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How to turn travel benefits into financial rewards

Talking Points

06:55 min | 1 year ago

How to turn travel benefits into financial rewards

"I'm excited today to dive in a little bit because I do think. In the travel rewards space there are certain dominant players who have tons of different products and really drive deepen travel but I think the Bank of America premium rewards visa has a really a unique spot now lease so you've traveled every poll because now there's so many people traveling to every country but you you have them beat by by something right well first of all. I'm kind of the Koji with it so I was the first one kind of go public with the whole thing and A lot of people blame me for the influx of how many are now. But I'm still the youngest person to visit every we country in both polls and I've been to so many more as well like all the territories and and everything that no one's ever heard of or actually thought about going and we're GONNA to get into how you've used points to travel around the world similar to me but in a lot more interesting ways but merited let's focus on the credit card. Division of Bank of America the reward space is really competitive and you know can be argued that there's a race going on where every bank card offers trying to one up each other. What is bank America's approach to winning in this highly competitive market? Yeah I mean first of all everything we do starts with our customer and understanding what is it they want and we hear a couple of things across the board. Ford one is no me understand what I want. Reward me in recognize me and have my back so those are fundamentals as we think about anything. So we've got our products products but was also unique and I think it's really different even when you call the credit card division. We don't think like that. We know that we think about our customers and what they need. We're a full service financial company so we think about the customer and what their needs. We don't think about from a product standpoint. What product they need? What does the customer? I need to live their life and we have our new campaign right now he says. What would you like the power to do what we want to send is? What do people want to accomplish that? How do we build our capabilities around that? So is an example. We have our preferred rewards program so we look at it across our different products and services. You could have a checking account whether we have a merrill investment account a mortgage. How do we look at cumulatively? What are you doing with us? The amount of business. And how do we reward you for the totality of Your Business. And so it's taking a little bit of a broader view of the customer and ensuring weird trading the programs in the products based on the full relationship instead of just. We're not them online. I guess that's the difference that when you look at the category there are Ramana lines. We don't view a credit card division. we say what our customers need to love their financial life and let's make sure we're rewarding them for their business so that's really interesting. Because as a preferred rewards visa card holder. We worked with thank America on the launch of that product and it. It's it's really interesting because it's kind of cool to see your banking and deposits actually give you more rewards. It's really rich. You know especially with the double points on travel and dining with the top preferred rewards ratio. How do you afford to give out so much back per dollar spent? Are you losing losing money on certain areas so look at the big picture when you look at it and there are thresholds right so we've got different tiers depending on the combined assets that you have at the bank so a goal twenty to fifty fifty thousand in assets and it goes all the way up to one hundred in a mob in so we have got also incredible retention we ninety nine percent retention of customers were enrolled in our preferred rewards program. Because they see just to your point Brian how rich it is. And they're also more satisfied in more likely to recommend Bank of America so out of the millions and millions of customers that we have enrolled their great customers they refer and there continue to do more business with us so we look at it over the long term too. I think which is maybe maybe different than other folks. We look at sort of the lifetime of our customer. And how do we think about the future of our customer. More business with us over time. I think this really interesting because so many people say what did the banks you know work with you. Why do they want people you know the airlines must hate you? Because people are redeeming their points and they're losing money but I think what you said is very true like engage customers truly do bring more value back over time so you want people to use their points. We want people to use the points. We want people to engage. We want them to feel rewarded for doing. Business is with us and for me as a Bank of America preferred awards member and a premium rewards Visa Card holder. They always talk about lowering your words like learning your credit card with your banking rewards and as a preferred rewards platinum honors. Your member. I can't think of a better program because I'm getting three and a half points per dollar spent traveling dining in two point six two points on everything else. There's nothing else that can peace with that. And because you know I'm a platinum honors to your member so I have a certain amount of assets with Bank of America. I'm not going anywhere. Because I'm loving that. And it's low annual fee on the card and it's very favorably comparable to any other card out there in my opinion especially if you combine it with words. There's there's nothing better so basically basically what the points they're not at a certain airline you don't have to use them in only a certain category it is basically cash back right. That's how I use it actually is cash can use it for any purchase. So if you've got a helicopter they need to pay for which actually I mean have. I was funny. The first time that I I was talking about how I use my points with the team because I do I use them for like the helicopter to the Hamptons because you can spend on it and just wipe those charges off at once in each and and they were like Yeah Brian. We don't think most people are going to use it for helicopters but even you know word dog owners you can use it for the vet bills. which Leeann I both have French bulldog? The man Arthur amazing money. We always dog are you. Do you have a dog. I have two cats cats. Do they get along. Yeah most most of the time they get along long and do you have a favorite I do have a favorite Riley Fan. Favorite is Anthony so shadow to anthony. I have a lot of Bodega cats near me when I go for walks and it's like probably my most most popular thing on instagram stories. It's kind of amazing. So Meredith. Explain a little bit more about preferred reward. What counts as a deposit and then what are the bonus levels that a consumer humor can get by hitting those levels? Yes I mean the way it works. Is there different. Thresholds depending on the amount of business you do with us and it's combined business and this is what's really important and so it's either having a deposit account or if you have a merrill investment account you don't have to have both she's doing business with us at the different thresholds and you get different level of rewards awards depending on it and it's a multiplier effect in terms of the amount Bonus that you get on your credit card as well as we get interest rate boosters and other types of AH benefits and really it's as the more business you do the more the rewards grow and I'll tell you these folks are enrolled in this loyalty program we've got a very high retention rate ninety nine percent retention rate because the rewards are so rich as well as they're more likely to recommend bank of America so satisfied with the

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