Are you curious if you're unlocking all the incredible benefits Bank of America has to offer? The Bank of America Preferred Rewards program is designed to reward loyal customers with a wide array of perks, from boosted credit card rewards to interest rate discounts on loans and waived fees. But how do you know if you're already a member, or if you qualify to join? Let's dive in and find out!
Unlocking Your Preferred Status: A Step-by-Step Guide
Determining your Preferred Rewards status is straightforward. Here's how you can check and understand your eligibility.
Step 1: Are You Eligible to Begin With?
Before you even start looking for your status, let's make sure you meet the fundamental requirements. This program is for Bank of America's most valued clients, which generally means those who maintain a significant combined balance across their accounts.
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Sub-heading: The Core Requirements
- Eligible Checking Account: You must have an active, eligible Bank of America personal checking account. This is the cornerstone of your Preferred Rewards membership.
- Combined Balance Threshold: Your eligibility is based on your three-month combined average daily balance across qualifying Bank of America deposit accounts and/or Merrill investment accounts. This isn't just about what's in your checking account; it includes savings, money market accounts, CDs, IRAs, Merrill Cash Management Accounts (CMAs), and even 529 plans.
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Sub-heading: Understanding the Tiers Bank of America Preferred Rewards operates on a tiered system. The higher your combined balance, the better your benefits!
- Gold Tier: $20,000 to < $50,000
- Platinum Tier: $50,000 to < $100,000
- Platinum Honors Tier: $100,000 to < $1,000,000
- Diamond Tier: $1,000,000 to < $10,000,000
- Diamond Honors Tier: $10,000,000 and up
Think about all your accounts – not just your checking and savings. Do you have a Merrill Lynch or Merrill Edge investment account? An IRA? These all count towards your combined balance!
Step 2: Checking Your Status Online (The Easiest Way!)
The quickest and most convenient way to ascertain your Preferred Rewards status is through Bank of America's online banking platform.
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Sub-heading: Log In to Your Account
- Go to Bank of America's official website: Open your web browser and navigate to
www.bankofamerica.com. - Log in: Enter your Online ID and Passcode to access your account dashboard.
- Go to Bank of America's official website: Open your web browser and navigate to
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Sub-heading: Navigate to "My Rewards" or "Preferred Rewards" Once logged in, look for a section or link titled "My Rewards," "Preferred Rewards," or something similar. Bank of America often highlights your status directly on your account summary page or within a dedicated "Rewards" section.
- Look for banners or messages: Often, if you qualify or are already enrolled, a banner or notification will appear prominently, informing you of your Preferred Rewards status and inviting you to explore benefits.
- Dedicated Rewards Hub: Bank of America has a "My Rewards" page (
bankofamerica.com/preferred-rewards/my-rewards/) where you can track your rewards, deals, and benefits. This is a great place to check your current tier.
Step 3: Checking Your Status via the Mobile Banking App
If you prefer managing your finances on the go, the Bank of America mobile app is an excellent tool.
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Sub-heading: Open the Mobile App
- Launch the Bank of America Mobile Banking App: Make sure you have the latest version installed on your smartphone or tablet.
- Log in: Enter your credentials or use biometric login (fingerprint, face ID) if enabled.
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Sub-heading: Find Your Preferred Rewards Information Similar to online banking, your Preferred Rewards status should be easily accessible within the app.
- Dashboard Overview: Some users report seeing their average balance and potential or current Preferred Rewards tier directly on their account summary screen.
- Menu Navigation: Look for a "Rewards," "Preferred Rewards," or "Benefits" section within the app's menu. This is typically where you'll find details about your current tier and associated benefits.
Step 4: Contacting Bank of America Directly
If you're having trouble finding your status online or in the app, or if you simply prefer speaking to someone, reaching out to Bank of America customer service is a reliable option.
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Sub-heading: Call Customer Service
- Find the right number: You can typically find the customer service number on the back of your Bank of America debit or credit card, or on their official website. For general inquiries, the number is often 1-800-432-1000.
- Be prepared: Have your account information ready, such as your account numbers and possibly your Social Security Number, to verify your identity.
- Ask directly: Once connected to a representative, clearly state that you'd like to inquire about your Bank of America Preferred Rewards status. They can look up your eligibility and current tier.
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Sub-heading: Visit a Local Branch
- Find a branch: Use the Bank of America branch locator on their website to find the nearest financial center.
- Speak with a banker: A customer service representative or a personal banker at the branch can assist you in checking your Preferred Rewards status and answer any questions you might have about the program. This can be especially helpful if you have complex account structures or need personalized guidance.
