Bank of America is expanding its loyalty program to attract more customers by removing minimum balance requirements and allowing all checking account holders to join. The revamped program offers tiered perks, including boosted credit card rewards, cash-back deals, loan discounts and fraud protection. The move aims to deepen customer relationships and compete more aggressively in retail banking. (Image: BofA)
Bank of America24 February 2026
Bank of America (NYSE: BAC) is significantly expanding its customer loyalty program in a bid to deepen relationships and attract a broader base of clients, the company announced this week. The initiative, branded BofA Rewards, marks a major overhaul of the bank’s existing Preferred Rewards program and is designed to extend benefits to millions more customers.
From Elite to Inclusive: Opening Rewards to More Clients
Starting May 27, 2026, Bank of America will launch the new BofA Rewards program, which removes the previous minimum balance requirement that restricted entry to customers with at least $20,000 in combined deposits and investments. Under the updated structure, any customer with a Bank of America personal checking account can enrol at no cost, dramatically broadening eligibility to over 30 million additional clients who were previously excluded.
The multi-tiered structure of the program — ranging from entry-level Member to top-tier Premier status — is calibrated according to a client’s average combined balance across Bank of America and Merrill accounts. Benefits scale with these tiers, giving customers a reason to deepen their banking relationships over time.
Expanded Rewards Across Banking, Cards, and Lifestyle
Across all tiers, BofA Rewards promises a richer suite of perks:
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Credit card rewards bonuses of between 10 % and 75 % on everyday purchases with eligible Bank of America cards.
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Cash-back deals with thousands of national and local brands.
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Discounts on key lending products, including home and auto loans.
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Enhanced fraud and identity monitoring, a feature increasingly demanded by customers.
Clients at higher tiers may also receive subscription credits for popular services and access to curated lifestyle benefits across travel, entertainment, dining, and more. Analysts say this range of incentives is designed to keep customers engaged not just for banking needs but for broader financial and everyday lifestyle choices.
Building on Years of Loyalty Success
The revamped program builds on the success of Bank of America’s former Preferred Rewards initiative, which launched in 2014 and grew to more than 11 million members. By widening access and layering in additional perks, the bank hopes to convert basic account holders into more engaged customers — encouraging the use of credit cards, loans, investment products and other fee-earning services.
Strategic Context: Competition and Customer Retention
The expansion occurs against a backdrop of rising competition among U.S. banks to retain clients and grow lifetime customer value. Reward programs have become a key differentiator in the banking sector, with rivals such as JPMorgan Chase, Citi and U.S. Bank offering tiered benefits to various segments of their customer base. Experts suggest that by lowering the entry threshold and boosting perks, Bank of America is positioning itself to capture a larger share of everyday banking and credit card activity.
With BofA Rewards set to go live in late May, millions of Bank of America customers are poised to benefit from an expanded suite of perks. For the bank, the move is part of a broader strategy to solidify client relationships, enhance product usage and ultimately boost long-term revenue growth.
Source: Bank of America
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