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 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%

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:

  • Bank of America® Cash Rewards credit card
  • Bank of America® Travel Rewards credit card
  • Bank of America® Premium Rewards® credit card

Preferred Rewards Tier Rewards Bonus Rewards for Bank of America® Cash Rewards credit card
Gold 25%
  • 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
Platinum 50%
  • 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 Honors 75%
  • 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

Preferred Rewards Tier Rewards Bonus Rewards for Bank of America® Premium Rewards® credit card
Gold 25%
  • 2.5 points for every dollar spent on travel and dining purchases
  • 1.25 points per dollar spent on other purchases
Platinum 50%
  • 3 points for every dollar spent on travel and dining purchases
  • 1.5 points per dollar spent on other purchases
Platinum Honors 75%
  • 3.5 points for every dollar spent on travel and dining purchases
  • 2.625 points per dollar spent on other purchases

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 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 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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