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If you're open to using Bank of America as your main financial institution, you could get exclusive benefits through its rewards program. The Bank of America Preferred Rewards program is the bank's way of giving more to its loyal customers. It offers perks with many of the financial products Bank of America offers, such as credit card reward bonuses and lower loan costs.
Access to the program is based on your account balances with Bank of America and Merrill. It's a tiered program, so the benefits get better for clients with higher average balances. Keep reading for all the details on Bank of America Preferred Rewards.
What is Bank of America Preferred Rewards?
Bank of America Preferred Rewards is the bank's rewards program for clients who meet minimum balance requirements. Enrollment is available once you have a three-month combined average daily balance of $20,000 across eligible accounts.
Preferred Rewards benefits cover quite a few of the financial products available through Bank of America. You can get bonus credit card rewards, reduced investing and loan fees, and much more.
The value of the Preferred Rewards program depends on whether you plan to use Bank of America's products and services. If you do and you have the required assets, then it makes sense to deposit them with Bank of America and become a Preferred Rewards member. Bonus credit card rewards are an especially valuable perk. Even among the best credit cards, it's hard to find any that match what you can earn with Bank of America Preferred Rewards.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Good/Excellent (670-850)
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Good/Excellent (670-850)
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Good/Excellent (670-850)
Welcome Offer:
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
$200 cash back
Welcome Offer:
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
25,000 points
Welcome Offer:
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
$200 cash back
Rewards Program:
3% cash back in the category of your choice, 2% at at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, 1% on all other purchases.
1% - 3% cash back
Rewards Program:
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.
1.5 points per dollar
Rewards Program:
3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, and 1% on all other purchases.
1% - 3% cash back
Intro APR:
0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.49% - 28.49% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Intro APR:
0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.49% - 28.49% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Intro APR:
0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.49% - 28.49% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Regular APR:
18.49% - 28.49% (Variable)
Regular APR:
18.49% - 28.49% (Variable)
Regular APR:
18.49% - 28.49% (Variable)
Annual Fee:
$0
Annual Fee:
$0
Annual Fee:
$0
Highlights:
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
No annual fee and cash rewards don’t expire as long as your account remains open.
0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.49% - 28.49% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Highlights:
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire as long as your account remains open.
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.49% - 28.49% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Highlights:
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
No annual fee and cash rewards don’t expire as long as your account remains open.
0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.49% - 28.49% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. Access your FICO® Score for free within Online Banking or your Mobile Banking app.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
How does Bank of America's Preferred Rewards program work?
The option to enroll in Bank of America Preferred Rewards is available in your online banking account when you meet the balance requirements. Upon enrollment, Bank of America puts you in the appropriate Preferred Rewards tier based on your balances. You then receive the Preferred Rewards benefits for that tier. There are five tiers in the Preferred Rewards program, each with their own qualifying balances:
Gold: $20,000 to $49,999.99
Platinum: $50,000 to $99,999.99
Platinum Honors: $100,000 to $999,999.99
Diamond: $1 million to $9,999,999.99
Diamond Honors: $10 million and up
Your tier is based on your three-month combined average daily balance in eligible accounts. You can move up from one Preferred Rewards tier to the next by increasing your account balances. Once your three-month combined average daily balance is high enough for the next tier, Bank of America will upgrade you.
If your balances decrease, you keep your Preferred Rewards status for one year plus a three-month grace period. After the grace period ends, Bank of America will see whether you meet balance requirements for your previous Preferred Rewards status. If not, you'll either be moved to a lower tier or lose Preferred Rewards benefits.
How do you qualify for the Preferred Rewards program?
To qualify for the Preferred Rewards program, there are two requirements:
You must have an eligible Bank of America personal checking account.
You must have a three-month combined average daily balance of at least $20,000 in your eligible Bank of America accounts.
Here are eligible types of accounts that count towards the Bank of America Preferred Rewards program:
Checking accounts
Savings accounts
Money market accounts
Certificates of deposit (CDs)
Individual retirement accounts (IRAs)
Merrill® investment accounts
529 plans
In addition, revocable grantor trust accounts with Bank of America are also eligible.
You need to be the owner or co-owner on the account for its balance to qualify. Business accounts don't qualify for this program. There is, however, a Bank of America Preferred Rewards for Business program.
Benefits of the Preferred Rewards program
Here are the benefits for each tier of the Bank of America Preferred Rewards program:
Benefit
Gold
Platinum
Platinum Honors
Diamond
Diamond Honors
Savings account interest rate booster
5%
10%
20%
20%
20%
Credit card rewards bonus
25%
50%
75%
75%
75%
No-fee transactions at non-Bank of America ATMs
0
Up to 12 per year
Unlimited
Unlimited
Unlimited
Merrill Guided Investing program fee discount
0.05%
0.10%
0.15%
0.15%
0.15%
Reduction in mortgage origination fee or interest rate
$200
$400
$600
0.250% interest rate reduction with PayPlan established
0.375% interest rate reduction with PayPlan established
Home equity interest rate discount
0.125%
0.250%
0.375%
0.625%
0.750%
Auto loan interest rate discount
0.25%
0.35%
0.50%
0.50%
0.50%
Select banking services
No fees
No fees
No fees
No fees
No fees
Foreign currency exchange rate discount
1%
1.5%
2%
2%
2%
No international transaction fees or ATM fees
N/A
N/A
N/A
Unlimited
Unlimited
Lifestyle benefits
N/A
N/A
N/A
Exclusive access to experiences and offers
Exclusive access to experiences and offers
Data source: Bank of America.
