Unlock More Rewards with BofA Preferred Rewards Program

The BofA Preferred Rewards program is a game-changer for those who bank with Bank of America. By earning rewards points on your debit card purchases, you can redeem for cash back, gift cards, or travel.

To unlock more rewards, you'll need to meet the program's requirements, which include maintaining a minimum balance in your Bank of America accounts. This typically ranges from $10,000 to $100,000, depending on your tier level.

For example, if you're a Gold tier member, you'll need to keep a balance of at least $10,000 in your Bank of America accounts to earn 25% rewards on your debit card purchases.

Discover more: What Does Cash Back Mean on a Debit Card

The Bank of America Preferred Rewards program is a game-changer for those who want to boost their credit card rewards and get more from their banking relationship. To qualify, you need a Bank of America personal checking account and a three-month average balance of $20,000 or more in qualifying Bank of America accounts, including eligible Merrill investment accounts.

Discover more: Money Cash - Play Games & Earn

The program offers five tiers: Gold, Platinum, Platinum Honors, Diamond, and Diamond Honors. Your combined balances determine the tier you're in, and the tier determines how much of a boost you get in your credit card rewards. To give you an idea of the balance requirements, here's a breakdown of the tiers:

Once you reach a rewards tier, you can keep the program benefits for a total of 15 months if your balances drop below the thresholds. This program offers more than just extra credit card rewards – you can also get interest-rate boosts on money market accounts, no-fee ATM transactions, reduced mortgage origination fees, and loan rate discounts.

To qualify for the Bank of America Preferred Rewards program, you'll need to have a minimum deposit amount in your eligible accounts, which can include Bank of America Advantage Banking, savings, money market savings, CDs, and IRAs, as well as Merrill investment accounts and 529 college savings accounts.

The main requirement is a checking account with Bank of America, and your average combined daily balance in eligible accounts over a three-month period must be at least $20,000. This balance will be regularly counted by the system, so you'll be automatically upgraded to the next tier when you qualify.

You'll be invited to join the program once you meet the requirements, and there's no need to worry about losing status due to market fluctuations or withdrawals – your benefits are good for one year.

The program is free to join, and the benefits you receive will depend on your tier, which is determined by your average daily balance over the past three months. Here are the four Preferred Rewards tiers and the corresponding balance requirements:

Note that new customers depositing a minimum of $20,000 across Bank of America accounts will have to wait at least three months to take advantage of the Preferred Rewards program.

The Bank of America Preferred Rewards program has several components and levels that determine the benefits you receive. The program is tiered, with different levels based on your average daily balance over the past three months.

There are five tiers in total, ranging from Gold to Diamond Honors. To qualify for the Gold tier, you'll need to have a minimum three-month average balance of $20,000.

Here's a breakdown of the different tiers and their corresponding benefits:

The higher your tier, the more benefits you'll receive, including higher rewards bonuses, interest rate boosts, and fee discounts.

To be eligible for the Diamond Honors tier, you need a combined three-month average balance of at least $10 million.

This tier is reserved for businesses with substantial assets, requiring a significant balance to qualify.

Diamond Honors tier members receive a 20 percent interest rate boost on Bank of America savings account balances.

This interest rate boost can be a valuable perk for businesses looking to maximize their savings.

At the Diamond Honors reward level, businesses can enjoy a 0.750 percent interest rate discount on a home equity line of credit.

This discount can help businesses save on interest payments and allocate resources more efficiently.

Businesses can also benefit from a mortgage origination interest rate reduction of 0.375 percent, if a PayPlan is established.

This reduction can lead to significant savings on mortgage payments over time.

The auto-loan interest rate discount at this tier is also 0.50 percent, providing businesses with another opportunity to save on interest payments.

The Bank of America Preferred Rewards program has multiple levels, each with its own set of benefits and requirements. The program offers four tiers: Gold, Platinum, Platinum Honors, and Diamond.

The main requirement to join the program is a minimum deposit amount for each tier, and members must also have a checking account with Bank of America. Funds that count toward the minimum deposit requirements can be kept in various account types, including Bank of America Advantage Banking, savings, and CDs.

Discover more: Cashback Reward Program

To achieve Gold status, you'll need a three-month average combined balance of $20,000 to $50,000 in your Bank of America banking and/or Merrill investment accounts. This tier offers benefits such as a 25% rewards bonus on eligible Bank of America credit cards and a 5% interest rate savings booster on eligible savings accounts.

Here are the different tiers available to you:

The higher your balance, the higher the tier and the better your rewards. For example, Platinum Honors members get a 75% rewards bonus on their eligible Bank of America credit cards, while Diamond Honors members get unlimited no-fee ATM transactions per year at non-Bank of America ATMs in the US.

The Bank of America Preferred Rewards program has several components that make it a valuable offering for customers.

At its core, the program is based on tier levels, which are determined by a customer's average daily balance over the past three months.

To achieve Platinum status, you'll need a three-month average combined balance of $50,000 to $100,000 in your Bank of America accounts.

The program offers a range of benefits, including rewards bonuses, interest rate boosts, and fee discounts.

