Starbucks and Bank of America have introduced new rewards programs. Could it help you?
For many people, regular trips to Starbucks come despite their hefty credit card bills. You might argue that buying coffee on a regular basis is a waste of money, but the reality is that we all need a little luxury sometimes in our lives.
If you know how the system works, you can even save on Starbucks purchases by earning points through the company’s popular rewards program. But now Starbucks is teaming up with Bank of America to offer even more benefits to cardholders.
A whole new world of benefits for Starbucks customers
Starbucks customers who pay for food and beverage purchases with a Bank of America credit or debit card can now earn additional rewards. Members of the Starbucks Rewards program can earn 2% cash back on purchases made with a Bank of America credit or debit card and one additional star for every $2 spent on app orders. Typically, Starbucks Rewards members receive one to two stars per dollar spent.
However, these additional benefits do not occur automatically. You need to enable suggestions.
Be careful not to overspend
If you’re a Bank of America cardholder and a Starbucks fan, this change to the chain’s rewards program may make you indulge in your favorite baked goods and beverages even more. But be careful not to overspend too much.
The idea of earning more cash back on your Starbucks purchases is tempting. However, if you charge $10 on your Starbucks orders every day and don’t pay your credit card bill in full, you won’t be able to get ahead financially by taking advantage of this new program, despite the extra cash back. Rather, you may end up in serious debt.
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If money is tight, your best bet might be to avoid Starbucks altogether until you’re in a better position financially. But that doesn’t mean you have to give up delicious coffee.
If you have a Keurig machine at home, you can currently purchase a 96-count Starbucks Medium Roast K-Cup on Amazon for just $45.31. That’s just $0.47 per cup. That’s a lot less than what you’d pay for a new cup at your local Starbucks. This is true even when considering cashbacks and rewards.
What if I am not a Bank of America cardholder?
Even if you don’t have a Bank of America credit or debit card, you still have the option to save big on your Starbucks purchases. Because the rewards program is available to all customers. Once you sign up, you’ll receive a variety of benefits that will help you earn stars, which you can eventually redeem for free products. And you can also get a free birthday gift. Since there is no membership fee, it’s a good idea to become a Starbucks Rewards member even if you only visit the store occasionally.
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