Bank of America has announced the launch of BofA Rewards, a new no-fee loyalty program designed to recognize customers for their banking and investing relationships across Bank of America and Merrill accounts.
Beginning May 27, eligible clients can enroll to access enhanced benefits tied to credit cards, cash back deals, banking services, curated experiences, and more. Depending on tier status and engagement, members can unlock an estimated $150 to $4,000 in annual value.
Bank of America Head of Consumer and Small Business Products & Analytics, Mary Hines Droesch, said, “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.”
The program significantly broadens eligibility. Any client with an active personal checking account can enroll, with no minimum balance required, making more than 30 million additional customers newly eligible.
BofA Rewards features four tiers based on a client’s three-month average combined balance across qualifying Bank of America banking and Merrill investing accounts: the Member tier (under $30,000), Preferred Plus ($30,000 to under $100,000), Preferred Honors ($100,000 to under $1 million), and Premier ($1 million or more).
Benefits range from 10% to 75% bonuses on eligible credit card rewards and access to cash back offers from over 15,000 brands, to loan discounts, enhanced fraud and identity monitoring, and subscription reimbursement credits for higher tiers.
Preferred Honors and Premier members also gain access to expanded lifestyle perks, including premium travel offers, automotive savings, exclusive cultural and sporting events, and luxury experiences with select partners.
The program will replace the long-running Preferred Rewards® program, which launched in 2014 and amassed more than 11 million members. Existing Preferred Rewards members will be automatically transitioned to BofA Rewards.
Members will manage their benefits through a redesigned digital experience within the Bank of America mobile app and online banking platform, featuring personalized offers and streamlined access to tier-specific perks.
Learn more about the BofA Rewards program here.