Bank of America Introduces Preferred Rewards Program

Advertiser Disclosure

Bank of America checking account customers have a new offer to consider for a great credit card. The Bank of America Preferred Rewards Program has some unique offerings for their best customers, including great credit card benefits with added investment opportunities. Let’s take a look!

Best Customers Get the Best Deals!

For Bank of America customers, there are three tiers to the Preferred Rewards program. The first tier, the Gold Tier, is for customers who have a balance of $20K-50K in combined balances on all accounts for a period of three months. These customers will earn 5% boost on their interest rate on their Money Market accounts, which can add up for large balances. In essence, if the regular interest rate is 1%, the 5% boost will bring that rate up to 1.05%. In addition, Gold Tier customers will enjoy a 25% rewards bonus on their Bank of America credit cards.

Customers with balances between $50K-100K, combined in all Bank of America accounts, will qualify for the Platinum Tier. These customers will earn a 10% interest boost, bringing a 1% interest rate up to a 1.1% interest rate. Additionally, Platinum Tier members will earn a 50% rewards bonus on their credit cards with Bank of America.

The highest tier, Platinum Honors, is reserved for those customers with a combined balance of over $100K in their accounts over the course of three months. Platinum Honors members will earn a 20% interest boost, raising that same 1% interest rate to 1.2%. The credit card rewards are high, at a 75% bonus rate.

ATM Withdrawals

Platinum and Platinum Honors members will enjoy being able to withdraw from any non-Bank of America ATM throughout the year. There is a 12 withdrawal limit for the Platinum Tier, but the Platinum Honors members will have no limit for their non-Bank of America ATM use.

Online Investment Benefits

Members with large balances are often looking to diversify their financial portfolios, and Bank of America offers an option for using the Merrill Edge program. Platinum and Platinum Honors members will be entitled to make online trades for their investment accounts, with no fees.  The Platinum level includes 30 trades per month, while the Platinum Honors level has up to 100 trades per month with $0 charge.

Mortgage Benefits

Preferred Rewards program members will receive benefits when using Bank of America for their mortgage needs. Gold Tier members will receive a $200 relationship credit at the time of closing. The benefits hop up to $400 and $600, respectively, for the Platinum and Platinum Honors levels.

Home Equity Discounts

Preferred Rewards Program members will also receive discounts on home equity loans and lines of credit. Gold level members receive a discount of 0.125%, Platinum members get a discount of 0.250% and Platinum Honors members will reap the biggest benefits, at 0.375%. These discounts are considerable, when you take into account that mortgage and home equity rates are at very low rates already!

Great Bank of America Benefits

Preferred Rewards Program members will not pay any checking or savings account fees for many common services, including checks, cashier’s checks and stop payment orders. Top notch customer service, as always, is a priority for Bank of America, and the Preferred Rewards program customers will be able to access dedicated customer service representatives easily to handle any issues or questions.

 

Credit Card Eligibility

From the Bank of America website: “Most Bank of America® branded consumer credit cards (such as theBankAmericard Cash Rewards™ credit card and the BankAmericard Travel Rewards® credit card) are eligible to receive the Preferred Rewards bonus as long as the card account is open and in good standing.  The Preferred Rewards bonus will replace the customer bonus you may already receive with the card.

Cards not eligible for the rewards bonus:

  • Non-rewards credit cards
  • Business purpose credit cards
  • BankAmericard Privileges® (except Cash Rewards customers in the Platinum Honors tier)
  • Bank of America Accolades®
  • BankAmericard® Better Balance Rewards™
  • Merrill Lynch branded (including Merrill Accolades®, MERRILL+®, Total Merrill® Cash Back, Total Merrill Match® and Merrill Lynch®Octave™)
  • U.S. Trust branded (including Bank of America Accolades and U.S. Trust® Octave™)
  • AAA Dollars® Visa credit card
  • AAA® Gas Rebate
  • Alaska Airlines®
  • Amway™
  • Asiana Airlines®
  • Azamara Club Cruises®
  • Bass Pro Shops®
  • Celebrity Cruises®
  • Elite Rewards®
  • MelaleucaSM
  • Royal Caribbean International®
  • Spirit Airlines®
  • US Airways®
  • Virgin Atlantic Airways®

This list is subject to change without prior notice.”

 

Conclusion

For those Bank of America customers with larger balances, the Preferred Rewards Program is a great way to earn a little bit more and pay a little bit less when managing their financial portfolio. Bank of America is offering their customers a way to streamline their financial needs, by combining checking and savings benefits, investment perks, free services and great credit card rewards, all in one place!