The Bank of America Preferred Rewards is an incentive program that rewards customers. Customers can receive points for every dollar spent, which can be rewarded for cash back, product and service discounts, and other benefits.
Exclusive benefits include access to special offers as well as discounts, priority client service, and fee waivers on certain accounts.
The worth of the Preferred Rewards program is determined by your intention to use Bank of America’s products and services. If you do, and you have the necessary assets, it makes sense to deposit them with Bank of America and join Preferred Rewards. Credit card bonuses are especially valuable.
Even among the best rewards credit cards, it’s difficult to find anything that compares to the Bank of America Preferred Rewards.
How Bank Of America’s Preferred Rewards Program Works
When you meet the balance requirements, you can enroll in Bank of America Preferred Rewards through your online banking account. Upon enrollment, Bank of America puts you in the adequate Preferred Rewards level based on your balances.
The Preferred Rewards benefits for that tier are then applied to you. There are five tiers within the Preferred Rewards program, each with its own eligibility balances:
- Gold: $20,000 to $49,999.99
- Platinum: $50,000 to $99,999.99
- Platinum Honors: $100,000 to $999,999.99
- Diamond: $1 million to $9,999,999.99
- Diamond Honors: $10 million and up
Your tier is centered on your three-month combined average daily balance in eligible accounts. By increasing your account balances, you can advance from one Preferred Rewards tier to the next. Bank of America will upgrade you once your three-month combined daily average balance reaches the next tier.
If your balances fall below a certain threshold, you will retain your Preferred Rewards status for one year plus a three-month grace period.
When the grace period expires, Bank of America will check to see if you still meet the balance requirements for your previous Preferred Rewards status. If you don’t, you’ll be demoted to a lower tier or lose your Preferred Rewards benefits.
Eligibility of Bank of America Preferred Rewards
You must fulfill the following requirements to be eligible for the Bank of America Preferred rewards;
- You must have a Bank of America private checking account that is eligible.
- You must have a three-month possible average daily balance of at least $20,000 in Your eligible Bank of America account.
Bank of America Preferred Rewards Eligible Accounts
Here are the eligible types of accounts that for the bank of America Preferred Rewards Program;
- Checking accounts
- Savings accounts
- Money market accounts
- Certificates of deposit (CDs)
- Individual retirement accounts (IRAs)
- Merrill investment accounts
- 529 plans
Also, Bank of America revocable grantor trust accounts are eligible.
For the account’s balance to qualify, you must be the owner or co-owner. This program does not apply to business accounts. However, there is a Bank of America Preferred Rewards for Business program that provides the same tiers and benefits.
How to Join Bank of America Preferred Rewards
It is simple to join Bank of America Preferred Rewards. Customers must have a checking or savings account with Bank of America and meet certain requirements. A minimum combined amount of $20,000 in an account with Bank of America demand deposits or Merrill investment accounts is required.
Clients can enroll in the Preferred Loyalty program and begin earning rewards once the requirements are met.
Once you meet the criteria for the Preferred Rewards program, the enrollment choice is accessible when you sign in to your online banking account. If you choose to enroll, Bank of America will place you in the appropriate tier of the program.
How to Login to the Bank of America Preferred Rewards Account
Follow the steps below to successfully login into your online banking account;
- Go to the official website of Bank of America preferred rewards; bankofamerica.com/preferredrewards/
- When you get to the website, click “log in to enroll”
- On the next page, log in with your Bank of America Online checking account details.
How to Open an Online Account at the Bank of America
Follow the steps below to successfully register for an online banking account;
- Go to the official website of Bank of America preferred rewards; promotions.bankofamerica.com/preferredrewards/
- Now, click on “open an account”.
- On the next page, enter your Zip code, click go and follow the instructions given next.
Benefits of Bank of America Preferred Rewards
Customers can take advantage of a variety of benefits through Bank of America Preferred Rewards, including access to exclusive offers, discounted rates on products and services, and fee waivers on certain accounts. Customers can also accumulate points for each dollar that is spent, which can be redeemed for money back or other benefits.
Customers will also receive priority consumer service and access to special occasions and experiences.
Here is a proper explanation of how the benefits work.
Savings Account Interest Rate Booster
A Bank of America Advantage Savings account offers a higher interest rate. Keep in mind that, even with the bonus, Bank of America offers much lower interest rates than the top savings accounts.
Credit Card Rewards Bonus
Bank of America rewards credit cards are eligible to earn bonus rewards on purchases. Most Bank of America consumer credit cards, including its top cash incentive and travel credit cards, are eligible. Trying to compare credit card offers is a useful tool for discovering the right Bank of America card if you’re looking for one.
Transactions at non-Bank of America ATMs are Free of Charge
This benefit is only available at ATMs in the United States and applies to withdrawals, balance inquiries, and balance transfers. The Gold tier does not include the ATM fee waiver.
Fee reduction for the Merrill Guided Investing program
Merrill Guided Investing, which appears to offer professionally managed portfolios and requires a $1,000 minimum investment, is discounted to you. The minimum investment for Merrill Guided Investing with just an advisor is $20,000.
There Are No Fees For Certain Banking Services
Banking fee waivers are available to Preferred Rewards clients at all tiers:
- Bank of America is waiving monthly maintenance fees on up to four eligible checking and savings accounts.
- There are no fees for replacing an ATM or debit card, including rush suitable alternatives, standard check orders, cashier’s checks, Check Image Services, check copies, pay penalties, and incoming domestic wire transfers.
- Overdraft protection transfer fees from linked savings accounts, secondary eligible having checked accounts, or a HELOC are waived.
How to Earn Bank of America Preferred Rewards Points
Shoppers can earn Bank of America Preferred Loyalty points by using their Bank of America debit or credit card to make purchases. Points can also be earned by signing up for paperless reports and using Bank of America’s online and mobile banking services.
Points can be exchanged for cash back, product and service discounts, and other rewards.
Bank of America Preferred Rewards Program Levels
There are three levels of Bank of America Preferred Rewards: Gold, Platinum, and Platinum Honors. As they progress through the levels, customers can earn more points and gain access to more benefits. Customers can earn more rewards as their level rises.
Customers can also benefit from exclusive deals and savings, priority Customer service quality, and fee waivers on certain accounts.
Bank Of America Preferred Rewards Customer Service
Customers with Bank of America Preferred Rewards have access to priority customer service. Customers can get assistance with their accounts and rewards, as well as exclusive access to events and experiences. Customers can also take advantage of special offers and discounts.
The Bank of America Preferred Rewards program is a very good way to earn cash back for purchases. Take advantage of it by following the steps given in this article.