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Fact Checked
Ashley Maready
If you're open to using Bank of America as your main financial institution, you could get exclusive benefits through its rewards program. The Bank of America Preferred Rewards program is the bank's way of giving more to its loyal customers. It offers perks with many of the financial products Bank of America offers, such as credit card reward bonuses and lower loan costs.
Access to the program is based on your account balances with Bank of America and Merrill. It's a tiered program, so the benefits get better for clients with higher average balances. Keep reading for all the details on Bank of America Preferred Rewards.
What is Bank of America Preferred Rewards?
Bank of America Preferred Rewards is the bank's rewards program for clients who meet minimum balance requirements. Enrollment is available once you have a three-month combined average daily balance of $20,000 across eligible accounts.
Preferred Rewards benefits cover quite a few of the financial products available through Bank of America. You can get bonus credit card rewards, reduced investing and loan fees, and much more.
The value of the Preferred Rewards program depends on whether you plan to use Bank of America's products and services. If you do and you have the required assets, then it makes sense to deposit them with Bank of America and become a Preferred Rewards member. Bonus credit card rewards are an especially valuable perk. Even among the best credit cards, it's hard to find any that match what you can earn with Bank of America Preferred Rewards.
As of Apr. 16, 2024
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| Bank of America® Customized Cash Rewards credit card | Bank of America® Travel Rewards credit card | Bank of America® Customized Cash Rewards credit card for Students |
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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Apply Now for Bank of America® Customized Cash Rewards credit card
On Bank of America's Secure Website. |
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
Apply Now for Bank of America® Customized Cash Rewards credit card for Students
On Bank of America's Secure Website. |
|
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Good/Excellent (670-850) |
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Good/Excellent (670-850) |
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Good/Excellent (670-850) |
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Welcome Offer: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening $200 cash rewards |
Welcome Offer: 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 25,000 points |
Welcome Offer: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening $200 cash rewards |
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Rewards Program: 3% cash back in your choice category, 2% at grocery stores & wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% on all other purchases. 1% - 3% cash back |
Rewards Program: 1.5 points per dollar |
Rewards Program: 3% cash back in the category of your choice, 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 other purchases. 1% - 3% cash back |
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Intro APR: 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. Balance transfers include a fee of 3% for 60 days from account opening, then 4%. Purchases: 0% Intro APR for 15 billing cycles for purchases Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days |
Intro APR: 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. Balance transfers include a fee of 3% for 60 days from account opening, then 4%. Purchases: 0% Intro APR for 15 billing cycles for purchases Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days |
Intro APR: 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. Balance transfers include a fee of 3% for 60 days from account opening, then 4%. Purchases: 0% Intro APR for 15 billing cycles for purchases Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days |
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Regular APR: 18.24% - 28.24% (Variable) |
Regular APR: 18.24% - 28.24% (Variable) |
Regular APR: 18.24% - 28.24% (Variable) |
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Annual Fee: $0 |
Annual Fee: $0 |
Annual Fee: $0 |
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Highlights:
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Highlights:
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Highlights:
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Apply Now for Bank of America® Customized Cash Rewards credit card
On Bank of America's Secure Website. |
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
Apply Now for Bank of America® Customized Cash Rewards credit card for Students
On Bank of America's Secure Website. |
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How does Bank of America's Preferred Rewards program work?
The option to enroll in Bank of America Preferred Rewards is available in your online banking account when you meet the balance requirements. Upon enrollment, Bank of America puts you in the appropriate Preferred Rewards tier based on your balances. You then receive the Preferred Rewards benefits for that tier. There are five tiers in the Preferred Rewards program, each with their own qualifying 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 based on your three-month combined average daily balance in eligible accounts. You can move up from one Preferred Rewards tier to the next by increasing your account balances. Once your three-month combined average daily balance is high enough for the next tier, Bank of America will upgrade you.
If your balances decrease, you keep your Preferred Rewards status for one year plus a three-month grace period. After the grace period ends, Bank of America will see whether you meet balance requirements for your previous Preferred Rewards status. If not, you'll either be moved to a lower tier or lose Preferred Rewards benefits.
How do you qualify for the Preferred Rewards program?
To qualify for the Preferred Rewards program, there are two requirements:
- You must have an eligible Bank of America personal checking account.
- You must have a three-month combined average daily balance of at least $20,000 in your eligible Bank of America accounts.
Here are eligible types of accounts that count towards 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
In addition, revocable grantor trust accounts with Bank of America are also eligible.
You need to be the owner or co-owner on the account for its balance to qualify. Business accounts don't qualify for this program. There is, however, a Bank of America Preferred Rewards for Business program.
Benefits of the Preferred Rewards program
Here are the benefits for each tier of the Bank of America Preferred Rewards program:
| Benefit | Gold | Platinum | Platinum Honors | Diamond | Diamond Honors |
|---|---|---|---|---|---|
| Savings account interest rate booster | 5% | 10% | 20% | 20% | 20% |
| Credit card rewards bonus | 25% | 50% | 75% | 75% | 75% |
| No-fee transactions at non-Bank of America ATMs | 0 | Up to 12 per year | Unlimited | Unlimited | Unlimited |
| Merrill Guided Investing program fee discount | 0.05% | 0.10% | 0.15% | 0.15% | 0.15% |
| Reduction in mortgage origination fee or interest rate | $200 | $400 | $600 | 0.250% interest rate reduction with PayPlan established | 0.375% interest rate reduction with PayPlan established |
| Home equity interest rate discount | 0.125% | 0.250% | 0.375% | 0.625% | 0.750% |
| Auto loan interest rate discount | 0.25% | 0.35% | 0.50% | 0.50% | 0.50% |
| Select banking services | No fees | No fees | No fees | No fees | No fees |
| Foreign currency exchange rate discount | 1% | 1.5% | 2% | 2% | 2% |
| No international transaction fees or ATM fees | N/A | N/A | N/A | Unlimited | Unlimited |
| Lifestyle benefits | N/A | N/A | N/A | Exclusive access to experiences and offers | Exclusive access to experiences and offers |
Data source: Bank of America.
