Whereas it is fantastic to redeem your points and miles for travel preparations, equivalent to lodging and flights, there will be many different bills concerned in planning a visit, equivalent to automobile leases, prepare tickets, gasoline and campsite charges. Fortunately, utilizing cash-back rewards together together with your factors and miles can prevent much more cash in your subsequent trip.
With that in thoughts, let’s study the often-overlooked Bank of America Preferred Rewards® program. On prime of the straightforward banking advantages members can count on, consolidating your funds with Financial institution of America may also enhance your money again earnings with a few of the best Bank of America credit cards.
That is as a result of Financial institution of America designed its Most popular Rewards program to incentivize shoppers to maneuver their checking, financial savings, funding and retirement accounts to Financial institution of America and Merrill. The upper your steadiness of whole belongings with the financial institution, the extra perks you possibly can unlock, together with with its bank cards. Relying in your holdings and the kind of rewards you are trying to accumulate, it could be time to cease ignoring Financial institution of America Most popular Rewards.
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Financial institution of America Most popular Rewards Program overview
To begin, this is a normal overview of this system:
The right way to qualify for Financial institution of America’s Most popular Rewards Program
To qualify for the Financial institution of America Most popular Rewards program, you will need to have each of the next:
- An lively, eligible Financial institution of America checking account
- A 3-month mixed common every day steadiness of $20,000 or extra in qualifying Financial institution of America deposit accounts and/or Merrill funding accounts
There are 5 Most popular Rewards tiers. You will qualify for every based mostly in your mixed common every day steadiness:
- Gold: $20,000 or extra in whole belongings
- Platinum: $50,000 or extra in whole belongings
- Platinum Honors: $100,000 or extra in whole belongings
- Diamond: $1,000,000 or extra in whole belongings
- Diamond Honors: $10,000,000 or extra in whole belongings
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Whereas not exorbitant, even the bottom degree requires some fairly excessive figures. However do not throw within the towel right away. If in case you have an emergency fund, a vacation account, a financial savings account and a checking account, combining all these balances might qualify you for a Most popular Rewards tier. When you add in funding accounts, equivalent to IRAs, you might even discover that the Platinum or Platinum Honors tiers are inside attain.
Your steadiness does not must originate with Merrill or Financial institution of America to rely towards every threshold. You’ll be able to roll present IRAs and funding accounts over to Merrill or Financial institution of America and instantly use these balances to start establishing a three-month common to spice up your tier. After all, you may have to think about different issues like account administration charges and accessible funding choices to determine whether or not doing so is an effective choice.
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The right way to transfer amongst Most popular Rewards tiers
You’ll be able to rise from one rung to the subsequent any month after your common every day steadiness for the three earlier months reaches the brink for the next tier. When you attain a particular standing degree, you will not must hold all of your money within the Financial institution of America basket.
As an alternative, you may keep your Most popular Rewards tier standing for a full 12 months. In case you now not meet the qualification necessities after that 12 months, you could have a three-month grace interval to take action. In case you nonetheless do not meet the factors after the three-month grace interval, you may both be moved to a decrease tier or fully lose your Most popular Rewards advantages.
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Advantages of Financial institution of America’s Most popular Rewards Program
Here is a chart of the 5 Most popular Rewards tiers, together with the related advantages of every:
| Profit | Gold | Platinum | Platinum Honors | Diamond | Diamond Honors |
|---|---|---|---|---|---|
| Bank card rewards bonus | 25% | 50% | 75% | 75% | 75% |
| Financial savings rate of interest booster | 5% | 10% | 20% | 20% | 20% |
| Mortgage perks | $200 origination price discount | $400 origination price discount | $600 origination price discount | 0.250% rate of interest discount (when PayPlan is established) | 0.375% rate of interest discount (when PayPlan is established) |
| Auto mortgage rate of interest low cost | 0.25% | 0.35% | 0.50% | 0.50% | 0.50% |
| Dwelling fairness rate of interest low cost | 0.125% | 0.250% | 0.375% | 0.625% | 0.750% |
| No-fee banking companies | Included | Included | Included | Included | Included |
| Free non-Financial institution of America ATM transactions | N/A | 12 per 12 months | Limitless within the U.S. | Limitless within the U.S. and internationally | Limitless within the U.S. and internationally |
| Merrill Guided Investing price low cost | 0.05% | 0.10% | 0.15% | 0.15% | 0.15% |
| Overseas forex alternate price low cost (for cellular and on-line orders solely, consists of free normal transport) | 1% | 1.5% | 2% | 2% | 2% |
| Entry to unique life-style advantages | N/A | N/A | N/A | Sure | Sure |
Now, let’s take a more in-depth take a look at every of those advantages.
Financial savings Curiosity Fee Booster
You might want to have a Financial institution of America Benefit Financial savings account and be an enrolled Most popular Rewards member to take pleasure in this profit. If in case you have an present financial savings account, it is not going to mechanically convert to a Financial institution of America Benefit Financial savings account while you enroll in Most popular Rewards. Make sure to request the conversion when becoming a member of Most popular Rewards.
