Starbucks has launched another partnership, and this time is with a bank.
The coffee chain has announced a new partnership with Bank of America that promises additional cash back rewards for purchases made by cardholders. Starting February 15, customers who use a Bank of America credit or debit card and are members of the Starbucks Rewards program will be eligible for 2% cash back, along with an extra star for every $2 spent on orders placed through the Starbucks app. To take advantage of this offer, cardholders must activate it on a designated website.
This latest initiative builds upon the existing rewards that both Starbucks and Bank of America currently provide to their patrons. Bank of America regularly updates its “BankAmeriDeals” with new companies and categories eligible for cash back, and this agreement places Starbucks as a permanent partner in the program.
As part of the Starbucks Rewards program, customers typically earn one or two stars per $1 spent, depending on the method of payment, with accumulated stars leading to complimentary coffee, food, or drinkware items.
Bank of America boasts 45 million users enrolled in its “BankAmeriDeals” program, and Starbucks Rewards has achieved a company record with over 34 million members participating in the last three months alone.
Starbucks views such partnerships as a strategic method to bolster brand visibility, stimulate growth, and welcome new members into its loyalty program. In 2022, Starbucks embarked on a similar venture with Delta Air Lines, offering bonus SkyMiles to registered customers, underscoring Starbucks’s commitment to enhancing value for its patrons through collaborative efforts with other leading brands.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
