Maximizing Your Rewards: A Guide to the Bank of America Preferred Rewards Program

Understanding the Bank of America Preferred Rewards Program

The Bank of America Preferred Rewards Program is designed to reward customers for their loyalty and engagement with the bank’s services. This program is structured into three primary tiers: Gold, Platinum, and Platinum Honors. To become eligible for the Preferred Rewards Program, customers must maintain a minimum balance in their combined Bank of America and Merrill accounts. Specifically, a qualifying balance of at least $20,000 is required for Gold membership, $50,000 for Platinum, and $100,000 for Platinum Honors.

Each tier unlocks a variety of perks aimed at enriching the overall banking and investment experience. For instance, at the Gold level, members can earn 25% more cashback on eligible credit card purchases and have access to lower rates on mortgage and home equity products. The Platinum tier offers a more substantial increase, boasting 50% more cashback and enhanced interest rates on savings accounts and CDs. The top tier, Platinum Honors, provides an incredible 75% more cashback, further elevating the rewards for loyal customers.

Earning Cashback: The Investment Requirement

To take full advantage of the Bank of America Preferred Rewards Program, participants must meet a specific investment requirement: maintaining a balance of $100,000 or more with Merrill Edge. This threshold is essential for qualifying for the program's premier benefits, which include increased cashback rewards on credit card spending. By achieving this investment balance, members can enjoy a cashback rate of up to 2.625%, substantially enhancing their financial returns.

Maintaining the $100,000 requirement is crucial not just for earning higher cashback rates but also for maximizing the overall benefits of the Bank of America Preferred Rewards Program. I keep stocks and mutual funds that I do not plan on trading in my Merrill Edge account.

Get a Bonus for transferring over Investments to Merrill Edge:

You can get a $400 bonus for transferring $100k in assets or a $1000 bonus for transferring $250k in assets. I personally keep $150k in my Merrill Edge account to ensure I maintain my platinum honors status with Bank of America through my linked Checking account.

Here is the link to the transfer bonus:

https://resources.bankofamerica.com/email/render-resource/477bacada9494f71800e25444d9c8d5f

Which Bank of America Card to get:

I personally use the Bank of America Premium Rewards card. With my Preferred Rewards platinum status I get 3.5% cashback on Travel and Dining and 2.625% cashback on all other spend. There is no FX fee and the $95 annual fee is amortized through the $100 annual airline incidental credit.

The card currently has a 60,000 point sign-up offer ($600 value) after spending $4000 on the card in the first 90 days.

https://www.bankofamerica.com/credit-cards/products/premium-rewards-credit-card/?campaign=4076573~47~en_US

Please reach out if you have any additional questions on the Bank of America Preferred Rewards program

Disclaimer: The information provided here is for general educational purposes only. It should not be considered financial advice.