© 2020 Bank of America Corporation. Compare Chase vs Bank of America: The Bottom Line. So instead of earning 3 percent cash back from the choice category, Preferred Rewards customers can earn 3.75 to 5.25 percent back. It can’t hurt to enroll in Chase Private Client if you are eligible since it’s a free service. Once you’re enrolled, as your balances qualify you for the next level of rewards, your Preferred Rewards tier will be moved up automatically. This is not a commitment to lend. Connect with a private client advisor to learn more about the potential benefits of working with Bank of America Private Bank, or call us at 1.800.878.7878 Verify your identity in the app now to sign in to Online Banking. There are 3 main tiers of Preferred Rewards: 1. Bank of America offers a SafeBalance checking option that has no overdraft fees, but it comes with a monthly fee that can’t be waived unless you’re a … Bank of America Preferred Rewards is a loyalty rewards program that gives additional rewards of up to 75% for Bank of America customers whose combined balances of qualifying Bank of America and/or Merrill accounts are $20,000 or more. Relationship-based ads and online behavioral advertising help us do that. Depending on your eligible tier of Preferred Rewards, you can get a 25%, 50% to 75% rewards bonus on the baseline rewards. Once you have a total of $20,000 in assets betwe… If you opt out, though, you may still receive generic advertising. Programs, rates, terms and conditions are subject to change without notice. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). You're continuing to another website. The most enticing feature is this: Up to a 75% bonus on all credit card rewards you earn. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. Chase Sapphire Preferred® ... head of consumer, small business and wealth management client care at Bank of America, in a video statement on the client assistance webpage. The combined balance is calculated based on your average daily balance for a three calendar month period. After you enroll, you can track your program balance on your Preferred Rewards Summary in Online Banking or in the Mobile Banking app. Equal Housing Lender .Credit and collateral are subject to approval. If you prefer that we do not use this information, you may opt out of online behavioral advertising. To consider your balances, they sum up your qualifying Bank of America deposit accounts and/or Merrill Edge and Merrill Lynch inve… A 3% fee (min $10) applies to all balance transfers, Contactless Cards - The security of a chip card, with the convenience of a tap, 3.75% cash back in the spending category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings, and 2.5% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 4.5% cash back in the spending category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings, and 3% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 5.25% cash back in the spending category of your choice, and 3.5% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), No limit to the points you can earn and your points don't expire, Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center, 2.5 points for every dollar spent on travel and dining purchases, 1.25 points per dollar spent on other purchases, 3 points for every dollar spent on travel and dining purchases, 1.5 points per dollar spent on other purchases, 3.5 points for every dollar spent on travel and dining purchases, 2.625 points per dollar spent on other purchases, Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions, 0% Introductory APR for 12 billing cycles for purchases. GoldEach of these has different benefits and qualification criteria, which you’ll find all the in-depth information below.The short of it is: Bank of America rewards customers depending on their investment and deposit balances. We'll reinstate your Preferred Rewards status if you meet the requirements at a later date. All rights reserved. When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts) Or pay $8/month. There are three tiers in the Preferred Rewards program - Gold, Platinum and Platinum Honors. It is not a current total of your account balances. Basically, the more assets you hold with Bank of America, the more rewards and discounts you earn. Bank of America, N.A. Bank of America Preferred Rewards is a rewards program that offers qualified clients extra benefits and rewards on everyday banking. At Bank of America, we handle the finances of over 67 million client relationships every day, including helping them save, borrow and invest for today and for their future. If so, you'll automatically receive a tier upgrade. Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (BofA Corp). Editorial Note: The editorial content on this page is prepared by CardBenefit.com staff. Bank of America Preferred Rewards Overview. $50,000 in total assets qualifies for the Platinum tier, and $100,000 in total assets qualifies for the Platinum Honors tier of Preferred Rewards. After the intro APR offer ends, 13.99% - 23.99% Variable APR will apply. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. How is it calculated? If you're enrolled in this security feature, we sent a notification to your registered device. Bank of America's Preferred Rewards Gold program is available for customers with total balances above $20,000 between their Bank of America … Important notice. