By now you’ve probably seen commercials or information about BankAmeriDeals. It’s a new program Bank of America launched last month wherein its customers can get cash back deals for purchases from participating retailers.
Using an outside service, the bank takes a look at your shopping habits and provides you with cash back incentives to continue shopping at certain stores. Sounds great, right?
Sure, except for the businesses who don’t participate. By making certain purchases, Bank of America will suggest deals from retailers in it’s program right below your purchase on your statement. The suggested deals aren’t necessarily from the store/restaurant you’ve shopped at. They may be from a similar store that carries the same things.
In the photos below you can see this illustrated. A charge to Netflix has a 15 percent cash back deal from Redbox directly underneath. Also in the same account, a purchase at Anthropologie has a 15 percent cash back deal from Aeropostale that appears below it.
For the businesses not participating in BankAmeriDeals, this is doing them an incredible disservice. Why, if there was a 15 percent cash back reward from a similar store, would someone shop at the store they usually do?
By offering cash incentives to patronize certain businesses, Bank of America is effectively sabotaging others.