To better explain how these benefits work, let's take a closer look at each one.
Savings account interest rate booster
You receive a higher interest rate on a Bank of America Advantage Savings account. Keep in mind that even with a boost, Bank of America offers much lower interest rates than you could get from a high-yield savings account with an online bank.
Credit card rewards bonus
Eligible Bank of America rewards credit cards earn bonus rewards on purchases. Most Bank of America consumer credit cards are eligible, including its top cash reward and travel credit cards. If you're looking for a Bank of America card, comparing credit card offers is a good way to find the right one.
No-fee transactions at non-Bank of America ATMs
This benefit applies to U.S. ATMs and applies to withdrawals, balance inquiries, and balance transfers. The ATM fee waiver isn't available with the Gold tier.
Merrill Guided Investing program fee discount
You receive a discount on Merrill Guided Investing, which offers professionally managed portfolios and requires a $1,000 minimum investment. If you want to use Merrill Guided Investing with an advisor, the minimum investment is $20,000.
Reduction in mortgage origination fee
You save on mortgage origination fees when closing on a new Bank of America purchase or refinance mortgage. The reduction is a cash savings with the Gold, Platinum, and Platinum Honors tiers. It's an interest rate reduction with the Diamond and Diamond Honors tiers. With those two tiers, you also must enroll in PayPlan, Bank of America's automatic payment service, to receive the reduction.
Home equity interest rate discount
You get a discount on the interest rate when opening a new home equity line of credit (HELOC).
Auto loan interest rate discount
You get a discount on the interest rate of a new Bank of America auto purchase or refinance loan.
No fees on select banking services
Preferred Rewards clients receive no-fee banking services, which include:
- Monthly maintenance fees are waived on eligible Bank of America checking and savings accounts, for up to four accounts for Gold, Platinum, and Platinum Honors tiers, and an unlimited number of accounts for Diamond and Diamond Honors tiers
- ATM/debit card rush fees are waived for all Preferred Rewards clients
- Non-Bank of America ATM fees are waived for withdrawals, transfers, and balance inquiries at Platinum tier and above, up to a maximum of one per statement cycle for Platinum clients and unlimited for Platinum Honors and above
- Incoming wire transfer fees are waived for Platinum tier and above, and outgoing wire transfer fees are waived (up to two per statement cycle) for Diamond and Diamond Honors tiers
- Check image service fee and stop payment fee is waived for all Preferred Rewards clients
- Small safe deposit box is available for Platinum tier and above
Foreign currency exchange rate discount
Every Preferred Rewards client receives a discount on foreign currency exchanges. Discount amounts are 1% for Gold, 1.5% for Platinum, and 2% for Platinum Honors and above. The discount only applies to mobile and online orders, and it includes free standard shipping.
No international transaction fees or ATM fees
Diamond and Diamond Honors clients receive international travel benefits in the form of no international transaction fees or ATM fees.
Lifestyle benefits
Diamond and Diamond Honors clients get exclusive access to unique experiences and premium offers. There's a wide variety of special offers available through this benefit. A few examples include tours of travel destinations, discounts on luxury merchandise, and tickets to popular events.
How to enroll in Bank of America's Preferred Rewards program
To enroll in the Bank of America Preferred Rewards program, deposit at least $20,000 across eligible Bank of America and Merrill Lynch accounts. Maintain an average combined daily balance of $20,000 or more for three months.
Once you qualify for the Preferred Rewards program, the enrollment option is available when you sign in to your online banking account. Choose to enroll, and Bank of America will put you in the program at the appropriate tier.
Still have questions?
Some other questions we've answered:
FAQs
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Bank of America Preferred Rewards is a rewards program offering exclusive benefits across its financial services. The program is available to clients with a combined average daily balance of at least $20,000 in eligible Bank of America bank accounts and Merrill investment accounts.
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Bank of America gives you the option to enroll in the Preferred Rewards program when you meet the balance requirements. Once you enroll through your online banking account, you automatically receive Preferred Rewards benefits.
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To qualify for the Preferred Rewards program, you must have a combined daily average balance of at least $20,000 in eligible accounts for three months. Eligible accounts are Bank of America bank accounts and Merrill investment accounts. Once you're eligible, the option to enroll in Preferred Rewards will be available in your online Bank of America account.
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The Preferred Rewards program offers a wide range of benefits across Bank of America's financial services, including:
- Rewards bonus on eligible Bank of America credit cards
- Interest rate boost on a Bank of America Advantage savings account
- No-fee transactions at non-Bank of America ATMs
- Merrill Guided Investing program fee discount
- Mortgage origination fee reduction on a new purchase or refinance mortgage
- Auto loan interest rate discount
Our Credit Cards Experts
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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