Loyalty is a profit index for enterprises. Enterprises nowadays widely adapt the loyalty programs to reward customers' loyal behaviors. This is to attract new customers as well as to keep the existing customers. However, there are still various views on whether the loyalty program really increases the loyalty of customers effectively. This study seeks to examine how two aspects of the loyalty program, type of rewards and threshold, influence customers' perceived value and how customers' perceived value relates to program loyalty and brand loyalty. This study also adds consumer's involvement as moderate variable. This study conducts a 2×2 between-subjects experiment design and collects the primary data by questionnaire. The results show that involvement moderates the relationship between threshold and customers' perceived value. In addition, customers' perceived value positively associates with the program loyalty. Finally, regardless of high-involvement or low-involvement conditions, customers' perceived value influences the brand loyalty indirectly through the loyalty program. The final section discusses the theoretical implication of this research, and also discusses the research limitations and further researches.