How do I become a Bank of America Preferred rewards member?

If you use Bank of America frequently then joining the rewards program is not that much of a hassle. There are no fees to join the program, all you need is a Bank of America checking account and a 3-month average combined balances of $20,000 in qualifying Bank of America or Merrill Lynch Accounts. You can apply for the program directly through the Bank of America’s Online Banking service. If you fit these criteria, you should sign up and take advantage of the many benefits. 

What is The Bank of America Preferred Rewards Program?

The Bank of America Preferred Rewards Program offers benefits and rewards on your daily banking. As your qualifying Bank of America accounts grow so does your benefits. There are 3 tiers in the program, Gold, Platinum, and Platinum Honors. What tier you are in is based upon your qualifying combined balances in your Bank of America accounts. Each tier comes with bigger rewards and benefits that can help you make and save money on your banking.

Benefits

The first tier of this rewards program is the Gold Level. You must have a three-month average combined a balance of $20,000 to $50,000 and it comes with many banking and investment benefits. You can get a 5% interest rate booster on your savings account, 25% rewards bonus increase on eligible Bank of America Credit Cards, and many other investment account benefits such as a .05% fee discount, mortgage, home equity, and auto loan discounts. 

The second tier is the platinum level which required $50,000 to $100,000 average combined balances. This tier gives you a 10% interest rate booster on savings accounts, a 50% rewards bonus on eligible Bank of America credit cards, and a .10% fee discount on your Merrill Lynch Investment account. Also, increased discounts for your mortgage, home equity, and auto loan fees. 

The highest tier is Platinum Honors which requires $100,000+ of average combined balances in your account. Your interest rate boost goes up to 20% with a 75% rewards bonus on eligible Bank of America credit cards. All other savings increase as well making it a good add on for anyone who has that amount in combined balances anyway.

How do I stay enrolled?

You will stay a member of the program for 12 months after your enrollment. If after 12 months you no longer meet the balance requirements, you will have a three month grace period to increase your balances. If after that you do not meet the requirements, then you will either move down to a lower tier or lose your rewards program status. 

Takeaways

It is easy to sign up for this program as long as you meet the requirements set by Bank of America. If you do qualify there are many benefits to reap which allows you to save more money on your purchases and accumulate higher levels of interest. However, it is important to consider that higher fees and expenses on some other products could reduce the number of bonus rewards you receive. Overall, if you are a Bank of America member and fall into this category you definitely should take advantage of this rewards program.