Still looking to combat the effects of the Durbin Amendment, Bank of America plans to launch a program that will offer credit and debit card users incentives similar to the daily deals offered by merchants like Groupon and LivingSocial, according to a report by Time.
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The reward program, BankAmeriDeals, will enable cardholders to spend money at certain retail outlets and then be reimbursed for a percentage of the purchase at the end of that month. BoA is hoping that the program will motivate consumer spending, ultimately resulting in more revenue and interchange fees for retailers and banks.
Cardlytics will be acting as the agent between BoA and participating retailers. The deals offered will be different for each consumer based upon shopping history.
Currently, BoA is taking the idea for a test run with its own employees in Nevada and the Carolinas. A larger test involving all BoA employees will begin next month. Once the program goes live, all customers will be auto-enrolled in the program, but will be given the option to opt-out if desired.
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