With Platinum status, members get a 50 percent rewards bonus on eligible Bank of America credit cards and one no-fee transaction at non-Bank of America ATMs per month.

To achieve Gold status, you'll need a three-month average combined balance of $20,000 to $50,000 in your Bank of America banking and/or Merrill investment accounts.

The program has four tiers: Gold, Platinum, Platinum Honors, and Diamond.

Here's a breakdown of the benefits for each tier:

The program also offers benefits on Bank of America credit cards, including the Bank of America Premium Rewards credit card and the Bank of America Customized Cash Rewards credit card.

Several popular Bank of America credit cards are eligible to earn bonus rewards through the program.

To earn rewards with Bank of America Preferred Rewards, you need to have a Bank of America credit card, as rewards credit cards under the Bank of America brand qualify for Preferred Rewards.

You can earn bonus rewards by using your eligible Bank of America credit card for as much spending and bills as possible, especially in bonus categories like travel and dining. The more purchases you charge to your card, the more you'll benefit from bonus rewards.

To maximize rewards, focus on spending in bonus categories, such as 3.5 points per dollar spent on travel and dining purchases if you have the Bank of America Premium Rewards credit card and Platinum Honors status. You can earn considerably more travel rewards or cash back on everything you buy all year long with a Bank of America credit card.

Here are the Bank of America credit cards eligible for Preferred Rewards, including cash back and travel cards, as well as secured and student credit cards:

A reward is essentially a benefit or incentive that you earn for doing something, like having a certain balance in your Bank of America account.

To be more specific, Bank of America Preferred Rewards offers rate discounts on various loan products, which can be a significant reward for eligible customers.

Waived fees are another type of reward that can save you money and hassle, as seen with Bank of America's loyalty program.

Program discounts are also a reward that can give you more value for your money, like with Bank of America's rewards credit cards.

Elevated earnings on rewards credit cards can be a substantial reward, especially if you use your credit card frequently.

Check this out: Bofa Discounts

To earn and maximize rewards with Bank of America, you need to understand how the Bank of America Preferred Rewards program works. This program offers bonus rewards that correlate directly with the amount you keep on deposit with the bank.

You can maximize the program by keeping opportunity costs in mind, comparing interest rates across different banks before moving large sums of money to Bank of America. This will help you avoid giving up high APY on your savings to earn more cash back or travel points.

Use your Bank of America credit card for all spending and bills to benefit from bonus rewards. The more purchases you can charge to your card, the more you'll earn. For example, if you have the Bank of America Premium Rewards credit card and Platinum Honors status, you could earn 3.5 points per dollar spent on travel and dining purchases.

To take your rewards balance to greater heights, focus on bonus rewards spending and make sure you're utilizing your card's bonus categories. The Bank of America Premium Rewards credit card, for instance, offers 2x points on travel and dining purchases and 1.5x points on other purchases.

Here's a breakdown of how the bonus rewards work for the Bank of America Premium Rewards credit card:

By earning more rewards, you can rack up points worth hundreds or even thousands of dollars. For example, with the Bank of America Premium Rewards credit card, you could earn 20,000 points worth $200 on travel and dining purchases, plus 24,000 points worth $240 on other purchases, for a total of $440. With the Preferred Rewards program, your rewards would grow to $550, $660, or $770, depending on your tier.

The Bank of America Preferred Rewards program offers some amazing benefits for travelers, and I'm excited to share them with you.

One of the most attractive benefits is the ability to earn points on all purchases, with the Bank of America Travel Rewards credit card giving you 1.5 points per dollar spent.

You can rack up some serious points, especially if you charge $1,000 per month on the card. Here's a breakdown of the annual rewards you can earn at different Preferred Rewards levels:

To give you an idea of the benefits, moving up the Preferred Rewards tiers can boost your rewards. For example, moving from the Gold tier to Platinum gets you a 50% rewards boost.

The Bank of America Preferred Rewards program is a great way to boost your credit card rewards, but it's essential to understand the program details to make the most of it. There are no fees to sign up, so if you already have a banking relationship with Bank of America and/or Merrill, it's worth discussing with bank staff.

To qualify for the program, you must have a checking account at the bank and a consistent average balance of at least $20,000. The program has four tiers: Gold, Platinum, Platinum Honors, and Diamond, each with increasing balance requirements: $20,000 to $50,000, $50,000 to $100,000, $100,000 to $1 million, and $1 million to $10 million, respectively.

The higher your balance, the higher your tier and the better your rewards. You can use the Bank of America Preferred Rewards calculator to see how much you could earn based on your own spending patterns and Preferred Rewards tier level.

To maximize the program, focus on bonus rewards spending and use your eligible Bank of America credit card for as much spending and bills as you can. This will help you earn more rewards through the program.

Here are the different tiers available to you, along with their corresponding balance requirements:

Keep in mind that the amount of cash back will depend on how much you charge to the card, and the program can significantly boost your rewards. Without Preferred Rewards, the card generates a respectable $960 in rewards, but with the program, the amount goes up to as high as $1,680, as calculated using Bank of America's handy calculator.