Bank of America stock climbed 1.65% to $61.42 during intraday trading following the announcement that its BofA Rewards loyalty program surpassed 3 million members within seven weeks of launch. This rapid enrollment reflects a strong customer response to the bank's integrated rewards platform linking personal banking and Merrill investment accounts.
Quick Uptake and Member Benefits
The BofA Rewards program, launched on May 27, 2026, has attracted over 3 million clients who have joined to gain cash back and other incentives. Nearly one million members have already earned cash back through BofA Deals offers. The program records weekly enrollment growth of approximately 17,000, largely from new Bank of America customers.
Engagement data shows that retail purchases account for 45% of activity, with gasoline at 20%, entertainment at 18%, and food at 10%. The loyalty scheme operates across four membership tiers based on average qualifying balances over three months: Member, Preferred Plus, Preferred Honors, and Premier. Each tier provides escalating rewards, including credit card bonuses ranging from 10% to 75% on eligible purchases.
Expanded Reach and Digital Enrollment
The rewards platform now serves nearly 14 million clients at all membership levels, accessible to anyone with an eligible personal checking account without minimum balance requirements. Following the expansion, over 30 million additional clients became eligible for enrollment.
Bank of America reported that about 80% of new members signed up through digital channels like Online Banking and the Mobile Banking app. The updated digital interface enhances user experience by simplifying offer activation and benefit management.
Additional program perks include access to cash back from more than 15,000 merchants, lending discounts, fraud and identity monitoring, plus lifestyle benefits such as subscription credits and travel experiences for higher-tier members.
This material is informational and does not constitute financial advice.
