Bonuses: Up to 75% on everyday purchases.
• - Exclusive Discounts: Access to cash back deals from over 15,000 local and national brands.
• - Loan Discounts: Special offers on home and auto financing.
• - Enhanced Security Features: Utilizing advanced fraud monitoring tools, ensuring clients' financial safety.

For those in Preferred Honors and Premier tiers, the program even includes reimbursement for popular subscriptions, allowing clients to receive credits for streaming and entertainment services.

A Focus on Lifestyle Benefits

To further enrich the client experience, BofA Rewards expands its lifestyle benefits for members in the Preferred Honors and Premier tiers. This includes curated offers and premium experiences in high-demand areas such as travel, automotive, dining, and wellness. For instance:

• - Automotive Discounts: Offers on brands like BMW and Lexus for Preferred Honors members.
• - Exclusive Lifestyle Experiences: Access to major sports events, concerts, and curated luxury travel opportunities for Premier tier members.

A Fresh Digital Experience

To complement these new offerings, Bank of America has revamped its digital platform. The BofA Rewards program will be embedded within the redesigned mobile app and online banking systems, making it easier for clients to track their rewards and access personalized offers. The modern interface ensures that engaging with the program is seamless and intuitive.

Transition from Preferred Rewards

This rollout marks the transition from the existing Preferred Rewards program, which has grown to over 11 million members since its inception in 2014. Clients currently enrolled will be automatically switched to the BofA Rewards program, ensuring continuity and enhancing their experience with the bank.

Commitment to Client Relationships

Mary Hines Droesch, Head of Consumer and Small Business Products Analytics at Bank of America, emphasized the program's commitment to client relationships: "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. 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."

As millions of clients prepare to embrace these new benefits, the BofA Rewards program is set to redefine how customers perceive loyalty in banking, making their financial journey both rewarding and enriching.

Conclusion

The BofA Rewards program represents Bank of America's unwavering dedication to providing comprehensive, customer-centric solutions that cater to the diverse needs of its clientele. As the program launches, it stands to not only enhance customer satisfaction but also to strengthen the bond between Bank of America and its valued clients.