Daily Deals come to Bank of America
Bank of America is testing out the deals market. The bank will begin testing a service that will allow customers to earn savings from retailers based on their previous spending patterns.
Customers will apparently receive offers through the bank’s website, with discounts being awarded in the form of cash payments once a month. The program works by assessing a customer’s spending. If a Bank of America customer uses their credit or debit card at a sporting goods store, an offer for a discount at that store — or a rival in the same niche — will be received the next time the customer logs in to do their online banking.
The program is built upon software from an Atlanta-based company called Cardlytics, which currently handles rewards programs for four of the top 10 banks and three of the top five prepaid card providers according to its website. The program is paid for by the merchants making the discount offers, not by Bank of America. Chase, Regions Bank and others are offering similar types of discount programs.