CHARLOTTE, N.C. and SEATTLE - Bank of America (NYSE: BAC) and Starbucks (NASDAQ:SBUX) Coffee Company (NASDAQ: SBUX) have introduced a new partnership program that allows their U.S. customers to earn additional rewards. Eligible Bank of America cardholders can now link their debit or credit cards to their Starbucks Rewards accounts to receive 2% cash back on qualifying purchases and one Star for every $2 spent at Starbucks.
The program is accessible to both existing and new members of Starbucks Rewards and Bank of America cardholders. To participate, customers can link their accounts via BofA.com/starbucks or starbucks.com/bofa. The rewards are available through qualifying in-app purchases at Starbucks, such as reloading a Starbucks gift card, ordering ahead, or paying through the app at the register. The Stars accumulated can be redeemed for various Starbucks Rewards, including free beverages, food items, merchandise, and coffee beans.
Shikha Narula, head of consumer and small business product strategy and transformation at Bank of America, expressed the partnership as a gesture of appreciation for their clients. Similarly, Ryan Butz, vice president of loyalty strategy and marketing at Starbucks, highlighted the partnership's aim to provide more valuable benefits to Starbucks Rewards members.
This collaboration is part of Bank of America's BankAmeriDeals program, which was launched in 2012 and allows over 45 million clients to earn cash back on selected deals when using their eligible Bank of America cards.
Starbucks Rewards, a program that has been active since 2009, continues to see growth in its membership. In the first quarter of fiscal year 2024, the program reached a milestone with 34.3 million active members over a 90-day period, an increase of 13% from the previous year. Additionally, the percentage of transactions in U.S. company-operated stores made through Starbucks Rewards reached a record 59%.
This information is based on a press release statement from Bank of America and Starbucks.
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