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Loyalty Development
Bank of America replaces Preferred Rewards with a broader benefits ecosystem
Development analysis
What changed, why it matters, and what leaders should watch.
What changed
Bank of America announced BofA Rewards, a broader successor to Preferred Rewards that consolidates tiers and extends the program to more clients. The top Premier tier packages financial benefits with subscription credits, fraud and identity monitoring, and lifestyle benefits when the transition takes effect in late May.
Loyalty and rewards implications
The proposition is shifting from a narrow balance-based rewards program toward a visible membership ecosystem combining financial value, protection, subscriptions, and lifestyle benefits. Credit unions can use the same model to package enterprise-wide relationship value rather than relying only on rates and fee waivers.