At Gold, the rate of interest enhance is 5%. That seemingly sounds higher than it’s. In case your rate of interest is 1.00%, a 5% price booster would improve it to 1.05%.
Here is the annual share yield on a Financial institution of America Benefit Financial savings account as of January 2025 to offer you some perspective:
You’ll be able to verify how this enhance would have an effect on the present annual share yield on a Financial institution of America Benefit Financial savings account in your area here.
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Bank card rewards bonus
Most popular Rewards members earn a 25%, 50% or 75% rewards bonus on choose Bank of America cards. For bank cards that earn factors or money rewards, you’ll obtain a rewards bonus on each buy.
Your incomes price relies in your Most popular Rewards tier when the acquisition is posted to your account. We’ll get into how this performs out with particular playing cards beneath.
You’ll be able to earn the Most popular Rewards bonus on most Financial institution of America consumer-branded bank cards, together with the Bank of America® Premium Rewards® credit card, the Bank of America® Travel Rewards credit card, the Bank of America® Unlimited Cash Rewards credit card and the Bank of America® Customized Cash Rewards credit card, amongst others.
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Mortgage origination price discount
Any time you possibly can minimize down on charges for getting or refinancing a house, it’s best to. Most popular Rewards members are eligible to obtain a hard and fast discount in one in all two methods, relying in your membership tier:
- A greenback quantity off of your origination price (to not exceed its worth)
- A share off your mortgage APR
The Most popular Rewards price discount is not transferable. And you might not be capable of mix this price discount with different reductions.
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Auto mortgage rate of interest low cost
It’s essential to full an auto buy finance or refinancing mortgage by means of Financial institution of America to qualify for a price low cost. This profit will not be transferable, so solely the Most popular Rewards member can benefit from this perk.
After all, you may must ensure that Financial institution of America provides essentially the most aggressive price after the low cost. In any other case, it won’t be price pursuing. Even 1 / 4 of a p.c may save or value you hundreds of {dollars} over the lifetime of the mortgage.
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Dwelling fairness rate of interest low cost
You may get a house fairness line of credit score rate of interest low cost of as much as 0.75%, relying in your Most popular Rewards standing degree.
This profit is non-transferable, however you might be able to mix this perk with different dwelling fairness rate of interest reductions. And even co-borrowers are eligible so long as a minimum of one applicant is enrolled or eligible to enroll.
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No-fee banking companies
Most popular Rewards members additionally take pleasure in a number of banking companies for no price.
These companies embrace:
- ATM/Debit card rush charges
- ATM worldwide transaction price
- Month-to-month upkeep charges on as much as 4 eligible checking and 4 financial savings accounts from Financial institution of America
- Non-Financial institution of America ATM charges for withdrawals, transfers or steadiness inquiries
- One overdraft safety switch price waived per billing cycle
Moreover, Platinum and above incur no charges for incoming worldwide wire transfers and may open a small protected deposit field totally free at a Financial institution of America department.
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Free non-Financial institution of America ATM transactions
Within the U.S. and U.S. territories, Platinum and Platinum Honors members:
- Will not be charged non-Financial institution of America ATM charges
- Will obtain a refund of the ATM operator or community price for withdrawals, steadiness inquiries and steadiness transfers
Platinum members obtain one free transaction per assertion cycle (as much as 12 yearly), and Platinum Honors members haven’t any cap. In the meantime, Diamond and Diamond Honors members have limitless no-fee transactions each within the U.S. and internationally.
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Merrill Guided Investing price low cost
Most popular Rewards members take pleasure in a price low cost when using Merrill Guided Investing companies. You may get began with as little as $1,000 for Merrill Guided Investing or $20,000 for Merrill Guided Investing with an adviser.
Merrill Guided Investing sometimes expenses a price of 0.45% of belongings underneath administration, and Merrill Guided Investing with an advisor sometimes expenses a price of 0.85% of belongings underneath administration.
Whereas these charges might sound small, they add up over time. As such, these expenses can turn into a compound drain in your investments as they improve. So, it might be finest to search for a monetary advisor that expenses a hard and fast price as a substitute of a share of your belongings.
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Overseas forex alternate price low cost
All Most popular Rewards members will get some type of low cost for overseas forex orders by means of on-line banking or the cellular banking app.
Relying in your standing tier, you may obtain a reduction between 1% and a pair of%.
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Entry to unique life-style advantages
High-tier Diamond and Diamond Honors members will take pleasure in personalized and distinctive life-style experiences, equivalent to journey, wellness, occasions, food and drinks or different private companies. You’ll be able to preview a few of these curated provides here.
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The right way to maximize money reward earnings with Financial institution of America bank cards and Most popular Rewards
To maximise the Financial institution of America Most popular Rewards program, you may need to qualify for a minimum of Platinum Honors and be eligible for the 75% bonus in your bank card rewards.
After all, it isn’t an incredible thought to make large funding and banking selections based mostly totally on bank card bonuses. Nevertheless, it might be worthwhile for those who already plan to put money into Merrill and have an present banking relationship with Financial institution of America. In case you do, listed below are a few of the financial institution’s rewards playing cards to think about and how one can maximize your cash-back earnings.
