Bank of America Preferred Rewards Overview

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Bank of America Preferred Rewards

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. There are 3 tiers in the Bank of America Preferred Rewards program: Gold, Platinum and Platinum Honors. Your tier is based on your qualifying combined balances in your Bank of America deposit and/or Merrill investment accounts. As your qualifying account balances grow, you will receive more benefits.

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?

There are 3 rewards tiers in the Preferred Rewards program: Gold, Platinum and Platinum Honors. Your tier is based on your qualifying combined balances in your Bank of America banking and/or Merrill investment accounts. Once you become a Bank of America Preferred Rewards member, your credit-card rewards bonus can be between 25% and 75% of your base cash rewards. Depending on your eligible tier of Preferred Rewards, you can get a 25%, 50% to 75% rewards bonus on the baseline rewards. The following chart shows the qualification requirement of minimum balance and rewards for Gold, Platinum, Platinum Honors tiers of Preferred Rewards.

Preferred Rewards TierEligibility RequirementRewards Bonus
Gold$20,000 in combined balance of qualifying accounts25%
Platinum$50,000 in combined balance of qualifying accounts50%
Platinum Honors$100,000 in combined balance of qualifying accounts75%

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 if you have one of the following credit cards:


  • No annual fee
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases
  • 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 13.99% - 23.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
  • No expiration on rewards
  • If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase
  • Contactless Cards - The security of a chip card, with the convenience of a tap
Intro APR
0% on Purchases and qualifying Balance Transfers
Intro APR Period
15 billing cycles
Regular APR
13.99% - 23.99% Variable APR on purchases and balance transfers
Annual Fee
$0
Preferred Rewards TierRewards BonusRewards for Bank of America® Cash Rewards credit card
Gold25%
  • 3.75% cash back in the spending category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings, and 2.5% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
  • 1.25% cash back on other purchases
Platinum50%
  • 4.5% cash back in the spending category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings, and 3% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
  • 1.5% cash back on other purchases
Platinum Honors75%
  • 5.25% cash back in the spending category of your choice, and 3.5% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
  • 1.75% cash back on other purchases

  • Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening
  • Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
  • If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase
  • No limit to the points you can earn and your points don't expire
  • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center
  • Get up to $100 in Airline Incidental Statement Credits annually and TSA Pre✓®/Global Entry Statement Credits of up to $100, every four years
  • No Foreign Transaction Fees
  • Low $95 annual fee
  • Contactless Cards - The security of a chip card, with the convenience of a tap
Intro APR
N/A
Intro APR Period
N/A
Regular APR
15.99% - 22.99% Variable APR on purchases and balance transfers
Annual Fee
$95
Preferred Rewards TierRewards BonusRewards for Bank of America® Premium Rewards® credit card
Gold25%
  • 2.5 points for every dollar spent on travel and dining purchases
  • 1.25 points per dollar spent on other purchases
Platinum50%
  • 3 points for every dollar spent on travel and dining purchases
  • 1.5 points per dollar spent on other purchases
Platinum Honors75%
  • 3.5 points for every dollar spent on travel and dining purchases
  • 2.625 points per dollar spent on other purchases

  • Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire
  • 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
  • Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions
  • Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout
  • 0% Introductory APR for 12 billing cycles for purchases. After the intro APR ends, 13.99% - 23.99% Variable APR will apply
  • If you're a Preferred Rewards member, you can earn 25% - 75% more points on every purchase
  • Contactless Cards - The security of a chip card, with the convenience of a tap
Intro APR
0% on Purchases
Intro APR Period
12 billing cycles
Regular APR
13.99% - 23.99% Variable APR on purchases and balance transfers
Annual Fee
$0
Preferred Rewards TierRewards BonusRewards for Bank of America® Travel Rewards credit card
Gold25%1.875 points for every dollar spent on all purchases
Platinum50%2.25 points for every dollar spent on all purchases
Platinum Honors75%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 three rewards tiers: Gold, Platinum, and Platinum Honors, which gives you extra rewards of 25%, 50%, and 75%, respectively. 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 2.625 points per dollar on travel credit cards.


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