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If you’ve stashed at least $20,000 with Bank of America, it may be worth it to enroll in the Preferred Rewards loyalty program. It has three tiers — Gold, Platinum and Platinum Honors — and opens up opportunities to invest and earn rewards on your everyday banking. But while the perks are solid, you could find better interest rates elsewhere.
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Review by
Cassidy Horton is a freelance personal finance copywriter and past contributing writer for Finder. Her writing and banking expertise have been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University.
If you meet the requirements, you could enroll and reap the wide-ranging rewards of the Preferred Rewards program. The program is most lucrative for high-balance customers who can qualify for Platinum Honors and score the 20% savings boost and 75% bonus on credit card earnings.
However, not all cards qualify, and you may find the eligibility criteria to be too stringent to get in. You may also be able to find better interest rates with other institutions, though the additional features might not be quite as extensive.
The Preferred Rewards program offers attractive perks to existing BOA and Merrill Edge customers with at least $20,000 in combined account balances. If you qualify, you can immediately enroll and start taking advantage of its benefits. Plus, the more you save, the more perks you unlock.
Tier | Required balance | Benefits |
---|---|---|
Gold | $20,000 |
|
Platinum | $50,000 |
|
Platinum Honors | $100,000 |
|
The loyalty program boasts these benefits:
The Preferred Rewards program does have a few drawbacks:
If you’re not interested in the Preferred Rewards Program or simply want to see what else is available, compare rewards checking accounts to find the best fit for your financial situation.
Sarah George
Writer
The benefits I get with this account depend on whether I’m a Gold, Platinum or Platinum Honors member.
First, I enjoy a 25% rewards bonus on my credit card, which is 15% more than the standard bonus. I love using my card for regular purchases, and I’ve received hundreds in cash back because of it. Second is the no-fees benefit, which means I don’t get charged for card replacement, check orders or cashier’s checks.
A few downsides, though: the maintenance fee waiver doesn’t really benefit members, because they have enough money to cover account requirements anyway. I haven’t needed the auto loan or home equity discounts yet. Without doing much research, these discounts seem small.
I also get an increased savings account APY, but Bank of America‘s is below average for that. So the best features for me are the cashback bonus and fee waivers, plus you get a priority customer service phone number.
Read up on the Bank of America Keep the Change Savings Program
If you have $20,000 or more in your Bank of America checking or Merrill Lynch or Merrill Edge investment accounts, you can enroll online. These are the steps:
To qualify for the Bank of America Preferred Rewards program, you’ll need:
Preferred Rewards is linked to your personal checking account with these options:
Only rewards-branded cards qualify. These include:
To chat with a specialist, call 888-888-7937, Monday to Friday from 8 a.m. to 11 p.m. and Saturday and Sunday from 8 a.m. to 8 p.m. ET.
Bank of America Preferred Rewards Gold is not currently available on Finder
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