Maximizing Your Banking Experience: Explore the Bank of America Preferred Rewards Program

Bank of America offers its customers a unique opportunity to unlock exclusive benefits through its Preferred Rewards program. Designed to reward high-balance customers, the program provides a range of incentives based on the combined average daily balance across all accounts.

The Preferred Rewards program consists of five tiers, each offering increasing benefits depending on the level of assets maintained with the bank. Customers are automatically enrolled in the program, and their three-month average daily balance determines their tier status.

Tier Benefits

At each tier level, customers can enjoy a variety of perks, including:

– Credit card rewards bonuses

– Savings interest rate boosters

– Mortgage and HELOC interest rate discounts

– No monthly maintenance fees

– Investing program fee discounts

 Understanding the Tiers

Let’s delve into the details of each tier and the benefits they offer:

 1. Preferred Rewards Gold Tier

– Eligibility: $20,000 to <$50,000 combined average daily balance

– Benefits: 25% credit card rewards bonus, 5% interest rate savings booster, discounts on mortgage origination fees, and more.

 2. Preferred Rewards Platinum Tier

– Eligibility: $50,000 to <$100,000 combined average daily balance

– Benefits: 50% credit card rewards bonus, 10% savings interest rate booster, increased discounts on mortgage fees and interest rates.

 3. Preferred Rewards Platinum Honors Tier

– Eligibility: $100,000 to <$1 million combined average daily balance

– Benefits: 75% credit card rewards bonus, 20% savings interest rate booster, substantial discounts on mortgage and auto loan rates.

 4. Preferred Rewards Diamond Tier

– Eligibility: $1 million to <$10 million combined average daily balance

– Benefits: Enhanced interest rate discounts on HELOC and mortgage and access to premium offers and experiences.

 5. Preferred Rewards Diamond Honors Tier

– Eligibility: $10 million+ combined average daily balance

– Benefits: Further interest rate discounts on HELOC and mortgage, exclusive privileges, and personalized services.

Joining the Program

Enrolling in the Preferred Rewards program is straightforward. Customers must maintain a Bank of America personal checking account and meet the minimum combined average daily balance requirement. Enrollment can be done conveniently through the bank’s Online Banking portal.

Eligible Credit Cards

Customers can maximize their rewards by using eligible Bank of America credit cards. These include popular options such as the Bank of America® Customized Cash Rewards credit card and the Bank of America® Premium Rewards® credit card.

Understanding the Rewards Booster

The credit card rewards booster is a crucial feature of the program. By maintaining a Preferred Rewards status, cardholders can earn significantly higher rewards rates on eligible purchases, making spending more rewarding.

Frequently Asked Questions

 Is There a Downside to Bank of America Preferred Rewards?

While the program offers attractive benefits, some customers may find the bank’s low-interest rates a drawback, particularly for savings accounts.

 How Does Bank of America Preferred Rewards Work?

The program evaluates the combined average daily balance across all Bank of America deposit and Merrill investing accounts. Customers need to meet the minimum balance requirements to qualify for the program.

 What Is the Threshold for Bank of America Preferred Rewards?

Customers must maintain an average daily balance of at least $20,000 across their accounts to qualify for Preferred Rewards. However, if balances drop temporarily, the bank provides a grace period and automatic reinstatement.

Conclusion

Bank of America’s Preferred Rewards program offers a range of benefits designed to reward loyal customers. Customers can unlock a wealth of advantages and enhance their banking experience by understanding the program tiers, benefits, and eligibility criteria.