Bank of America Rewards Program Enrolls 3 Million in 7 Weeks

Credit card rewards typically focus on spending with a specific card, but Bank of America is rewarding customers for relationships that go beyond credit cards.

And if the 3 million Bank of America customers who enrolled in its new BofA Rewards program in the first seven weeks are an indicator, this whole-bank loyalty approach seems to be paying off.

The program, which does not charge an enrollment fee, launched May 27 and rewards customers for their larger relationship with Bank of America rather than focusing solely on credit card spending or a single deposit product.

The program is for Bank of America customers with an eligible personal checking account, which may carry a separate monthly maintenance fee.

CardRates covered the loyalty program launch in the first quarter of this year after the company announced it in February. At first glance, the 3 million figure Bank of America shared in communicating the early success of the program looks impressive.

Mary Hines Droesch, Head of Consumer and Small Business Products & Analytics at the bank, said in a press release that the response to the program has been tremendous, as the enrollments it has attracted signal that BofA Rewards is resonating with people.

To get a more in-depth view of the program and its initial success, CardRates caught up with Katy Park, Managing Director, Head of Loyalty and Rewards at Bank of America.

Park told us that BofA Rewards benefits include cash back deals and discounts from more than 15,000 national and local merchants, credit card rewards bonuses, curated lifestyle experiences, enhanced fraud monitoring, and subscription credits. She said customer rewards will grow as consumers expand their relationship with the bank.

“That’s primarily what we’re looking to drive here is that relationship deepening in long-term engagement,” Park said. “And now without a minimum balance requirement, it also makes the program accessible to millions more clients with a personal checking account.”

Mass-market credit card rewards programs have been around since the Discover Card helped popularize cash back in 1986. In the decades that have followed, issuers have been waging an arms race with one another to provide perks that can win over more cardholders.

A recent report from the American Bankers Association reveals that 82% of survey respondents have one or more credit cards that offer rewards and 90% of those cardholders value the perks they can access through their cards.

Many financial institutions have gone beyond specific card rewards, connecting perks to checking account balances and other account activity, such as setting up direct deposit.

Where Bank of America Customers Use Deals

Source: Bank of America, July 2026

Park told us customers are increasingly valuing programs that provide enhanced benefits in one place.

“This approach shifts the connection from transaction-based to a lasting partnership,” she said. “And we’ve seen it in the engagement that we’re getting from our clients, where the retention rate of our rewards members has consistently been over 99%.”

Any conversation about consumer finances these days is likely to touch on the rising cost of everyday items in the U.S., and this one was no different. Park said that while some people save up rewards to spend on larger purchases such as travel and entertainment, others are opting to use them to offset rising costs on everyday expenses, including gas and groceries.

Park told us Bank of America is seeing some of the highest engagement on its Deals platform in everyday spending categories.

“So 45% of that spend we’re seeing come through in retail, 20% in gas, [and] 10% on food items,” Park revealed. “And everyday retailers like Shell, CVS, and Macy’s are really resonating with our clients.”

Bank of America says the program is enrolling existing customers as well as people who are new to the bank, although its figures do not establish whether BofA Rewards motivated those customers to open accounts.

The bank's recent press release on the program's growth rate indicates that approximately 17,000 members joining the program each week are new to Bank of America.

Maintaining that level of new customer enrollment may not be easy, but an FAQ on the bank’s website states that it plans to add new benefits to the program in the future to offer more value to participants.

“This approach shifts the connection from transaction-based to a lasting partnership.” — Katy Park, Managing Director, Head of Loyalty and Rewards at Bank of America

BofA Rewards members can receive an estimated $150 to $4,000 in annual value, depending on their membership tier and engagement with the bank. But Park said convenience is also a key benefit of BofA Rewards.

“Managing your money and investments in one consolidated place saves time and stress, allowing you to see your full financial picture and ensure nothing slips through the cracks,” Park told us.

Financial institutions can face fierce competition in the battle to win new customers. If BofA Rewards helps Bank of America attract more consumers, competing banks may consider offering similar relationship-based programs of their own.

For now, Bank of America appears content to celebrate the early wins BofA Rewards has had.

“We’re very excited that we’ve now achieved over three million enrollments since the program launch, and we’re very much looking forward to continued success,” Park told us.