PYMNTS MonitorEdge May 2024

Bank of America and Starbucks Partner on Rewards Program


Customers of Bank of America and Starbucks can now earn more benefits by linking those accounts.

A new partnership between the two companies allows Bank of America cardholders and Starbucks Rewards members to earn 2% cash back from the bank and one Star per $2 spent at the coffee retailer, on top of the card benefits or rewards they already earn, the firms said in a Wednesday (Feb. 15) press release.

Customers can link an eligible credit or debit card with their Starbucks Rewards accounts and then earn these benefits on qualifying in-app purchases with their linked card, such as reloading a digital Starbucks gift card, ordering ahead or paying in the app at the register, according to the release.

“Partnering with Starbucks is part of our commitment to invest in meaningful ways to thank our clients for choosing to do business with us,” Shikha Narula, head of consumer and small business product strategy and transformation at Bank of America, said in the release.

Ryan Butz, vice president, loyalty strategy and marketing at Starbucks added: “This partnership is the latest example of how we are continuing to invest in our most loyal customers to deepen engagement and connection by offering benefits and experiences that can’t be found anywhere else.”

This new partnership is offered through Bank of America’s BankAmeriDeals program, which was launched in 2012 and allows the bank’s clients to earn cash back on deals they choose when they pay with an eligible credit or debit card, according to the release. 

The Starbucks Rewards program, launched in 2009, now has 34.3 million 90-day active members — a record number that is 13% higher than it was a year earlier, per the release.

The coffee retailer has implemented targeted offers to bring occasional customers into its loyalty program, Starbucks CEO Laxman Narasimhan said in January during the company’s quarterly earnings call.

“As we’ve seen over time, Starbucks Rewards members develop a routinized long-term relationship with our brand that increases both tickets and transactions,” Narasimhan said.

Bank of America said in August that it expanded its Customized Cash Rewards credit card to provide cardholders with more benefits and opportunities to earn cash back across several categories.

Jason Gaughan, head of consumer credit card products at Bank of America, said at the time that the bank is “constantly looking for ways to enhance our products to align with our clients’ needs.”