Bank of America's Preferred Rewards program significantly boosts credit card rewards for banking and investment customers. The program offers enhanced points and cash back, with potential increases of 25% to 75% on qualifying credit cards.

Qualifying Requirements:

• Active Bank of America personal checking account
• Three-month average balance of $20,000+ in qualifying Bank of America/Merrill accounts

Program Tiers and Benefits:

• Gold ($20,000-$49,999): 25% boost
• Platinum ($50,000-$99,999): 50% boost
• Platinum Honors ($100,000-$999,999): 75% boost
• Diamond ($1,000,000-$9,999,999): 75% boost
• Diamond Honors ($10 million+): 75% boost

Benefits maintain for 15 months if balances drop below thresholds.

Eligible Credit Cards and Rewards Boosts:

Bank of America Travel Rewards:

• Base: 1.5 points per dollar
• Gold: 1.875 points
• Platinum: 2.25 points
• Platinum Honors/Diamond/Diamond Honors: 2.625 points

Bank of America Customized Cash Rewards:

• Base: 3% (choice category), 2% (grocery/wholesale), 1% (other)
• Gold: 3.75%, 2.5%, 1.25%
• Platinum: 4.5%, 3%, 1.5%
• Platinum Honors/Diamond/Diamond Honors: 5.25%, 3.5%, 1.75%

Bank of America Premium Rewards:

• Base: 2 points (travel/dining), 1.5 points (other)
• Gold: 2.5 points, 1.875 points
• Platinum: 3 points, 2.25 points
• Platinum Honors/Diamond/Diamond Honors: 3.5 points, 2.625 points

Bank of America Unlimited Cash Rewards:

• Base: 1.5% cash back
• Gold: 1.875%
• Platinum: 2.25%
• Platinum Honors/Diamond/Diamond Honors: 2.625%

Additional Program Benefits:

• Interest rate boosts on money market accounts
• No-fee ATM transactions
• Reduced mortgage origination fees
• Loan rate discounts

Consider comparing overall banking and investment offerings, as fees or lower savings rates might offset reward benefits. While credit card rewards shouldn't be the primary factor in choosing a bank, existing Bank of America customers should take advantage of these enhanced rewards.

Related Articles

Previous Articles