To better explain how these benefits work, let's take a closer look at each one.
Savings account interest rate booster
You receive a higher interest rate on a Bank of America Advantage Savings account. Keep in mind that even with a boost, Bank of America offers much lower interest rates than you could get from a high-yield savings account with an online bank.
Credit card rewards bonus
Eligible Bank of America rewards credit cards earn bonus rewards on purchases. Most Bank of America consumer credit cards are eligible, including its top cash reward and travel credit cards. If you're looking for a Bank of America card, comparing credit card offers is a good way to find the right one.
No-fee transactions at non-Bank of America ATMs
This benefit applies to U.S. ATMs and applies to withdrawals, balance inquiries, and balance transfers. The ATM fee waiver isn't available with the Gold tier.
Merrill Guided Investing program fee discount
You receive a discount on Merrill Guided Investing, which offers professionally managed portfolios and requires a $1,000 minimum investment. If you want to use Merrill Guided Investing with an advisor, the minimum investment is $20,000.
Reduction in mortgage origination fee
You save on mortgage origination fees when closing on a new Bank of America purchase or refinance mortgage. The reduction is a cash savings with the Gold, Platinum, and Platinum Honors tiers. It's an interest rate reduction with the Diamond and Diamond Honors tiers. With those two tiers, you also must enroll in PayPlan, Bank of America's automatic payment service, to receive the reduction.
Home equity interest rate discount
You get a discount on the interest rate when opening a new home equity line of credit (HELOC).
Auto loan interest rate discount
You get a discount on the interest rate of a new Bank of America auto purchase or refinance loan.
No fees on select banking services
Preferred Rewards clients receive no-fee banking services, which include:
Monthly maintenance fees are waived on eligible Bank of America checking and savings accounts, for up to four accounts for Gold, Platinum, and Platinum Honors tiers, and an unlimited number of accounts for Diamond and Diamond Honors tiers
ATM/debit card rush fees are waived for all Preferred Rewards clients
Non-Bank of America ATM fees are waived for withdrawals, transfers, and balance inquiries at Platinum tier and above, up to a maximum of one per statement cycle for Platinum clients and unlimited for Platinum Honors and above
Incoming wire transfer fees are waived for Platinum tier and above, and outgoing wire transfer fees are waived (up to two per statement cycle) for Diamond and Diamond Honors tiers
Check image service fee and stop payment fee is waived for all Preferred Rewards clients
Small safe deposit box is available for Platinum tier and above
Foreign currency exchange rate discount
Every Preferred Rewards client receives a discount on foreign currency exchanges. Discount amounts are 1% for Gold, 1.5% for Platinum, and 2% for Platinum Honors and above. The discount only applies to mobile and online orders, and it includes free standard shipping.
No international transaction fees or ATM fees
Diamond and Diamond Honors clients receive international travel benefits in the form of no international transaction fees or ATM fees.
Lifestyle benefits
Diamond and Diamond Honors clients get exclusive access to unique experiences and premium offers. There's a wide variety of special offers available through this benefit. A few examples include tours of travel destinations, discounts on luxury merchandise, and tickets to popular events.
Credit card comparison
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Best for cash back on rotating categories
Discover will match all the cash back you’ve earned at the end of your first year.
1% - 5% Cashback
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.
Intro:
Purchases: 0%, 15 months
Balance Transfers: 0%, 15 months
Regular:18.49% - 27.49% Variable APR *Rates as of December 12, 2024.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Best for cash rewards on everyday spending
$200 cash rewards
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
2% cash rewards
Earn unlimited 2% cash rewards on purchases.
Intro:
0% intro APR for 12 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 12 months from account opening
Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Best for unlimited rewards on purchases
25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
1.5 points per dollar
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.
Intro:
0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.49% - 28.49% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
How to enroll in Bank of America's Preferred Rewards program
To enroll in the Bank of America Preferred Rewards program, deposit at least $20,000 across eligible Bank of America and Merrill Lynch accounts. Maintain an average combined daily balance of $20,000 or more for three months.
Once you qualify for the Preferred Rewards program, the enrollment option is available when you sign in to your online banking account. Choose to enroll, and Bank of America will put you in the program at the appropriate tier.
Bank of America Preferred Rewards is a rewards program offering exclusive benefits across its financial services. The program is available to clients with a combined average daily balance of at least $20,000 in eligible Bank of America bank accounts and Merrill investment accounts.
Bank of America gives you the option to enroll in the Preferred Rewards program when you meet the balance requirements. Once you enroll through your online banking account, you automatically receive Preferred Rewards benefits.
To qualify for the Preferred Rewards program, you must have a combined daily average balance of at least $20,000 in eligible accounts for three months. Eligible accounts are Bank of America bank accounts and Merrill investment accounts. Once you're eligible, the option to enroll in Preferred Rewards will be available in your online Bank of America account.
The Preferred Rewards program offers a wide range of benefits across Bank of America's financial services, including:
Rewards bonus on eligible Bank of America credit cards
Interest rate boost on a Bank of America Advantage savings account
No-fee transactions at non-Bank of America ATMs
Merrill Guided Investing program fee discount
Mortgage origination fee reduction on a new purchase or refinance mortgage
Auto loan interest rate discount
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Bank of America is an advertising partner of Motley Fool Money. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bank of America and Target. The Motley Fool has a disclosure policy.
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