Starbucks and Bank of America Introduce New Rewards Program. Could It Benefit You?

For many people, a visit to Starbucks is a regular occurrence, despite the hefty credit card tab that might ensue. And while it could be argued that buying coffee regularly is a waste of money, the reality is that we all need a little luxury in our lives sometimes.

If you know how to work the system, you can also save money on Starbucks purchases by racking up points through the company's popular rewards program. But now, Starbucks is teaming up with Bank of America to sweeten the deal even more for cardholders.

A whole new world of benefits for Starbucks customers

Starbucks customers who pay for their food and drink purchases with a Bank of America credit or debit card are now eligible for added rewards. Members of the Starbucks Rewards program will get 2% cash back on their purchases with their Bank of America credit or debit card, plus 1 extra star per $2 spent on orders placed through the app. Normally, Starbucks Rewards members get 1 or 2 stars per $1 spent.

Those extra perks won't happen automatically, though. You'll need to activate the offer.

Be careful not to overspend

If you're a Bank of America cardholder and Starbucks fan, this change to the chain's rewards program may prompt you to indulge in your favorite baked goods and beverages even more. But do be careful not to go overboard on spending.

The idea of racking up more cash back on Starbucks purchases is tempting. But if you're charging a $10 Starbucks order every day and aren't paying your credit card bills in full, then despite the extra cash back, you're not going to come out ahead financially by taking advantage of this new program. You might instead end up in serious debt.

If money is tight, your best bet may be to steer clear of Starbucks altogether until you're in a better place financially. That doesn't mean you have to give up tasty coffee, though.

If you have a Keurig machine at home, a 96-count of Starbucks Medium Roast K-Cups will cost you just $45.31 on Amazon right now. That's only $0.47 per cup, which is worlds less than what you'll pay for a fresh cup at your local Starbucks -- even when accounting for the cash back and rewards you might get.

What if you're not a Bank of America cardholder?

Even if you don't have a Bank of America credit or debit card, you still have options for saving big on Starbucks purchases, since the rewards program is available to all customers. Once you sign up, you'll be eligible for various offers that help you earn stars you can eventually redeem for free products. And you'll also be eligible for a free birthday treat. Since there's no cost to join, it pays to become a Starbucks Rewards member even if you only visit the store on occasion.