Bank of America and Starbucks customers will get more benefits by linking accounts opened in a financial institution and a company that owns an international chain of fast-food cafes.
The new partnership allows Bank of America cardholders and Starbucks Rewards program participants to receive cashback in the amount of 2% from the bank and one star for every $2 spent at the coffee shop. These advantages are in addition to the existing offers. The relevant information is contained in a joint press release of the financial institution and the owner of the international cafe chain, which was published on Thursday, February 15.
Customers can link an eligible credit or debit card to their Starbucks Rewards accounts. After that, consumers will be provided with benefits when making in-app purchases using a linked card. In this case, rewards are provided for actions such as replenishing a Starbucks reloading digital gift card, ordering ahead, or paying in the app at the register.
Shikha Narula, head of Consumer and Small Business Product strategy and transformation at Bank of America, says that partnering with the owner of an international cafe chain is part of the financial institution’s commitment to invest in meaningful ways to thank customers for choosing to engage with the lender.
Ryan Butz, Starbucks’s vice president of loyalty strategy and marketing, says that the implementation of a partnership with one of the largest banks in the United States is an example of how the company continues to invest in the most loyal clients to deepen engagement and connections by offering benefits and experiences that are only possible in this corporate space.
Cooperation with the owner of an international cafe chain is part of the process of implementing a financial institution program called BankAmeriDeals, which was launched in 2012. This program allows the lender’s customers to receive cashback on transactions that they choose when paying with an eligible debit or credit card. This is indicated in the press release.
The Starbucks rewards program was launched in 2009. Currently, the number of participants in this program is 34.3 million active users for 90 days. This is a record indicator, which is 13% higher than last year’s figure.
The coffee retailer has launched targeted offers to bring occasional customers to its loyalty program. This was announced by Starbucks CEO Laxman Narasimhan during the company’s quarterly earnings report in January. According to him, the participants of the reward program form a routine long-term relationship with the brand, which increases the number of tickets and ensures an increase in the volume of transactions.
In August, Bank of America announced the expansion of its Customized Cash Rewards credit card. As part of this solution, the financial institution aims to provide cardholders with more benefits and opportunities for cash back in several categories.
Jason Gaughan, head of consumer credit card products at Bank of America, said in August that the lender is constantly looking for ways to improve its solutions to meet customer needs.
As we have reported earlier, Amex and Bank of America Face Rising Card Delinquencies.
