Is there any downside in opting in for Bank of America Preferred Rewards?

Question

Is there any downside in opting in for Bank of America Preferred Rewards?

I haven't seen any but opting in is voluntary and one can opt out, which makes me wonder whether there exists any downside.

Answer 1

When offering new perks to their customers, sometimes banks will require their members to opt-in with an action such as enrolling online. There are 2 main reasons banks do this:

1. Typically the perks have a cost associated with them, and since not everyone will enroll, the bank will save money.
2. The bank learns information from their enrollment marketing campaign, such as which members have seen the notice, which members clicked on it, and most importantly, which members actually enrolled.

In my experience, which I think is also true in this case, there's rarely (if ever) a good reason not to enroll for additional free perks, except that you have to spend a couple of minutes doing it (which for me sometimes is reason enough not to).