Becoming a Bank of America Preferred Rewards member can unlock a world of benefits, from enhanced credit card rewards to reduced loan rates and waived fees. But how do you actually know if you qualify or if you're already enjoying the perks? This comprehensive guide will walk you through everything you need to know, step-by-step, to ascertain your Preferred Rewards status.
Are You Already Benefiting? Let's Find Out if You're a Bank of America Preferred Rewards Member!
Hey there, financial savvy individual! Ever wonder if you're getting the most out of your relationship with Bank of America? Well, if you've been diligently saving and investing with them, there's a strong possibility you could be a Bank of America Preferred Rewards member – or close to becoming one! This program is designed to reward loyal customers with a host of exclusive perks. Ready to dive in and discover your status? Let's get started!
Step 1: Understand the Core Eligibility Requirements
Before we even log into anything, let's get a clear picture of what it takes to be a Preferred Rewards member. It's simpler than you might think, but it does involve two key components:
1.1. An Eligible Bank of America Personal Checking Account
This is the foundation of your Preferred Rewards journey. To qualify, you must have an active, eligible personal checking account with Bank of America. This serves as your primary banking relationship.
1.2. A Combined Average Daily Balance
This is where your total financial relationship with Bank of America and Merrill (their investment arm) comes into play. Your qualification for Preferred Rewards is based on your three-month combined average daily balance across your eligible Bank of America deposit accounts and Merrill investment accounts.
What counts towards this balance?
- Bank of America Advantage Banking (checking)
- Savings accounts
- Money market accounts
- Certificates of Deposit (CDs)
- Individual Retirement Accounts (IRAs)
- Merrill investment accounts (including IRAs and Cash Management Accounts)
- Merrill 529 college savings accounts (if they appear on your banking statement)
- Revocable grantor trust accounts
What's the minimum? To enter the program at the Gold tier, you need a minimum three-month combined average daily balance of $20,000. As your balances grow, you can move up to higher tiers with even more substantial benefits.
Step 2: Check Your Status Online or via Mobile Banking
Now that you know the criteria, let's put it to the test! The easiest and most direct way to confirm your Preferred Rewards status is through Bank of America's online banking platform or their mobile app.
2.1. Logging into Online Banking
- Visit the official Bank of America website. Go to
www.bankofamerica.com. - Locate the "Sign In" button. This is usually in the top right corner of the homepage.
- Enter your Online ID and Passcode. If you haven't set these up yet, you'll need to enroll in online banking first.
2.2. Using the Bank of America Mobile App
- Download the Bank of America Mobile Banking app. It's available for both iOS and Android devices.
- Open the app and log in. Use your Online ID and Passcode.
2.3. Navigating to Your Rewards Information
Once you're logged in, look for a section related to "Rewards," "My Rewards," or "Preferred Rewards." The exact location might vary slightly depending on updates to their website or app, but it's typically prominently displayed.
- Look for a banner or notification: Often, if you qualify or are close to qualifying, Bank of America will display a message right on your dashboard.
- Check "My Rewards" section: Within your online banking or mobile app, there's a dedicated "My Rewards" section where you can track your benefits and see your Preferred Rewards status if you're enrolled.
- Click on your name/profile: Some users have reported that their Preferred Rewards status is displayed when they click on their name or profile within the app.
What you're looking for: You should see a clear indication of whether you are a Preferred Rewards member and, if so, which tier you belong to (Gold, Platinum, Platinum Honors, Diamond, or Diamond Honors).
Step 3: Review Your Account Balances
Even if you don't see an explicit Preferred Rewards notification, understanding your combined balances is crucial.
3.1. How Your Balance is Calculated
Remember, it's a three-month combined average daily balance. This means Bank of America looks at the average of your eligible account balances over the past 90 days. So, a sudden large deposit this month won't immediately put you in a new tier; it needs to be sustained.
3.2. Where to See Your Balances
- Account Summary: Log in and view your overall account summary. You can add up the balances of your eligible checking, savings, money market, CDs, and Merrill investment accounts.
- Merrill Edge/Merrill Lynch: If you have Merrill accounts, ensure they are linked to your Bank of America profile for a consolidated view. If not, you might need to view them separately and combine the numbers.
Tip: Keep a rough mental tally or even a simple spreadsheet of your combined balances over a few months to track your progress towards a higher tier.
Step 4: Understand the Tiers and Benefits
Knowing your tier is important because each level unlocks progressively greater benefits. Here's a quick overview of the current tiers (as of June 2025):
4.1. Preferred Rewards Tiers
- Gold Tier: $20,000 to < $50,000 combined average daily balance
- Platinum Tier: $50,000 to < $100,000 combined average daily balance
- Platinum Honors Tier: $100,000 to < $1,000,000 combined average daily balance
- Diamond Tier: $1,000,000 to < $10,000,000 combined average daily balance
- Diamond Honors Tier: $10,000,000+ combined average daily balance
4.2. Common Benefits Across Tiers (with increasing value)
- Credit Card Rewards Bonus: A significant perk! You can receive a 25% (Gold) to 75% (Platinum Honors, Diamond, Diamond Honors) bonus on your eligible Bank of America credit card rewards. This means your cash back or points multiply!
