Feb 18 (Reuters) – 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.
(Reporting by Prakhar Srivastava in Bengaluru and Saeed Azhar in New York; Editing by Shailesh Kuber)
