As one of the oldest banks in the country, Bank of America has a robust network of different financial products. The Preferred Rewards program is one of the best perks the bank has to offer to its loyal customers.
The Bank of America Preferred Rewards® program is a loyalty program that allows Bank of America customers with large account balances to enjoy benefits and discounts on a variety of banking services, such as no ATM fees. One of the best benefits of the program is a bonus on Bank of America card rewards. You can get a 25% to 75% boost on your rewards earnings, depending on the size of your bank account. As a Preferred Rewards member, you may find Bank of America cards to be the most rewarding cards around.
| How do you earn Bank of America points? | Preferred Rewards members earn points through Bank of America credit cards |
| How do you use Bank of America credit card points? | You can redeem points for statement credits, travel rewards or gift cards |
| Bank of America credit card points value | 1 cent |
| Do Bank of America credit card points expire? | No, as long as you keep your account open |
| Can you transfer Bank of America credit card points? | No |
| Pros | Preferred Rewards members get up to a 75% bonus on credit card rewards Benefits apply to a wide variety of banking services, including loans and savings accounts May qualify for no ATM fees No fees to join the program |
| Cons | Requires at least $20,000 in deposits to become a member Highest tiers require over $100,000 in deposits Limited benefits if you don't also have a Bank of America credit card You can't transfer credit card points to outside loyalty programs You can't maximize the value of your credit card points |
Bank of America points are worth 1 cent per point when you redeem them for statement credits. There are a couple of other ways that you can redeem your points, depending on which Bank of America credit card you have. Generally, however, you will get the highest value of 1 cent per point by redeeming your Bank of America points for statement credits to your account.
The Bank of America Preferred Rewards® program can definitely be worth it, depending on your spending patterns and financial situation. This program can save you hundreds of dollars in fees, depending on the type of service. Plus, you can get unbeatable rewards with many of the bank’s credit cards. However, you’ll need to keep a very large balance with Bank of America to qualify.
Even the lowest Preferred Rewards tier (Gold) requires at least $20,000 in eligible Bank of America deposit and Merrill investing balance. You’ll need over $1 million with the bank to qualify for the highest tier of membership.
Bank of America has several different credit cards that are part of the Bank of America Preferred Rewards® program. Being a member of the program makes having a Bank of America credit card even more valuable, since Preferred Rewards members can earn 25% to 75% more rewards on their credit card spending. That can make many of these cards an excellent choice for Bank of America Preferred Rewards® members, since you have boosted earning rates, as seen in the table below.
| Card | Earning rate | Potential earnings for Preferred Rewards members | Annual fee |
|---|---|---|---|
| Bank of America® Customized Cash Rewards credit card | 3% cash back in the category of your choice. 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases. 1% cash back on all other purchases. | Up to 3.75% – 5.25% cash back on your choice category | $0 |
| Bank of America® Unlimited Cash Rewards credit card | 1.5% cash back on all purchases. | 1.875% – 2.625% cash back on every purchase | $0 |
| Bank of America® Travel Rewards credit card | 1.5 points per $1 spent on all purchases. | 1.875 – 2.625 points per $1 on every purchase | $0 |
| Bank of America® Premium Rewards® credit card | 2 points for every $1 spent on travel and dining purchases. 1.5 points for every $1 spent on all other purchases. | Up to 2.5 – 3.5 points per $1 on travel | $95 |
| Bank of America® Premium Rewards® Elite Credit Card | Unlimited 2 points for every $1 spent on travel and dining purchases, and unlimited 1.5 points for every $1 spent on all other purchases | Up to 2.5 – 3.5 points per $1 on travel | $550 |
| Bank of America® Customized Cash Rewards Credit Card for Students | 3% cash back in the category of your choice. 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases. 1% cash back on all other purchases. | Up to 3.75% – 5.25% cash back on your choice category | $0 |
