Hadrian / Shutterstock.com

Guide to Bank of America Preferred Rewards

BoA's Preferred Rewards program takes rewarding loyal customers above and beyond with perks galore

Summary

If you have a high-dollar Bank of America or Merrill investment account, you can unlock all kinds of savings through the Preferred Rewards program. And if you have a Bank of America rewards credit card, you can boost their earning potential.

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

Keeping a significant balance with a bank has its perks, but Bank of America takes rewarding loyal customers above and beyond with its Preferred Rewards program.

Through this program, account holders with large sums in Bank of America or Merrill investment accounts can unlock all kinds of savings – including better interest rates, discounts on auto loans and even a higher credit card rewards rate.

If you have a Bank of America credit card or bank with the issuer, understanding the Preferred Rewards program can help you take advantage of all the perks it has to offer.

What is Preferred Rewards?

Preferred Rewards is a program available to Bank of America and Merrill customers with large checking, savings and investment account balances. It’s designed to reward loyal users with discounts on fees, higher rewards rates and more.

Based on how much money you keep in your portfolio of Bank of America checking and savings accounts, or any Merrill investment accounts, you can qualify for different tiers of Preferred Rewards membership and unlock even better benefits.

This program is particularly valuable for Bank of America customers who also have a Bank of America rewards credit card, as they can boost their earning potential. Read on to learn more about Preferred Rewards perks and eligibility requirements.

Enrollment requirements

To qualify for Preferred Rewards, you must have a minimum of $20,000 across Bank of America and Merrill accounts. You have to maintain a daily average of that balance, combined between all your Bank of America or Merrill accounts, for at least three months to qualify.

Once you’ve achieved the required balance, you can simply enroll, and you won’t pay any fees. And depending on your average balance, you’ll automatically qualify for the corresponding status in the program.

You maintain your status for 12 months – even if your average balance dips below the requirements in that period. If within the 12 months, you qualify for a higher tier, you’ll be automatically upgraded. In case your average balance decreases to that of a lower tier, you’ll have a three-month grace period after the 12 months before you’re automatically moved to a lower tier or no longer qualify for Preferred Rewards.

Preferred Rewards tierBalance requirement
Gold$20,000 to $50,000
Platinum$50,000 to $100,000
Platinum Honors$100,000+
Diamond$1,000,000+
Diamond Honors$10,000,000+

Credit card benefits

Preferred Rewards membership comes with a bevy of great perks for Bank of America customers (which we’ll dive into later), but perhaps the most valuable among those are offered to Bank of America Rewards cardholders.

If you qualify for a Preferred Rewards tier and carry a Bank of America credit card, you might be eligible to boost the rewards you earn – up to 75% more points or cash back.

Preferred Rewards tierPoints boost
Gold25%
Platinum50%
Platinum Honors75%
Diamond75%
Diamond Honors75%

Here is how being a Preferred Rewards member could level up your rewards earnings with the eligible credit card.

Bank of America Customized Cash Rewards credit card

With valuable, customizable rewards categories, the Bank of America® Customized Cash Rewards credit card offers both simplicity and flexibility. Choose your 3% cash back category from six options: gas, online shopping, dining, travel, drugstores, or home improvements and furnishings. You’ll also earn 2% cash back on grocery store and wholesale club purchases. However, keep in mind that there is a $2,500 combined spend limit on 2% and 3% categories each quarter (then it’s 1% cash back).

Here’s what your cash back rates could be as a Preferred Rewards member.

Preferred Rewards tierRewards boostChoice category cash back rateGrocery store/wholesale club cash back rateOther
Not a Preferred Rewards memberNone3%2%1%
Gold25%3.75%2.5%1.25%
Platinum50%4.5%3%1.5%
Platinum Honors75%5.25%3.5%1.75%
Diamond75%5.25%3.5%1.75%
Diamond Honors75%5.25%3.5%1.75%

Bank of America Unlimited Cash Rewards credit card

The Bank of America® Unlimited Cash Rewards credit card is pretty straightforward card, earning a flat 1.5% cash back on all your purchases. You can also earn a $200 online cash rewards bonus after spending $1,000 in the first 90 days – and you won’t pay an annual fee.

