Bank of America Preferred Rewards is a loyalty program designed to reward customers with exclusive benefits, including higher interest rates, lower fees, and enhanced credit card rewards. If you’re a Bank of America customer, understanding how to qualify for these perks can help you maximize your banking experience.
What is Bank of America Preferred Rewards?
Bank of America Preferred Rewards is a tiered program that offers increasing benefits based on your combined balances across eligible Bank of America banking and Merrill investment accounts. The more you save and invest, the greater the rewards.
Preferred Rewards Tiers and Benefits
The program consists of five tiers, each offering progressively better benefits:
- Gold Tier: $20,000 to $49,999 in combined balances
- Platinum Tier: $50,000 to $99,999 in combined balances
- Platinum Honors Tier: $100,000 to $999,999 in combined balances
- Diamond Tier: $1 million to $9,999,999 in combined balances
- Diamond Honors Tier: $10 million or more in combined balances
Each tier provides benefits such as:
- Higher interest rates on savings accounts
- Discounts on mortgage and auto loan rates
- Increased credit card rewards
- Reduced fees on banking services
- Priority customer service
How to Qualify for Bank of America Preferred Rewards
To qualify for the Preferred Rewards program, follow these steps:
1. Open an Eligible Bank of America Account
You must have an active Bank of America personal checking account to be eligible for Preferred Rewards. If you don’t already have one, consider opening a Bank of America checking account.
2. Maintain the Minimum Combined Balance
Your eligibility is based on your combined balances across eligible Bank of America deposit accounts and Merrill investment accounts. Ensure you meet the minimum balance requirement for at least one of the tiers.
3. Maintain Your Balance for Three Consecutive Months
Bank of America reviews your average daily balance over a three-month period. Once you meet the minimum balance requirement for a tier, you will automatically qualify for Preferred Rewards.
4. Enroll in the Preferred Rewards Program
Once you meet the balance requirement, you must enroll in the program. You can do this through your online banking account or by visiting a local branch.
Maximizing Your Preferred Rewards Benefits
To make the most of your Preferred Rewards membership, consider these strategies:
- Use a Bank of America Credit Card: Preferred Rewards members receive higher cashback or rewards points on eligible Bank of America credit cards.
- Take Advantage of Loan Discounts: If you’re planning to buy a home or car, Preferred Rewards members receive interest rate discounts on mortgages and auto loans.
- Grow Your Investments: By maintaining a Merrill investment account, you can increase your combined balance and move up to higher tiers for better benefits.
- Utilize Fee Waivers: Preferred Rewards members enjoy reduced or waived fees on banking services, including wire transfers and ATM withdrawals.
Conclusion
Bank of America Preferred Rewards is an excellent program for customers looking to maximize their banking benefits. By maintaining a qualifying balance and enrolling in the program, you can enjoy perks such as higher savings rates, loan discounts, and enhanced credit card rewards. If you’re a Bank of America customer, consider optimizing your accounts to take full advantage of these exclusive benefits.
