Bank of America Revamps Rewards Program to Attract Gen Z Customers
Bank of America's new no-fee rewards program, BofA Rewards, has enrolled over 3 million customers since its late May launch, with nearly one-third engaging with deals—three times higher than previous levels. The program removes the $20,000 minimum asset threshold, requiring only an eligible checking account, specifically targeting Gen Z. Shikha Narula, head of consumer deposits and rewards, stated the bank aims to build early relationships and trust with younger customers by offering benefits that resonate with their current life stage. Retail deals account for 45% of engagement, followed by gasoline at 20%. A Bank of America survey found 80% of Gen Z clients would use rewards to fund travel, reflecting a broader trend where consumers view rewards as part of their financial plan rather than just a perk. The program also offers experiential benefits at higher tiers, such as subscription credits.
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