Lawrence, Wallethub Credit Card Analyst
A Bank of America Preferred Rewards client is someone who averages at least $20,000 in a Bank of America checking or savings account or Merrill Edge brokerage accounts. That includes IRAs. Bank of America Preferred Rewards clients receive 25% to 75% more rewards on purchases with select BofA credit cards. Other benefits include no fees on certain banking services and extra interest on savings accounts.
Here’s how to join Bank of America Preferred Rewards:
1. Have $20,000+ in your Bank of America deposit/investment accounts.
2. Sign in to your Bank of America online banking account.
3. Follow the prompts to enroll in the program. There are no fees to join or participate.
Bank of America Preferred Rewards has three tiers, based on how much you have in qualifying accounts: Gold ($20,000-$49,999), Platinum ($50,000-$99,999) and Platinum Honors ($100,000+). Preferred Rewards automatically upgrades you to the next tier when your balance reaches the required threshold. The higher the tier, the better benefits you get.
Here are the Bank of America Preferred Rewards benefits:
· Rewards bonus: On select Bank of America credit cards, you’ll get 25% more rewards as a Gold member, 50% for Platinum and 75% for Platinum Honors. Some eligible cards include the Bank of America® Customized Cash Rewards credit card, the Bank of America® Travel Rewards credit card and the Bank of America® Premium Rewards® credit card.
· Higher savings interest rates: Gold status clients receive a 5% boost on their savings account’s interest rate. Platinum status gets you a 10% increase. And Platinum Honors members get 20%.
· ATM fee reimbursement: Platinum and Platinum Honors members get reimbursed for non-Bank of America ATM withdrawal fees. Platinum gets you up to 12 fee waivers per month, while this benefit is unlimited for Platinum Honors members.
· Free trades: Platinum clients get up to 30 free trades a month through Merrill Edge. Platinum Honors members get 100.
· Waived fees: Gold, Platinum and Platinum Honors clients get no maintenance fees on up to 4 checking and 4 savings accounts (8 total). Plus, there are no fees for replacement cards (even rushed) or overdraft protection. Platinum and Platinum Honors clients also get free international wire transfers and a small safe deposit box.
· Auto loan discount: Gold gets a 0.25% interest rate reduction on Bank of America auto loans, while Platinum gets 0.35% and Platinum Honors gets 0.5%.
· Mortgage fee discount: Gold gets a $200 discount on Bank of America mortgage origination fees, while Platinum gets $400 and Platinum Honors gets $600.
Bank of America Preferred Rewards clients get all the benefits of their tier for 12 months after enrolling. If after 12 months they no longer meet the requirements, they’ll have a three-month grace period.
If a Gold status client still hasn’t met the requirements after three months, they’ll lose all their benefits. Platinum and Platinum Honors clients will move down to a lower tier.
Mena Jesston, Member
To enroll in the Bank of America Preferred Rewards program you need to have an eligible Bank of America personal checking account, and 3 month average combined balances of at least $20,000 in qualifying Bank of America banking accounts and/or Merrill Edge and Merrill Lynch investment accounts.
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