Bank of America is adding an incentive to its merchant-funded BankAmeriDeals platform that enables consumers to earn an additional $100 cash back annually for redeeming deals.
Beginning early next year, BofA customers who’ve linked a credit or debit card to the BankAmeriDeals platform—which provides cash back on deals at selected merchants—will earn a “coin” for each deal they redeem. By collecting BankAmeriDeals coins, users can earn more than $100 each year, BofA said in a Thursday press release.
The incentive marks a new direction for card-linked offers, which have become a staple for many banks that offer the deals through third-party services like Cardlytics, which has served BofA since it introduced its program in 2012.
To redeem deals, BofA consumers go online or to the mobile app and click on cash-back deals they want, and when the purchase is complete, cash-back savings of up to 15% are credited back to the user’s account at the end of the month.
BofA’s goal with the coins incentive is to make the BankAmeriDeals experience “more interactive,” a BofA spokesperson said.