Step 5: Understanding Your Benefits (And Why It Matters!)
Once you confirm your Preferred Rewards status, it's crucial to understand the benefits that come with it. These perks can significantly enhance your banking experience and save you money.
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Sub-heading: Credit Card Rewards Boosts One of the most popular benefits is the increased rewards on eligible Bank of America credit cards. Depending on your tier, you could get a 25%, 50%, or even 75% bonus on your cash back or points earnings. Imagine turning your 1.5% cash back card into a 2.625% card just by being a Preferred Rewards Platinum Honors member!
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Sub-heading: Savings Interest Rate Boosts Preferred Rewards members can enjoy a higher interest rate on their Bank of America Advantage Savings account. This means your savings grow faster!
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Sub-heading: Loan Discounts
- Mortgage: You might qualify for a reduction in mortgage origination fees or a percentage off your mortgage APR.
- Auto Loans: Get a discount on interest rates for auto loans.
- Home Equity: Receive interest rate discounts on Home Equity Lines of Credit (HELOCs).
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Sub-heading: Waived Fees
- Monthly Maintenance Fees: Often waived on eligible checking and savings accounts.
- Non-Bank of America ATM Fees: Depending on your tier, you might get a certain number of waived fees for withdrawals, transfers, and balance inquiries at non-Bank of America ATMs. Platinum Honors, Diamond, and Diamond Honors tiers often offer unlimited waivers.
- Overdraft Protection Transfer Fees: A certain number of these fees might be waived per statement cycle.
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Sub-heading: Investment Fee Discounts If you utilize Merrill Guided Investing, you could receive a discount on annual program fees.
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Sub-heading: Foreign Currency Exchange Rate Discounts For those who travel internationally, Preferred Rewards can offer discounts on foreign currency exchange rates for mobile and online orders.
It's worth noting that benefits typically become effective within 30 days of enrollment or account opening, unless otherwise indicated.
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| How Do I Know If I ' M Bank Of America Preferred Rewards Member |
Staying a Preferred Rewards Member
Bank of America reviews your program qualification annually. Don't worry if your balances fluctuate slightly! You generally keep your Preferred Rewards program status for a full year. If your balance dips below the requirement after a year, you'll typically get a three-month grace period to bring it back up before your tier is adjusted or you lose benefits. If you meet the balance requirements again within 24 months of losing your benefits, your membership can be automatically reinstated.
Frequently Asked Questions (FAQs)
How to qualify for Bank of America Preferred Rewards?
You need an eligible Bank of America personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit and/or Merrill investment accounts.
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How to enroll in Bank of America Preferred Rewards?
If you meet the eligibility criteria, Bank of America will often invite you to enroll. You can typically enroll online by logging into your Bank of America account or by contacting customer service.
How to check my current Preferred Rewards tier?
Log in to your Bank of America online banking or mobile app, and look for a "My Rewards" or "Preferred Rewards" section on your account dashboard or within the menu.
How to increase my Preferred Rewards tier?
To move to a higher tier, you need to increase your three-month combined average daily balance across your eligible Bank of America and Merrill accounts to meet the next tier's minimum requirement.
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How to combine my Bank of America and Merrill accounts for Preferred Rewards?
Your accounts are typically linked automatically if they share the same personal information. If you have separate logins or concerns, contact Bank of America customer service to ensure all eligible accounts are properly linked for the combined balance calculation.
How to get the credit card rewards bonus with Preferred Rewards?
Once enrolled in Preferred Rewards, the bonus is automatically applied to your eligible Bank of America credit card purchases. The percentage of the bonus depends on your Preferred Rewards tier.
How to understand the three-month average daily balance requirement?
This means Bank of America calculates your average balance over the past 90 days across all your eligible accounts. It's not just a snapshot of your balance on one specific day.
How to maintain my Preferred Rewards status?
Maintain the required three-month combined average daily balance for your tier. Bank of America reviews eligibility annually, with a grace period if your balance temporarily falls below the threshold.
How to utilize the waived ATM fees benefit?
Depending on your tier, Bank of America will waive their fees for using non-Bank of America ATMs. For higher tiers (Platinum Honors and above), they may also reimburse fees charged by the ATM operator.
How to find detailed information about Preferred Rewards benefits?
Visit the official Bank of America Preferred Rewards website (bankofamerica.com/preferredrewards/en), or contact their customer service for a comprehensive overview of benefits for each tier.
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