Getting rewarded for your banking relationship? Sounds great, right? Bank of America's Preferred Rewards program is designed to do just that, offering a wealth of benefits across your banking, credit, and even investing with Merrill. But how exactly do you unlock these perks? Let's dive in and find out, step-by-step!
Unlocking a World of Benefits: Your Guide to Bank of America Preferred Rewards
Are you ready to elevate your banking experience and enjoy exclusive advantages? The Bank of America Preferred Rewards program is a fantastic way to maximize your relationship with the bank and Merrill. From boosted credit card rewards to reduced loan rates and waived fees, these benefits can add up significantly. This comprehensive guide will walk you through everything you need to know, from eligibility to enjoying your well-deserved perks.
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| How To Get Bank Of America Preferred Rewards |
Step 1: Are You Ready to Get Rewarded? Let's Check Your Eligibility!
The very first question on your mind should be, "Can I even qualify for this program?" The good news is, it's generally straightforward. Bank of America Preferred Rewards is designed for clients who maintain a substantial relationship with the bank, primarily through their deposit and/or Merrill investment accounts.
Sub-heading: The Core Requirements
To be eligible for Preferred Rewards, you absolutely need two key things:
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An active, eligible Bank of America personal checking account. This is your foundational account within the program. If you don't have one, it's the first thing you'll need to set up.
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A three-month combined average daily balance of $20,000 or more. This is the critical financial threshold. This balance can be across your qualifying Bank of America deposit accounts (like checking, savings, money market accounts, CDs, and IRAs) AND/OR Merrill investment accounts (including IRAs, Cash Management Accounts, and 529 plans).
Think of it this way: Bank of America wants to reward you for keeping a significant portion of your financial life with them.
Sub-heading: What Counts Towards Your Balance?
It's important to understand what qualifies for that combined balance. Here's a breakdown:
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Bank of America Deposit Accounts:
- Checking accounts (personal, eligible accounts)
- Savings accounts (including Advantage Savings)
- Money Market Savings accounts
- Certificates of Deposit (CDs)
- Individual Retirement Accounts (IRAs) held at Bank of America
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Merrill Investment Accounts:
- Merrill Edge® and Merrill Lynch® investment accounts
- Cash Management Accounts
- 529 College Savings Plans (that appear on your Bank of America statement)
- Revocable grantor trust accounts
What about balances outside of Bank of America or Merrill? While those don't directly count towards the Preferred Rewards balance, if you have substantial assets elsewhere, consider consolidating them to meet the thresholds and unlock the benefits. Many people transfer IRAs or other investment accounts to Merrill for this very reason.
Step 2: Understanding the Tiers: Where Do You Fit In?
The Bank of America Preferred Rewards program isn't a one-size-fits-all. It's structured into multiple tiers, and the higher your combined average daily balance, the higher your tier and the more generous your benefits become.
Sub-heading: The Preferred Rewards Tiers
Here's a breakdown of the current tiers and their corresponding three-month combined average daily balance requirements:
QuickTip: Stop scrolling fast, start reading slow.
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Gold Tier: $20,000 to < $50,000
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Platinum Tier: $50,000 to < $100,000
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Platinum Honors Tier: $100,000 to < $1,000,000
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Diamond Tier: $1,000,000 to < $10,000,000
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Diamond Honors Tier: $10,000,000 or more
Keep in mind that these thresholds are based on a three-month combined average daily balance. This means a single large deposit won't immediately jump you to the next tier; your balance needs to be consistently high over a period.
Sub-heading: How Tier Upgrades Work
The great thing about Preferred Rewards is that upgrades are automatic! Bank of America reviews your three-month average daily balance every month. If your average balance reaches the minimum for the next tier, you'll automatically be upgraded. Benefits typically become active within 30 days of your enrollment or tier upgrade.
Step 3: Enrollment Made Easy: Taking the Plunge!
Once you've confirmed your eligibility and understand the tier structure, the next step is to officially enroll in the program.
Sub-heading: How to Enroll
Enrolling is usually a simple process:
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Online Banking is Your Go-To: The easiest way to enroll is by logging into your Bank of America Online Banking account. Look for a section related to "Preferred Rewards" or "My Rewards."
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Automatic Qualification (in some cases): If you already meet the balance requirements and have an eligible checking account, you might even be invited to enroll directly.
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No Fees to Join: This is a crucial point: there are no fees to join or participate in the Preferred Rewards program. It's purely a benefit for your existing banking relationship.
Don't have Online Banking set up yet? Now's the perfect time to do it! It's essential for managing your accounts and accessing program benefits.
Sub-heading: What Happens After Enrollment?
After you enroll, your benefits will generally become active within 30 days. Some benefits are automatically applied, while others might require you to take a specific action (like opening a particular savings account to get an interest rate boost).
Step 4: Enjoying the Benefits: Maximizing Your Rewards!
This is where all your efforts pay off! The benefits of Bank of America Preferred Rewards are diverse and can offer significant value depending on your financial habits.
Sub-heading: Credit Card Rewards Boosts
One of the most popular benefits is the rewards bonus on eligible Bank of America credit cards. This means your cash back or points earnings get a percentage boost based on your Preferred Rewards tier.
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Gold Tier: 25% rewards bonus
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Platinum Tier: 50% rewards bonus
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Platinum Honors, Diamond, and Diamond Honors Tiers: 75% rewards bonus
Example: If you have a Bank of America Customized Cash Rewards credit card and are in the Platinum Honors tier, a purchase that normally earns 3% cash back would now earn you 5.25% (3% base + 75% bonus). This can make a huge difference in your annual rewards!
