CHARLOTTE, N.C.–Bank of America has announced an expansion of its loyalty program for all customers who have an active personal checking account. It has also launched a new consulting service that, at least for now, not many credit unions are likely to mimic, while it is also borrowing a term typically exclusive to CUs: “member.”
BofA said the 30-million customers of its Rewards checking product, which has no minimum balance, are now newly eligible for the expanded program. BofA Rewards features four tiers based on a client’s three-month average account balance across their qualifying Bank of America and Merrill accounts, it said.
The Tiers
Member tier: <$30,000
Preferred Plus tier: $30,000 to <$100,000
Preferred Honors tier: $100,000 to <$1 million
Premier tier: $1 million+
“BofA Rewards unifies Bank of America’s previously separate rewards offerings to recognize clients’ goals at every life stage,” the bank said in a statement.
It added that every “member” will enjoy valuable perks designed to “make everyday banking – and life’s major milestones – more rewarding,” including:
- Credit card rewards bonuses of 10 to 75% on everyday purchases with eligible credit cards.
- Cash back deals from more than 15,000 popular national and local brands, plus members exclusives.
- Exclusive discounts on home and auto loans.
Enhanced fraud and identity monitoring, including dark web monitoring, Social Security number monitoring, full-service identity restoration, and more, in addition to new My Credit tools offered to all clients.
- Preferred Honors and Premier tier members can also get reimbursed for popular subscriptions from top streaming, entertainment, and news services. This benefit provides credits of up to $96 per year for Preferred Honors tier members and up to $180 per year for Premier tier members, BofA said.
Expanded Access to Lifestyle Benefits
“BofA Rewards will offer lifestyle benefits for Preferred Honors and Premier tier members,” the bank said. “Through a continuously expanding suite of benefits, clients will enjoy curated offers and premium experiences across top lifestyle categories including travel, automotive, food and wine, sports and fitness, style and fashion, arts and entertainment, home, health and wellness, and personal services.”
Art Consulting
Separately, Bank of America Private Bank has announced the launch of its Art Consulting service, designed to help Private Bank and Merrill clients “navigate the complex and often opaque art market. This new offering provides collectors with trusted, unbiased guidance to help them curate and manage collections that reflect their vision, values, and financial objectives,” the bank said, adding that the most recent New York Fall Auction season saw $2.2 billion worth of art sold, “underscoring the growing role of art as both a cultural asset and a financial one.”
