Bank of America Preferred Rewards is an overlooked relationship rewards program that even some Bank of America customers don’t know about. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. The qualifying balance is calculated based on your average daily balance for a three calendar month period. Banking, mortgage and home equity products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Save at closing on a new Bank of America purchase or refinance mortgage with a reduction in the Origination Fee, based on your Preferred Rewards tier. Please contact us directly if you have any account or service related issues. The exact loyalty bonus you earn depends on your Preferred Rewards status: Most Bank of America ® branded consumer credit cards (such as the Cash Rewards, Travel Rewards and Premium Rewards ® credit cards) are eligible to receive the Preferred Rewards bonus, as long as the card account is open with active charging privileges. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. By submitting your feedback, you agree Bank of America, its affiliates and any authorized parties may use, commercialize or reproduce the feedback without restriction or any compensation to you. Member FDIC. The Bank of America® Travel Rewards credit card is a very good option for people with excellent credit who want to reduce the cost of travel without paying an annual fee. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. In this review, I’ll cover the card features but also focus on a lesser-known opportunity – if you’re a Preferred Rewards … 5. 1 To enroll in the Preferred Rewards for Wealth Management program you must have an active, eligible Bank of America® personal checking account and maintain a qualifying three-month combined average daily balance of at least $250,000 in your combined qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your … The Bank of America Cash Rewards Credit Card is a cash back credit card that does not charge an annual fee. with Preferred Rewards from Bank of America. Eligible credit cards earn a 25%, 50% or 75% rewards bonus. The card offers a $100 airline credit that you can use for incidental expenses, an application fee credit for TSA Pre-check or Global Entry and a solid points program that rewards a variety of spenders. Use the Bank of America Merrill Lynch Visa Reward Card anywhere Visa debit cards are accepted Spending is limited to the amount of money placed on the Reward Card The transaction amount must be less than or equal to the amount remaining on the Reward Card, otherwise you will need to pay the difference before using the Reward Card Bank of America Preferred Rewards: A 75% bonus but watch the rates. One of the main benefits being a high net worth individual with Bank of America is that you can earn preferred bonuses on credit card rewards. This interest rate is for illustration only. The program is open to any cardholder with a qualifying personal checking account with Bank of America ®. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. While the numbers sound impressive, you should consider that Bank of America savings accounts interest rates are nearly at 0%, and the increase in interest from the Preferred Rewards program is satisfactory at best. These ads are based on your specific account relationships with us. from an old 401(k), an IRA, a vacation fund, And a specialist can help with easily transferring. Bank of America, N.A. We apologize for the inconvenience. Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. ♦ Other fees may apply. Your tier is based on your qualifying combined balances in your Bank of America® deposit and/or Merrill® investment accounts. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. The Bank of America® Premium Rewards® credit card and the Chase Sapphire Preferred® Card are two of the best rewards credit cards with annual fees at the $95 level. Understanding Preferred Rewards requirements, Increasing Preferred Rewards with credit cards, Display Gold tier content twenty thousand dollars or more, Display Platinum tier content fifty thousand dollars or more, Display Platinum Honors tier content one hundred thousand dollars or more, Learn more about Preferred Rewards for Business, Monthly maintenance fees waived on up to 4 eligible checking and 4 savings accounts from Bank of America, No fees for ATM or debit card replacement including rush replacement, standard check orders, cashier’s checks, Check Image Service, check copies, stop payments and incoming domestic wire transfers, Overdraft Protection transfer fees waived from your linked savings accounts, secondary eligible checking accounts or from a Home Equity Line of Credit, No fees for incoming international wire transfers and a small safe deposit box, An active, eligible Bank of America checking account, A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill, Are Not Insured by Any Federal Government Agency, Are Not a Condition to Any Banking Service or Activity. Press V to activate volume control. Please review the Personal Schedule of Fees, also available at your local financial center. Enjoy the additional credit card rewards that Preferred Rewards eligible credit cards provide. An interest rate discount on a new home equity line of