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Financial institution of America Premium Rewards bank card
The Bank of America Premium Rewards credit card is a wonderful rewards credit card in its personal proper. However it will get much more aggressive while you add within the bonuses from the Most popular Rewards program.
The cardboard expenses a $95 annual price and provides a modest collection of advantages. For instance, cardholders get an up-to-$100 annual airline incidental fee statement credit, a Global Entry or TSA PreCheck application fee credit each 4 years (as much as $100) and a few respectable travel protections.
Nevertheless, this card shines with its incomes charges on on a regular basis spending in addition to journey and eating purchases. Here is how the incomes charges stack up when you contemplate the Most popular Rewards bank card rewards bonus:
| Spending classes | Common cardholder | Most popular Rewards Gold (25% bonus) | Most popular Rewards Platinum (50% bonus) | Most popular Rewards Platinum Honors, Diamond and Diamond Honors (75% bonus) |
|---|---|---|---|---|
| Journey and eating | 2 factors per greenback spent | 2.5 factors per greenback spent | 3 factors per greenback spent | 3.5 factors per greenback spent |
| Every part else | 1.5 factors per greenback spent | 1.875 factors per greenback spent | 2.25 factors per greenback spent | 2.625 factors per greenback spent |
The flexibility to get a minimum of 2.625% on all purchases with this card (for high-tier Most popular Rewards members) is unbelievable. This return makes the Bank of America Premium Rewards credit card one of many best credit cards for everyday spending.
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Financial institution of America Journey Rewards bank card
If you wish to keep away from paying credit card annual fees, you possibly can go for the Bank of America Travel Rewards credit card. The cardboard earns 1.5 factors per greenback spent on all purchases. Factors will be redeemed to cowl journey bills at a price of 1 cent per level.
By incomes 1.5 factors per greenback spent on every little thing plus a 75% Most popular Rewards bonus as a Platinum Honors (or greater) Most popular Rewards member, you successfully earn 2.625% money rewards towards journey purchases made with the cardboard. That is a incredible money reward price to earn on all spending — particularly for a card with no annual price.
Associated: Bank of America Travel Rewards card full review
Financial institution of America Limitless Money Rewards bank card
The Bank of America Unlimited Cash Rewards credit card is nice for people who do not need to hold monitor of a number of bonus classes however who nonetheless need to earn at a powerful mounted price on all their purchases. This no-annual-fee credit card earns limitless 1.5% money rewards on all purchases with no restrict.
Platinum Honors and better members would get again 2.625% on all of your purchases — the most effective rewards charges any card provides for nonbonus on a regular basis purchases.
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Financial institution of America Personalized Money Rewards bank card
One other no-annual-fee card is the Bank of America Customized Cash Rewards credit card. It earns 3% in one of many following classes of your alternative every calendar month:
- Eating
- Drugstores and pharmacies
- Gasoline and electrical car charging stations
- Dwelling enchancment and furnishings
- On-line purchasing (together with cable, streaming, web and telephone companies)
- Journey
It additionally earns 2% again at grocery shops and wholesale golf equipment and 1% again on every little thing else. Simply word which you can solely earn 3% and a pair of% on as much as $2,500 in mixed purchases every quarter (then 1%).
So, for those who’re a minimum of a Platinum Honors member, you may earn as much as a whopping 5.25% again in your 3% class. You’d additionally earn as much as 3.5% again at grocery stores and wholesale golf equipment and 1.75% again on all different purchases. That is fairly phenomenal for a no-annual-fee money rewards card.
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The right way to convert your Financial institution of America factors to money
A number of Financial institution of America bank cards earn straight-up money. However some earn “factors,” which you’ll commerce for money.
To redeem your Financial institution of America factors with a card such because the Premium Rewards card, you may discover a “money” choice inside your on-line account. This lets you request a press release credit score or a money deposit into your Financial institution of America checking or financial savings account (or eligible Merrill Edge and Merrill Lynch accounts) at a price of 1 cent per level. Notice which you can additionally redeem right into a 529 Faculty Financial savings Plan.
Moreover, the Travel Rewards card earns a barely totally different rewards forex. You’ll be able to redeem them as a direct deposit into your Financial institution of America checking or financial savings account or as a credit score into an eligible Merrill Money Administration Account — however you may often get a paltry worth of 0.6 cents per level. You will solely obtain a worth of 1 cent per level when offsetting a travel-related transaction in your card.
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Backside line
The Financial institution of America Most popular Rewards program might be not price pursuing until you qualify for a minimum of Platinum Honors to maximise the 75% bonus on bank card earnings.
That mentioned, this system’s perks imply that for those who already do enterprise with Financial institution of America or Merrill, it’s best to contemplate consolidating your banking and investing to spice up your rewards and advantages.
It would even be price switching to Financial institution of America if doing so will not value you something further. In any case, the Most popular Rewards program can tip the dimensions on a few of Financial institution of America’s prime card choices and reward you with vital reductions on different banking companies like mortgage and auto loans.
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