Bank Of America Credit Card Preferred Rewards

Stop Ignoring Bank of America Preferred Rewards

Introduction

Hello Friends! Have you heard about Bank of America Preferred Rewards? If you’re a Bank of America customer and not taking advantage of this program, you’re missing out on some serious perks. Bank of America has one of the best rewards programs in the industry, offering cashback or bonus points on your everyday purchases.

What is Bank of America Preferred Rewards?

Bank of America Preferred Rewards is a loyalty program designed to reward the bank’s customers who maintain a qualifying balance in their Bank of America checking account. The program offers three tiers of benefits: Gold, Platinum, and Platinum Honors, with increasing rewards and benefits as you move up the tiers.

Let’s take a closer look at each tier and its benefits:

Gold Tier

If you have a combined balance of at least $20,000 in your Bank of America account, you’ll be eligible for the Gold tier. As a Gold member, you’ll receive the following benefits:

  • An interest rate booster of 5% on savings accounts
  • No fees on select banking services
  • A 25% rewards bonus on eligible Bank of America credit cards

Platinum Tier

To qualify for the Platinum tier, you’ll need to have a combined balance of at least $50,000 in your Bank of America account. As a Platinum member, you’ll receive the Gold tier benefits, plus the following:

  • A 50% rewards bonus on eligible Bank of America credit cards
  • Waived fees on stock and ETF trades with Merrill Edge
  • Lower interest rates on personal loans and lines of credit

Platinum Honors Tier

The highest tier in the program is the Platinum Honors. To qualify for Platinum Honors, you’ll need to have a combined balance of at least $100,000 in your Bank of America account. As a Platinum Honors member, you’ll receive the Gold and Platinum tier benefits, plus the following:

  • A 75% rewards bonus on eligible Bank of America credit cards
  • No fees on select banking services, including wire transfers and stop payments
  • Discounted rates on certain mortgages and home equity loans and lines of credit

Benefits of Bank of America Preferred Rewards

Now that we’ve gone through the different tiers and their benefits, let’s take a closer look at the overall benefits of Bank of America Preferred Rewards:

1. Cashback and Bonus Points

One of the most significant benefits of Bank of America Preferred Rewards is the cashback and bonus points rewards you can earn on your everyday purchases. Depending on the tier you’re in, you can earn up to a 75% bonus on eligible Bank of America credit cards.

For example, if you have a Bank of America Cash Rewards credit card, you can earn up to 5.25% cashback on your purchases when you’re in the Platinum Honors tier. If you spend $1,000 in a month, you’ll earn $52.50 in cashback.

2. Increased Interest Rates

If you’re looking to grow your savings, Bank of America Preferred Rewards can help you get a better return on your investment. In the Gold tier, you’ll receive a 5% interest rate booster on your savings accounts, while Platinum and Platinum Honors members receive a 10% and 20% booster, respectively.

3. Lower Fees

Bank of America Preferred Rewards can also help you save on bank fees. Depending on the tier you’re in, you may qualify for no fees on select banking services, including wire transfers, stop payments, and monthly maintenance fees on checking accounts.

4. Lower Interest Rates on Loans and Credit Lines

As a Platinum or Platinum Honors member, you may also be eligible for lower interest rates on personal loans and lines of credit. This can help you save money on interest and pay off your debt faster.

Conclusion

Bank of America Preferred Rewards is an excellent program for Bank of America customers who want to get the most out of their accounts. With cashback and bonus points rewards, increased interest rates, lower fees, and lower interest rates on loans and credit lines, Bank of America Preferred Rewards can help you reach your financial goals faster. So if you’re a Bank of America customer, don’t ignore this valuable program. Sign up for Bank of America Preferred Rewards today and start earning rewards on your everyday purchases.

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