Bank of America Launches BofA Rewards as Rewards Race Heats Up

Bank of America has traditionally offered enhanced benefits mainly to customers with large deposits. It is now expanding its loyalty program as JPMorgan Chase and Citi continue to strengthen their credit card and banking rewards. The overhaul is significant for digital-service integration, customer retention and competition across products, though the reward amounts and asset thresholds have yet to be disclosed.

Bank of America said it will launch BofA Rewards on May 27, extending benefits from customers who meet high-deposit requirements to all account holders. Rewards will be managed centrally through the bank’s digital platforms. The bank has not yet disclosed the reward rates for each tier, minimum deposit requirements or full details of the benefits.