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What is Bank of America Preferred Rewards?
Bank of America Preferred Rewards is a rewards program that offers qualified clients extra benefits and rewards on everyday banking. The program has four tiers – Gold, Platinum, Platinum Honors, and Diamond – determined by the combined balances in Bank of America deposit accounts and/or Merrill investment accounts. Depending on the tier, credit card customers can receive a bonus of 25%, 50%, or 75% on their base cash rewards, enhancing the overall cash back benefits associated with the credit card.
How to Qualify for Bank of America Preferred Rewards?
All you need to qualify is an eligible Bank of America personal checking account and a 3-month average combined balance of $20,000 in qualifying Bank of America deposit accounts and/or Merrill investment accounts. If you have a mutual fund account or a retirement account such as IRA, 401K with Merrill, you probably have already enough funds in your account to qualify for the Preferred Rewards program.
How to Enroll to Become a Preferred Rewards client?
Enrollment is simple. Just sign in to your Bank of America online account to enroll to begin receiving Preferred Rewards benefits. There are no fees to join or participate in the Bank of America Preferred Rewards program. Once you’re enrolled, as your balances qualify you for the next level of rewards, your Preferred Rewards tier will be moved up automatically.
What are the Benefits of Preferred Rewards?
Credit Card Rewards Bonus
There are 4 rewards tiers in the Preferred Rewards program: Gold, Platinum, Platinum Honors, and Diamond. Your tier is based on your qualifying combined balances in your Bank of America banking and/or Merrill investment accounts. Once you become a Preferred Rewards member, you can get a 25%, 50% to 75% rewards bonus on the baseline rewards, depending on your eligible tier of Preferred Rewards. The following chart shows the qualification requirement of minimum balance and rewards for Gold, Platinum, Platinum Honors, and Diamond tiers of Preferred Rewards.
| Preferred Rewards Tier | Eligibility Requirement | Rewards Bonus |
|---|---|---|
| Gold | $20,000 in combined balance of qualifying accounts | 25% |
| Platinum | $50,000 in combined balance of qualifying accounts | 50% |
| Platinum Honors | $100,000 in combined balance of qualifying accounts | 75% |
| Diamond | $1,000,000 in combined balance of qualifying accounts | 75% |
Extra Perks
In addition to the rewards bonus, Preferred Rewards members can also enjoy the following perks offered by the program:
- When ordering cash for international travel, members receive between a 1% and 2% foreign currency exchange rate discount.
- Members are eligible for select banking services (waived fees) and no-fee ATM transactions, depending on tier.
- Members enrolled in the Merrill Guided Investing or Merrill Guided Investing with an advisor programs can receive between a 0.05% and 0.15% discount on the annual fee.
- Homebuyers looking to make a new Bank of America purchase or refinance are eligible for a $200-$600 mortgage origination fee reduction.
- Preferred Rewards members looking to purchase car can receive an auto loan discount between 0.25% and 0.50% on the published interest rate.
- Bank of America Advantage Savings account holders and Preferred Rewards members benefit from a savings interest rate booster between 5% and 20%, depending on tier.
- Members have at their disposal a dedicated team of specialists available to handle their product and services needs with the priority member service hotline.
- Members can utilize the My Rewards dashboard, available in online and mobile banking, to track and manage all rewards, deals and benefits across multiple Bank of America programs in one place, including Preferred Rewards, credit cards and BankAmeriDeals®.
Extra Rewards on Everyday Purchases for Bank of America Credit Card Customers
If you have a Bank of America credit card and qualify for Preferred Rewards, you are eligible to receive extra rewards. It is a great perk that can help you earn hundreds of dollars per year in value. Here are the detailed rewards bonus on Bank of America credit cards.
#1. Bank of America® Customized Cash Rewards credit card
| Preferred Rewards Tier | Rewards Bonus | Rewards for Bank of America® Customized Cash Rewards credit card |
|---|---|---|
| Gold | 25% |
|
| Platinum | 50% |
|
| Platinum Honors or Diamond | 75% |
|
#2. Bank of America® Premium Rewards® credit card
| Preferred Rewards Tier | Rewards Bonus | Rewards for Bank of America® Premium Rewards® credit card |
|---|---|---|
| Gold | 25% |
|
| Platinum | 50% |
|
| Platinum Honors or Diamond | 75% |
|
#3. Bank of America® Unlimited Cash Rewards credit card
| Preferred Rewards Tier | Rewards Bonus | Rewards for Bank of America® Unlimited Cash Rewards credit card |
|---|---|---|
| Gold | 25% | 1.875% cash back for every dollar spent on all purchases |
| Platinum | 50% | 2.25% cash back for every dollar spent on all purchases |
| Platinum Honors or Diamond | 75% | 2.625% cash back for every dollar spent on all purchases |
#4. Bank of America® Travel Rewards credit card
| Preferred Rewards Tier | Rewards Bonus | Rewards for Bank of America® Travel Rewards credit card |
|---|---|---|
| Gold | 25% | 1.875 points for every dollar spent on all purchases |
| Platinum | 50% | 2.25 points for every dollar spent on all purchases |
| Platinum Honors or Diamond | 75% | 2.625 points for every dollar spent on all purchases |
Conclusion
Bank of America Preferred Rewards is a loyalty rewards program that gives additional rewards of up to 75% for Bank of America customers whose combined balances of qualifying Bank of America and/or Merrill accounts are $20,000 or more. There are four rewards tiers: Gold, Platinum, Platinum Honors, and Diamond, which gives you extra rewards of 25%, 50%, and 75%. Maintaining a retirement account such as IRA with Merrill is one of the best ways to qualify for the Preferred Rewards program. With Preferred Rewards, Bank of America customers may earn up to 5.25% in cash rewards on cash back credit cards, and 3.5 points per dollar on travel credit cards.