credit, based upon your eligible balances or tier at time of application. Bank of America Premium Rewards: Earn 2 points per $1 on all travel and dining and 1.5 points per $1 on all remaining purchases plus Bank of America Preferred Rewards bonus But it’s only a truly great choice for fairly low-spending Bank of America banking customers with a lot of cash saved. No-fee ATM transactions (withdrawals, balance inquiries and balance transfers) with a Bank of America debit or ATM card at non-Bank of America ATMs in the U.S. Get advice and guidance to help you plan for your future with an online experience built around you, professionally managed portfolios and the option to work one-on-one with an advisor. Get the most out of your credit card. All in all, using Bank of America Preferred Rewards is best for those who desire cash-back.You can accelerate your earnings tremendously by combining your credit card and banking providers. Become a Preferred Rewards Member. Like the Chase Sapphire Preferred® Card (a staple in the travel community), the Bank of America Travel card defines “travel” broadly, meaning you can redeem your points on flights, hotels, vacation packages, cruises, rental cars or baggage fees. Please speak with your Merrill Lynch financial advisor or Bank of America Private Bank advisor for more information. Your responses will help us improve the Bank of America digital experience for all our customers. These ads are based on your specific account relationships with us. And as your qualifying balances grow, so do your benefits. The Bank of America Cash Rewards credit card benefits include fraud protection, the option to add your card to a digital wallet such as Apple Pay, and monthly FICO credit score access for free. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Basically, the more assets you hold with Bank of America, the more rewards and discounts you earn. Preferred Rewards is our way of saying we value you. The card's a potentially unequaled choice for high-worth individuals who hold significant funds in Bank of America or Merrill accounts and so qualify for their Preferred Rewards program. $50,000 in total assets qualifies for the Platinum tier, and $100,000 in total assets qualifies for the Platinum Honors tier of Preferred Rewards. We’ve compiled some important considerations to help you pick the best credit card for you. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. If your credit card receives the 10% customer bonus, the Preferred Rewards bonus will replace the 10% customer … Connect one on one with a credit card specialist, Low Intro APR Balance Transfer Credit Cards, Interstitial Link: language-change | Placeholder - hidden, Credit Cards with No Foreign Transaction Fees. The Bank of America Premium Rewards Card is a solid alternative to transferrable points earning cards. Equal Housing Lender new window. Most Bank of America® branded consumer credit cards (such as the Cash Rewards, Travel Rewards and Premium Rewards® credit cards) are eligible to receive the Preferred Rewards bonus, as long as the card account is open with active charging privileges. Member FDIC. For example, if the interest rate on a Bank of America Advantage Savings account is 1.00%, a 5%5%10%20% rate booster would increase the interest rate to 1.05%1.05%1.10%1.20%. Associated fees. Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. As a Preferred Rewards member, you can receive a 0.25%, 0.35% or 0.50% interest rate discount on a new Bank of America auto purchase or refinance loan. One or more of the cards you chose to compare are not serviced in English. There are costs associated with owning ETFs and mutual funds. Equal Housing Lender new window. This list is subject to change without prior notice. Bank of America cash rewards (and related Preferred Rewards program bonuses) can be applied as statement credits or deposited directly into Bank of America checking and/or savings accounts. If you're not a Preferred Rewards member, your effective rewards rates on the Bank of America® Premium Rewards® credit card are the standard 2% for travel/dining and 1.5% for everything else. With Merrill Edge, sales are subject to a transaction fee of $0.01 to $0.03 per $1,000 of principal, and some fees apply to owning ETFs. † Terms & Conditions for Bank of America ® Cash Rewards credit card for Students. You may also request a check or have your cash rewards deposited into a qualifying Merrill 529 or Cash Management account. In addition, your balances are reviewed monthly to see if you qualify for a higher tier. Plus, as a Preferred Rewards member, you enjoy real benefits and rewards on your everyday Bank of America® banking and Merrill investment accounts. The Bank of America Travel Rewards Credit Card is the main “travel rewards” credit card branded by Bank of America. Since you aren’t limited by any number of travel partners, your rewards hold the same value no matter what airline you fly on … Tell us who you are and what you like, to see what offers are available to you. For a card that costs just $95 a year to own, the Bank of America® Premium Rewards® credit card is unusually generous – especially if you’re a Bank of America customer. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. The Bank of America credit card offers an impressive introductory APR of 0% for the first 12 months of the card being opened. when you have an eligible checking account, and a three-month combined average daily balance, It can be transferred from existing accounts. Though it’s most worth it when you’re in the Platinum Honors tier, it could still be worth considering when at the lower tiers too.You can only use these points for cash-back, travel purchases, and gift cards, but it’s a solid 1 cent per point for cash-back.For more cash-back opti… Depending on your account balances, you can get a reward point bonus as large as 75%. This credit card from Bank of America has a $95 annual fee (NOT waived the first year). This is not a commitment to lend. 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 openingEarn unlimited 2 points for every … Credit and collateral are subject to approval. We're sorry, this page is temporarily unavailable. For details on employee qualification requirements, please visit the Employee Financial Services intranet site. Your money works hardest when it works together. If you’re ready to go the distance to earn rewards with your Bank of America® Travel Rewards Visa® credit card, you can also join the Preferred Rewards Program. If you’re looking to improve your credit, check out some of our helpful tips. That means a purchase that earns 100 base points will actually earn 125, 150 or 175 and a purchase that earns $1.00 cash rewards will actually earn $1.25, $1.50 or $1.75 based on your tier when the purchase posts to your account. Preferred Rewards is a tiered program offering a variety of benefits across many Bank of America products and services. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. Relationship-based ads and online behavioral advertising help us do that. All rights reserved. Before you leave, please take a moment to answer these 4 simple questions. The Bank of America Preferred Rewards program is designed to attract casual Bank of America (BofA) clients and turn them into loyal customers. We strive to provide you with information about products and services you might find interesting and useful. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. As a member, you can enjoy many exclusive benefits, all designed around the ways you save, spend, and borrow with Bank of America and invest with Merrill®. As long as you have $100,000 in Bank of America banking and Merrill Edge investment accounts, you'll qualify for the respective bonuses. Already a Bank of America customer? The combined balance is calculated based on your average daily balance for a three calendar month period. The hook for this card is that Bank of America allows you to choose one spending category in which you’ll receive 3% cash back, and you can change that category as often as once a month. Equal Housing Lender .Credit and collateral are subject to approval. Cards not eligible for the rewards bonus: To enroll in the Preferred Rewards program you must have an active, eligible Bank of America personal checking account and maintain a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier in your combined qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill® investment accounts (such as Cash Management Accounts, 529 Plans). Savings interest rate boost.Preferred Rewards members receive a 5% to 20% increase on their savings account interest rate. If so, you'll automatically move to the next level of rewards. Enjoy fee waivers on everyday services for Bank of America personal checking and savings accounts: Platinum and Platinum Honors tier members also enjoy: Calculate your Preferred Rewards potential, Use our Preferred Rewards Calculator to see the benefits you can earn. If you are a customer, definitely try to sign up for this rewards program to get boosted credit card rewards, waived banking fees, free ATM transactions and more. Displayed benefits are for the following amount: three-month combined average daily balance, on a Bank of America Advantage Savings account, No-fee transactions at non-Bank of America, Go to frequently asked questions about Preferred Rewards, More articles about the benefits of Preferred Rewards, Please access your link list to display the content for the three different reward tiers, Sign in to Online Banking to see if you qualify. There is no fee to join or participate in the program.To become a Preferred Rewards member you will need: Sign in to Online Banking to see if you qualify. Programs, rates, terms and conditions are subject to change without notice. Helping our customers meet their financial needs is important to us. Preferred Rewards makes your credit card even better. © 2020 Bank of America Corporation. Visit bankofamerica.com/savings for current products and rates. MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill Lynch makes available products and services offered by MLPF&S and other subsidiaries of BofA Corporation. After the introductory APR, the card has an APR of 13.99% to 23.99% which is based on your creditworthiness. Balance transfers also receive a 0% APR for the first 12 months. on Rewards Money Market Savings accounts. Want to get an even better rate? 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