| Bank of America® Unlimited Cash Rewards Credit Card for Students | 1.5% cash back on all purchases | 1.875% – 2.625% cash back on every purchase | $0 |
| Bank of America® Travel Rewards Credit Card for Students | 1.5 points per $1 spent on all purchases. | 1.875 – 2.625 points per $1 on every purchase | $0 |
| Bank of America® Customized Cash Rewards Secured Credit Card | Earn 3% cash back in a category of your choice each month, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. | Up to 3.75% – 5.25% cash back on your choice category | $0 |
| Bank of America® Unlimited Cash Rewards Secured Credit Card | unlimited 1.5% cash back on all purchases | 1.875% – 2.625% cash back on every purchase | $0 |
| Bank of America® Travel Rewards Secured Credit Card | 1.5 points per $1 on every purchase | 1.875 – 2.625 points per $1 on every purchase | $0 |
| Susan G. Komen® Customized Cash Rewards Visa® credit card from Bank of America | 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases | Up to 3.75% – 5.25% cash back on your choice category | $0 |
| Norwegian Cruise Line® World MasterCard® Credit Card | 3 WorldPoints® points for every $1 spent on Norwegian purchases, 2 WorldPoints points per $1 spent on eligible air and hotel purchases, 1 WorldPoint point per $1 spent on all other purchases | 1.25 – 1.75 points on general purchases | $0 |
The Bank of America Preferred Rewards® program includes four tiers. Your tier will depend on your combined average daily balance in qualifying accounts. You must be an owner or co-owner of one of the following accounts:
How to qualify for Bank of America Preferred Rewards®:
| Gold | Platinum | Platinum Honors | Diamond | |
|---|---|---|---|---|
| Credit card bonus | 25% | 50% | 75% | 75% |
| Savings account booster | 5% | 10% | 20% | 20% |
| No fee banking services | ||||
| Mortgage discount | $200 reduced origination fee | $400 reduced origination fee | $600 reduced origination fee | 0.250% interest rate reduction (with established PayPlan) |
| Home equity discount | 0.13% | 0.25% | 0.38% | 0.63% |
| Auto loan discount | 0.25% | 0.35% | 0.50% | 0.50% |
| Foreign currency discount | 1% | 1.50% | 2% | 2% |
| No monthly maintenance fees | ||||
| Merrill investing discount | 0.05% | 0.10% | 0.15% | 0.15% |
| No-fee ATM transactions | 12/year | Unlimited | Unlimited | |
| No international transaction fees or ATM fees | Unlimited | |||
| Lifestyle benefits |
To make the most of the Preferred Rewards program, you’ll need to maintain a large account balance and take advantage of one Bank of America’s top-earning cards. Here are a few tips:
While the Bank of America Preferred Rewards® program doesn’t offer reward points directly, you can earn points with Bank of America credit cards. Furthermore, Preferred Rewards members earn a 25% to 75% bonus on credit card rewards.
Joining the Bank of America Preferred Rewards® program requires at least $20,000 in combined balances in qualifying Bank of America or Merrill accounts. These include checking or savings accounts and brokerage and retirement accounts that you own or co-own. You can qualify for higher membership tiers and better benefits by holding even higher balances in your accounts.
There are a couple of ways that you can use your Bank of America points, depending on which credit card that you have. Generally, the best and highest value for your points will be redeeming them for statement credits. When you do that, you’ll get 1 cent for each point. Depending on which card you have, you may be able to also redeem your points for travel rewards, gift cards or in other ways.
Bank of America points are generally worth 1 cent per point when redeemed as a statement credit or for travel purchases. As such, the number of Bank of America points that you’ll need for a flight will depend on the cost of your flight. For example, a $250 flight will cost 25,000 points.
The information related to the Bank of America® Premium Rewards® Elite Credit Card, Bank of America® Customized Cash Rewards Credit Card for Students, Bank of America® Unlimited Cash Rewards Credit Card for Students, Bank of America® Travel Rewards Credit Card for Students, Bank of America® Customized Cash Rewards Secured Credit Card, Bank of America® Unlimited Cash Rewards Secured Credit Card, Bank of America® Travel Rewards Secured Credit Card, Susan G. Komen® Customized Cash Rewards Visa® credit card from Bank of America and Norwegian Cruise Line® World MasterCard® Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
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