Bank of America Introduces Preferred Rewards Program - Card Issuers News


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Credit Card Applications » News » Card Issuers » Bank of America Introduces Preferred Rewards Program

Bank of America Introduces Preferred Rewards Program

The content is accurate at the time of publication and is subject to change.

Customers at Bank of America now have an incentive to keep more of their money with the bank.

Bank of America’s new Preferred Rewards program is open to people who keep a combined balance of at least $20,000 across their Bank of America checking and savings accounts and their Merrill Edge investment accounts. Customers’ average three-month balance between all accounts will be used to determine eligibility for the program. There are three levels of Preferred Rewards membership: Gold, Platinum and Platinum Honors.

The program is free of charge, and replaces the bank’s existing Platinum Privileges program. When customers enroll in Preferred Rewards, their Platinum Privileges benefits will shift over to the new program.

More people get a chance to participate in the loyalty program

The Platinum Privileges program’s minimum balance requirement of $50,000 was out of reach for many Bank of America customers, prompting the company to create this new loyalty program, which is accessible to more of their customers.

Preferred Rewards was piloted in five states and was well received. The national rollout of the program will happen in four waves, between June and September. The first nine states to get Preferred Rewards are Arkansas, Iowa, Maine, Massachusetts, New Hampshire, New Mexico, Oklahoma, Rhode Island and Texas.

Benefits of Preferred Rewards membership

For those who maintain the three-month average minimum balance of $20,000 there are several perks, including extra cash back or rewards points on eligible Bank of America credit cards. Other benefits include fee waivers for non-Bank of America ATMs and other fee-based services, a dedicated customer service team that gives priority to Preferred Rewards members and higher interest rates on Rewards Money Market Savings accounts.

Membership benefits increase with each level of membership. Minimum balances for Gold, Platinum and Platinum Honors were not disclosed and may vary from state to state; customers should check with their banks to find out their policy. Average balances will be reviewed monthly to ensure minimum balances for program participation are met, and to offer higher-tier memberships to those who qualify.

Other benefits of Preferred Rewards:

  • Discounts on home equity interest rates

  • Credits for purchasing a mortgage or refinancing a loan ($200 credit for Gold members, $400 for Platinum and $600 for Platinum Honors)

  • $0 equity trades with Merrill Edge online equity and Exchange-Traded Funds trades.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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