CHARLOTTE — Bank of America Corp. (NYSE: BAC) plans to replace its longtime rewards program with a new loyalty platform designed to reach tens of millions of additional customers.
The Charlotte-based bank plans to launch BofA Rewards on May 27, extending loyalty benefits to any customer with a personal checking account, BofA announced Wednesday. It replaces BofA’s Preferred Rewards program, which debuted in 2014.
The program removes the previous $20,000 balance requirement implemented for BofA’s Preferred Rewards. It also extends eligibility to more than 30 million additional clients, the bank said.
“This really brings together all the products and services that we offer to our clients into one holistic program,” said Mary Hines Droesch, BofA’s head of consumer and small business products and analytics. “And what that results in, is we never give our clients a reason to go elsewhere.”
Read more at Charlotte Business Journal’s website here.
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