Bank of America launched BofA Rewards on Wednesday. The program expands the company's customer loyalty base. BofA Rewards replaces Preferred Rewards on May 27.
Enrollment requires a personal checking account. The program requires no minimum balance.
The initiative targets deeper retail client relationships. BofA Rewards features four tiers. Tiers depend on average combined balances across Bank of America and Merrill accounts.
Benefits include credit card bonuses. The program offers cashback deals. Customers receive discounts on home and auto loans. Higher tiers receive additional lifestyle perks.