Open doors to new horizons with Bank of America’s Preferred Rewards. This program offers a unique blend of benefits, inviting you to explore the world through financial advantages. Whether you are a frequent traveler or someone planning a dream getaway, this might be the key to more rewarding experiences.
This program is not just about banking. It ties together various aspects of your financial life, offering incentives for integrating your accounts with Bank of America and Merrill. The higher your combined assets, the better the benefits—turning everyday transactions into extraordinary opportunities.
Embark on Your Preferred Rewards Journey
To join the Preferred Rewards program, you need a Bank of America checking account and a $20,000 balance over three months. There are five reward tiers, from Gold to Diamond Honors, each offering different rewards based on your total assets. Even modest savers might find themselves climbing these tiers.
Navigating Through Reward Tiers
With diligent management, moving up the reward tiers is possible. You can ascend through the tiers as your average balance over three months grows. Meeting the balance for each level brings a year of rewards benefits, with a grace period if balances dip.
Once you hit a tier, enjoy its benefits for a year, even if your balance drops. After a year, a three-month grace period ensures you can attempt to meet the criteria again before losing your tier status.
Exploring the Benefits
Each tier of Preferred Rewards unlocks unique benefits. Gold members start with a 25% bonus on credit card rewards, climbing to 75% for Platinum Honors and above. The higher the tier, the more you save through better interest rates and reduced fees.
Mortgage perks are significant. Depending on your status, you could slash your origination fee or mortgage rate. For auto loans, a discount on interest rates awaits, which could mean substantial savings over time.
Free banking services come with membership. Enjoy waived ATM fees and no charges on various account maintenance activities, an exclusive perk for higher-tier members who travel frequently.
Rewarding Your Investments
Merrill investment fee discounts are part of the perks. Members gain reduced fees on guided investing services, which could translate into significant savings over time, enhancing your investment portfolio.
Consider the fee discount on Merrill Guided Investing, starting as low as $1,000. Even a small fee reduction accumulates, compounding your savings as your investments grow.
Foreign currency discounts ease overseas spending. Depending on your tier, enjoy a 1% to 2% discount, making international travel less taxing on your wallet.
Living the Lifestyle
Top-tier members enjoy exclusive lifestyle benefits. From travel and wellness to dining and events, Diamond and Diamond Honors members access curated experiences that enrich their lives.
Imagine indulging in a wellness retreat or a culinary journey through exclusive offers. These lifestyle perks are not just about spending less but enjoying more.
Maximizing Your Card Benefits
Maximize benefits by aligning credit card use with Preferred Rewards status. The Bank of America Premium Rewards card, for example, offers enhanced earnings on travel and dining, up to 3.5 points per dollar spent with a 75% bonus.
For those avoiding fees, the Travel Rewards card offers value. Earning 1.5 points per dollar, boosted to 2.625% with higher-tier status, makes it ideal for frequent travelers.
The Unlimited Cash Rewards card is simplicity at its finest. Earn a flat rate on purchases, with a 75% tier bonus enhancing value, making it perfect for those who want rewards without the fuss.
Cash Rewards Unveiled
Converting points to cash is straightforward. Use your online account to redeem points for cash deposits or statement credits, optimizing the value of your earnings.
Whether a small cashback or converting for a travel expense, the ease of redemption ensures you enjoy the benefits without hassle.
Thinking Beyond the Basics
The Preferred Rewards program demands consideration of your financial strategy. To fully benefit, align investments and banking to achieve higher tiers.
It’s not just about credit cards. Integrating savings, investments, and checking accounts with Bank of America could turn everyday transactions into rewarding opportunities.
Final Thoughts
Is Preferred Rewards right for you? If you’re near the Platinum Honors threshold, exploring this program could be beneficial, offering an alluring blend of rewards and financial advantages.
The Preferred Rewards program by Bank of America can unlock amazing travel experiences while saving money. By aligning your banking and investment habits, you unlock rewards, making every moment an adventure.