- Savings Interest Rate Booster: Get a boost on your Bank of America Advantage Savings account interest rates.
- Loan Interest Rate Discounts: Reductions on auto loans, mortgages, and home equity lines of credit.
- No Monthly Maintenance Fees: Waived monthly fees on select everyday banking services and up to four eligible checking and four savings accounts.
- ATM Fee Waivers: Depending on your tier, you might get a certain number of no-fee transactions at non-Bank of America ATMs, or even unlimited waivers at higher tiers.
- Foreign Currency Exchange Rate Discount: Get a better rate when exchanging foreign currency for mobile and online orders.
- Merrill Guided Investing Annual Program Fee Discount: A percentage discount on the annual program fee for Merrill Guided Investing.
- Priority Service: Access to dedicated specialists for your product and service needs.
Important Note: Benefits can change, so always refer to the official Bank of America Preferred Rewards page for the most up-to-date information.
Step 5: What if You Don't See Your Status?
If you've followed the steps above and still aren't sure, or if you believe you qualify but don't see the designation, don't worry!
5.1. Give It Time
The three-month average daily balance calculation means it can take a little time for your status to update, especially if you've recently increased your balances. Bank of America reviews eligibility regularly, and you might receive a notification via mail or email once you qualify.
5.2. Contact Bank of America Customer Service
This is always a reliable option. They can directly look up your eligibility and tell you your status.
- Preferred Rewards Dedicated Line: If you're looking for the Preferred Rewards specific line, you might find it on their official Preferred Rewards page or within your online banking. The main Preferred Rewards service line is 888.888.7937.
- General Customer Service: You can also call the general Bank of America customer service line at 800.432.1000. Be prepared to verify your identity.
- Visit a Financial Center: For a face-to-face discussion, you can visit your nearest Bank of America financial center. A banking specialist can assist you.
When you contact them, clearly state your purpose: "I'd like to inquire about my Bank of America Preferred Rewards eligibility and current status."
Frequently Asked Questions (FAQs) - How to...
Here are 10 common "How to" questions related to Bank of America Preferred Rewards, along with quick answers:
How to check my current Bank of America Preferred Rewards tier?
Log in to your Bank of America online banking or mobile app and look for the "My Rewards" section or a banner indicating your Preferred Rewards status on your dashboard.
How to qualify for the Bank of America Preferred Rewards program?
Have an eligible Bank of America personal checking account and maintain a three-month combined average daily balance of $20,000 or more across your eligible Bank of America deposit and Merrill investment accounts.
How to increase my Preferred Rewards tier?
Increase your combined average daily balance across your eligible Bank of America and Merrill accounts to meet the threshold for the next tier (e.g., $50,000 for Platinum, $100,000 for Platinum Honors). The system automatically upgrades you once your 3-month average qualifies.
How to enroll in Bank of America Preferred Rewards?
If you meet the eligibility criteria (eligible checking account and $20,000+ combined balance), you are often automatically enrolled or invited to enroll. You can also enroll through online banking or by contacting customer service.
How to find out which accounts count towards my Preferred Rewards balance?
Eligible accounts include Bank of America checking, savings, money market, CDs, IRAs, and Merrill investment accounts (including IRAs, Cash Management Accounts, and 529 plans on your statement).
How to receive the credit card rewards bonus from Preferred Rewards?
The bonus is automatically applied to your eligible Bank of America credit card purchases once you are an enrolled Preferred Rewards member and your card is linked.
How to contact Bank of America Preferred Rewards customer service?
You can call the dedicated Preferred Rewards line at 888.888.7937 or the general Bank of America customer service line at 800.432.1000.
How to know if my small business accounts qualify for Preferred Rewards?
Bank of America has a separate "Preferred Rewards for Business" program. Eligibility for business accounts requires an active, eligible Bank of America business checking account and a three-month combined average daily balance of $20,000 or more in qualifying business deposit and/or Merrill business investment accounts.
How to maintain my Preferred Rewards membership?
Once you qualify, you generally keep your benefits for 12 months. After that, Bank of America re-evaluates your average daily balance. If it falls below your current tier's threshold, you typically have a grace period to bring it back up.
How to utilize my Preferred Rewards benefits effectively?
Actively use your eligible Bank of America credit cards for purchases to maximize rewards, consider Bank of America for new loans to take advantage of rate discounts, and review your savings account to see the boosted interest rates.