Sub-heading: Banking Perks and Fee Waivers
Preferred Rewards members enjoy a range of fee waivers and banking advantages:
- Waived Monthly Maintenance Fees: For eligible checking and savings accounts (often up to four of each).
- No-Fee ATM Transactions: Depending on your tier, you can get free non-Bank of America ATM transactions within the U.S. and even internationally for higher tiers. This includes refunds of ATM operator fees.
- Overdraft Protection Transfer Fee Waived: One waived fee per billing cycle.
- Incoming International Wire Transfer Fees Waived: For Platinum tier and above.
- Small Safe Deposit Box: Free for Platinum and above members.
Sub-heading: Interest Rate Boosts on Savings
If you have a Bank of America Advantage Savings account, you can receive an interest rate boost based on your tier:
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Gold Tier: 5% interest rate boost
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Platinum Tier: 10% interest rate boost
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Platinum Honors, Diamond, and Diamond Honors Tiers: 20% interest rate boost
This can significantly increase the interest you earn on your savings over time.
Sub-heading: Lending Discounts
Looking to borrow? Preferred Rewards can save you money on loans:
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Mortgage Origination Fee Reduction: A dollar amount off your mortgage origination fee (e.g., $200 for Gold, $400 for Platinum, $600 for Platinum Honors). Diamond tiers may get an interest rate reduction.
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Auto Loan Interest Rate Discount: Get a percentage off your auto loan interest rate.
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Home Equity Line of Credit (HELOC) Interest Rate Discount: A percentage off your HELOC interest rate.
These discounts can translate to substantial savings over the life of your loan.
Sub-heading: Merrill Investment Benefits
Beyond the banking and credit card perks, there are also benefits for your Merrill investments:
- Merrill Guided Investing Annual Fee Discount: A percentage discount on the annual program fee for Merrill Guided Investing accounts.
- Exchange Rate Discounts: For online and mobile foreign currency orders.
Step 5: Maintaining Your Status: Staying in the Rewards Lane
Once you've achieved your Preferred Rewards tier, you generally get to keep those benefits for a full year. Bank of America reviews your program qualification annually.
Sub-heading: The Grace Period
If your combined balance temporarily falls below your tier's minimum requirement after that year, you typically have a three-month grace period to get your balance back up before you lose your Preferred Rewards benefits. This offers a bit of flexibility.
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Sub-heading: Strategies to Maintain Your Tier
- Regularly Monitor Your Balances: Keep an eye on your combined balances across Bank of America and Merrill accounts to ensure you're maintaining your desired tier.
- Consolidate Accounts: If you have funds spread across multiple institutions, consider bringing them under the Bank of America/Merrill umbrella to help maintain or even upgrade your tier.
- Utilize All Eligible Accounts: Make sure all your qualifying Bank of America deposit accounts and Merrill investment accounts are linked and being counted towards your combined balance.
Step 6: Staying Informed: Your Preferred Rewards Hub
Bank of America provides resources to help you manage and understand your Preferred Rewards.
Sub-heading: Online Resources
- Bank of America Website: The official Bank of America website has a dedicated Preferred Rewards section with detailed information on eligibility, benefits, and FAQs.
- Online Banking Portal: Log into your Online Banking account to view your current Preferred Rewards tier, track your benefits, and potentially see personalized offers.
Sub-heading: Customer Service
If you have specific questions or need assistance, don't hesitate to reach out to Bank of America customer service. They can help with enrollment, clarify benefits, and address any account-specific queries.
Frequently Asked Questions about Bank of America Preferred Rewards
Here are 10 common questions with quick answers to help you navigate the Bank of America Preferred Rewards program:
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 across your qualifying Bank of America deposit accounts and Merrill investment accounts.
How to Enroll in Bank of America Preferred Rewards?
The easiest way is to log into your Bank of America Online Banking account and look for the "Preferred Rewards" section to enroll. There are no fees to join.
How to Move Up to a Higher Preferred Rewards Tier?
Your tier automatically upgrades when your three-month combined average daily balance meets the requirement for the next tier. Bank of America reviews balances monthly.
QuickTip: Skim slowly, read deeply.
How to Get Credit Card Rewards Boosts with Preferred Rewards?
By being enrolled in Preferred Rewards, your eligible Bank of America credit cards will automatically receive a bonus on your earned cash back or points, ranging from 25% (Gold) to 75% (Platinum Honors, Diamond, Diamond Honors).
How to Get Waived Banking Fees with Preferred Rewards?
Preferred Rewards members typically get monthly maintenance fee waivers on eligible checking and savings accounts, along with other perks like no-fee ATM transactions, depending on their tier.
How to Get an Interest Rate Boost on Savings Accounts?
You need an eligible Bank of America Advantage Savings account and be enrolled in Preferred Rewards to receive an interest rate boost on your savings, with the percentage increasing by tier.
How to Get Loan Discounts with Bank of America Preferred Rewards?
Preferred Rewards members are eligible for discounts on mortgage origination fees, auto loan interest rates, and home equity line of credit (HELOC) interest rates.
How to Check My Current Preferred Rewards Tier?
You can check your current Preferred Rewards tier by logging into your Bank of America Online Banking account or the mobile banking app.
How to Maintain My Preferred Rewards Status?
Once you achieve a tier, you generally keep the benefits for a year. If your balance drops below the threshold, you'll typically have a three-month grace period to restore it.
How to Contact Bank of America Customer Service for Preferred Rewards?
You can find contact information on the Bank of America website under their "Contact Us" section, or look for specific numbers related to Preferred Rewards within your Online Banking portal.
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