It’s true that 1.5% cash back cards used to be the industry standard among flat-rate cash back cards, but nowadays it’s more common to score a card that offers up to 2% cash back on all your purchases. And Preferred Rewards members can surpass this rate if you have a qualifying account balance with Bank of America.

Preferred Rewards tierRewards boost Cash back rate 
Not a Preferred Rewards memberNone1.5%
Gold25%1.875%
Platinum50%2.25%
Platinum Honors75%2.625%
Diamond75%2.625%
Diamond Honors75%2.625%

Bank of America Travel Rewards credit card

Travel credit cards can be tricky, but the Bank of America® Travel Rewards credit card is wonderfully easy. Cardholders earn an unlimited 1.5X points and can redeem those points for any travel purchase within the last 12 months, allowing you to use your rewards on third-party travel sites. Since you earn points on all purchases, this is a great everyday card for aspirational travelers.

Here are what your earnings could look like as a Preferred Rewards member:

Preferred Rewards tierPoints boostPoints per $1 spent
Not a Preferred Rewards memberNone1.5
Gold25%1.875
Platinum50%2.25
Platinum Honors75%2.625
Diamond75%2.625
Diamond Honors75%2.625

Bank of America Premium Rewards credit card

More frequent travelers may prefer the Bank of America® Premium Rewards® credit card over the Bank of America Travel Rewards card. Though it comes with a $95 annual fee, you’ll earn 2X points on travel and dining purchases, in addition to 1.5X points on general purchases.

Here’s what that rate could look like for Preferred Rewards members.

Preferred Rewards tierPoints boostPoints per $1 spent on travel and diningPoints per $1 spent on general purchases
Not a Preferred Rewards memberNone21.5
Gold25%2.51.875
Platinum50%32.25
Platinum Honors75%3.52.625
Diamond75%3.52.625
Diamond Honors75%3.52.625

Other benefits

Beyond a higher rewards rate, Preferred Rewards customers can enjoy plenty of other benefits as they advance through tiers.

Preferred Rewards tierBenefits
Gold
  • 5% interest rate boost on eligible savings accounts
  • 0.05% fee discount on Merrill Guided Investing
  • $200 discount on origination fee for mortgages
  • 0.25% discount on auto loan interest rates
Platinum
  • 10% interest rate boost on eligible savings accounts
  • Up to 12 transactions per year at a non-Bank of America ATM (in the U.S.) for no fee
  • 0.10% fee discount on Merrill Guided Investing
  • $400 discount on origination fee for mortgages
  • 0.35% discount on auto loan interest rates
Platinum Honors
  • 20% interest rate boost on eligible savings accounts
  • Unlimited transactions at non-Bank of America ATMs (in the U.S.) for no fee
  • 0.15% fee discount on Merrill Guided Investing
  • $600 discount on origination fee for mortgages
  • 0.50% discount on auto loan interest rates
Diamond
  • 20% interest rate boost on eligible savings accounts
  • Unlimited transactions at non-Bank of America ATMs (in the U.S. and internationally) for no fee
  • 0.15% fee discount on Merrill Guided Investing
  • 0.250% interest rate discount on origination fee for mortgages (must establish PayPlan)
  • 0.50% discount on auto loan interest rates
Diamond Honors
  • 20% interest rate boost on eligible savings accounts
  • Unlimited transactions at non-Bank of America ATMs (in the U.S. and internationally) for no fee
  • 0.15% fee discount on Merrill Guided Investing
  • 0.375% interest rate discount on origination fee for mortgages (must establish PayPlan)
  • 0.50% discount on auto loan interest rates

While these perks don’t show as much immediate value as a boost on a credit card rewards rate, benefits like a higher interest rate on your savings account can save you significant money in the long run.

Bottom line

If you have a Bank of America credit card the Preferred Rewards program offers a unique opportunity to maximize your rewards potential. As you build up your balance in Bank of America or Merrill accounts, you’ll advance through tiers that let you earn even more from your rewards cards. Plus, you’ll enjoy discounts on the bank’s other products, such as mortgages and auto loans.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Credit Card Rate Report
Reward
16.39%
Student
17.07%
Airline
16.04%
Business
14.62%
Cash Back
16.51%

Questions or comments?

Contact us

Editorial corrections policies

Learn more