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. James is a Preferred Rewards Gold tier member. When you are a Bank of America Preferred Rewards client Make combined monthly automatic transfers of $25 or more from your Bank of America checking account to a savings account To receive your bonus you must provide all of the information we require in … Bank of America customer service information is designed to make your banking experience easy and efficient. The majority of $25 and $1,000 par preferred securities are “callable,” meaning that the issuer may retire the securities at specific prices and dates prior to maturity. Chase and Bank of America have an almost equal number of branch offices nationwide and a similar number of ATMs across the country. Although waivable with a $1,500 balance, a qualifying direct deposit of $250 or Preferred Rewards client status, the Advantage Plus Banking account charges $12 per month, at the time of writing. You're continuing to another website that Bank of America doesn't own or operate. Bank of America is celebrating five years of its industry-leading loyalty program, Preferred Rewards, which rewards members with perks and benefits across their entire banking relationship.This unique approach to rewards has helped generate record levels of client satisfaction and retention with members. But what is a combined balance? There are three rewards tiers: Gold, Platinum, and Platinum Honors, which gives you extra rewards of 25%, 50%, and 75%, respectively. The following chart shows the qualification requirement of minimum balance and rewards for Gold, Platinum, Platinum Honors tiers of Preferred Rewards. Advertiser Disclosure: The personal finance offers that appear on this site are from advertisers from which cardbenefit.com receives compensation. PART TWO: How Bank of America clients can access payments once they’ve been released by the IRS. We think it’s a reminder of why you should do your homework when you’re offered something extra for being loyal. Preferred Products. We strive to provide you with information about products and services you might find interesting and useful. Once you have a total of $20,000 in assets between qualifying Bank of America and Merrill investment accounts, you qualify for Gold Preferred Rewards benefits. By increasing your program balance, you can move to a higher Preferred Rewards tier and enjoy more benefits and rewards. If after a year you no longer meet the balance requirement, you'll have a three-month grace period. Merrill Lynch® clients with an active, eligible Bank of America® personal checking account and a three-month combined average daily balance of at least $20,000 can enroll in Preferred Rewards. Please review the Personal Schedule of Fees, also available at your local financial center. As an enrolled Preferred Rewards member, you've met the program requirements — which include maintaining an eligible Bank of America® checking account and a three-month combined average daily balance of at least $20,000. It may take up to 30 calendar days for changes to your Preferred Rewards status or tier to be associated with and effective for your accounts in the advisory programs. Member FDIC. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. This fee is charged monthly in advance. Important notice. As your qualifying account balances grow, you will receive more benefits. All you need to qualify is an eligible Bank of America personal checking account and a 3-month average combined balance of $20,000 in qualifying Bank of America deposit accounts and/or Merrill investment accounts. To enroll in the Preferred Rewards program you must have an active, eligible Bank of America personal checking account and maintain a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier in your combined qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill® investment accounts (such as Cash Management Accounts, 529 Plans). Lastly, if you become a Bank of America Preferred Rewards client you will enjoy a free savings account. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. As an enrolled Preferred Rewards member, you've met the program requirements — which include maintaining an eligible Bank of America ® checking account and a three-month combined average daily balance of at least $20,000. If you have a Bank of America credit card and qualify for Preferred Rewards, you are eligible to receive extra rewards. Subscribe to our latest articles, news, and promotions! Yes! In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Responses have not been reviewed, approved or otherwise endorsed by the advertiser. There are 3 tiers in the Bank of America Preferred Rewards program: Gold, Platinum and Platinum Honors. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America… Terms and conditions apply. (1) Each series of preferred stock was issued by Bank of America Corporation (the "Corporation"). With Preferred Rewards, Bank of America customers may earn up to 5.25% in cash rewards on cash back credit cards, and 2.625 points per dollar on travel credit cards. Bank of America, N.A. Please speak with your Merrill Lynch financial advisor or Bank of America Private Bank advisor for more information. Note: If you have questions about which investment balances qualify, ask a Merrill® Financial Advisor. Platinum Honors 2. If you are a Bank of America Preferred Rewards client, you will receive a 25- to 75-percent rewards bonus on every purchase. By the numbersYour Preferred Rewards program balance is calculated based on your combined average daily balance for a period of 3 calendar months that you — as the primary or co-owner on the account — keep in your eligible Bank of America® banking and/or Merrill® investment accounts. Here’s how. Bank of America recently launched a new rewards and benefit program for its best customers, called Bank of America Preferred Rewards. When you are a Bank of America Preferred Rewards client; Make combined monthly automatic transfers of $25 or more from your Bank of America checking account to a savings account; To receive your bonus you must provide all of the information … Equal Housing Lender new window. Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Get answers to the most popular FAQs and easily contact us through either a secure email address, a mailing address or our customer service phone numbers. © 2021 CardBenefit, Inc. All Rights Reserved. Because $50,000 is the balance threshold for the Platinum tier. How can increasing your program balance help you get even more rewards? No need to worry if your balances dip temporarily, you'll keep your Preferred Rewards program status for at least a full year. Maintaining a retirement account such as IRA with Merrill is one of the best ways to qualify for the Preferred Rewards program. We'll review your program balance at the beginning of each month to see if you've reached a higher tier. The average daily balance in James' Bank of America Advantage Banking Account was: = $60K Three-month combined average daily balance. Opinions expressed herein are author's alone, not those of the bank, credit card issuer, airlines or hotel chains, and have not been reviewed, approved or otherwise endorsed by any of these entities.Disclosure on User Generated Content: The responses on our site are not provided or commissioned by the advertiser. For more information about the Corporation's series of preferred stock, including certain voting rights, see the Corporation's Amended and Restated Certificate of Incorporation filed with the SEC. Your tier is based on your qualifying combined balances in your Bank of America deposit and/or Merrill investment accounts. Enrollment is simple. How is it calculated? You are eligible to enroll in the Preferred Rewards for Wealth Management program if you have an active, eligible Bank of America® personal checking or Bank of America Advantage Banking account and maintain a three-month average combined balance in your qualifying Bank of America deposit accounts and/or your qualifying Merrill investment accounts of at least $250,000. Your tier is based on your qualifying combined balances in your Bank of America ® deposit and/or Merrill ® investment accounts. Bank of America® Cash Rewards credit card, Bank of America® Travel Rewards credit card, Bank of America® Premium Rewards® credit card, Citi® Double Cash Card - 18 month BT offer, Blue Cash Preferred® Card from American Express, American Airlines AAdvantage MileUp℠ Card, Blue Cash Everyday® Card from American Express, $20,000 in combined balance of qualifying accounts, $50,000 in combined balance of qualifying accounts, $100,000 in combined balance of qualifying accounts, 1.875 points for every dollar spent on all purchases, 2.25 points for every dollar spent on all purchases, 2.625 points for every dollar spent on all purchases, 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill Lynch makes available products and services offered by MLPF&S and other subsidiaries of BofA Corporation. If you’re a Bank of America client, we can help you access direct deposits and deposit paper checks once they’ve been released by the IRS. Get Started at Bank of America. Merrill Lynch clients with a three-month combined average daily balance of at least $250,000 and an active, eligible Bank of America personal checking account and all Bank of America Private Bank clients are eligible for the Preferred Rewards for Wealth Management program. Platinum 3. But let’s set aside the Preferred Rewards benefits like the money market account interest boosters and no ATM fees, and just focus on the credit card rewards. Bank of America is no better than Citibank when it comes to basic account fees. To qualify for the Bank of America®‎ Preferred Rewards program, you need: A Bank of America®‎ personal checking account $20,000 or more in qualifying Bank of … Once you become a Bank of America Preferred Rewards member, your credit-card rewards bonus can be between 25% and 75% of your base cash rewards. Get more rewards with your everyday banking®, Calculate your Preferred Rewards potential, Understanding Preferred Rewards requirements, Increasing Preferred Rewards with credit cards, 3 tips to help you get even more with Preferred Rewards, Preferred Rewards Frequently Asked Questions, Deposit accounts: Checking, Bank of America Advantage Banking, savings, money market savings, CD and IRA accounts, Accounts on which you're not an owner or co-owner, Uniform Transfers to Minor Acts (UTMA) and Uniform Gifts to Minors Act (UGMA) accounts, Employee Benefit plans (such as 401(k) plans) and annuities, Are Not Insured by Any Federal Government Agency, Are Not a Condition to Any Banking Service or Activity. There are no fees to join or participate in the Bank of America Preferred Rewards program. "Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Let's find out. James will be notified that he is now a Preferred Rewards Platinum tier member. Many other banks also offer a similar program (Citigold from Citibank or Bank of America’s Preferred Rewards Platinum or Platinum Honors programs are a couple), so it can’t hurt to evaluate them before you choose which one to go with. [Interest/dividend payments on certain preferred issues may be deferred by the issuer for periods of 5 to 10 years, depending on the particular issue. When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts) Or pay $8/month. "Get more rewards with your everyday banking", Premium Rewards, Merrill, Merrill Edge, Merrill Lynch, the Bull Symbol, Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation. It is a great perk that can help you earn hundreds of dollars per year in value if you have one of the following credit cards: Bank of America Preferred Rewards is a loyalty rewards program that gives additional rewards of up to 75% for Bank of America customers whose combined balances of qualifying Bank of America and/or Merrill accounts are $20,000 or more. Accounts on which you are an owner or co-owner, including. Insurance and annuity products are offered through Merrill Lynch Life Agency Inc., a licensed insurance agency and wholly owned subsidiary of Bank of America Corporation. Banking, mortgage and home equity products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. These ads are based on your specific account relationships with us. Your tier is based on your qualifying combined balances in your Bank of America banking and/or Merrill investment accounts. But what is a combined balance? Cardbenefit.com does not include all advertisers or all available personal finance offers. If you have a mutual fund account or a retirement account such as IRA, 401K with Merrill, you probably have already enough funds in your account to qualify for the Preferred Rewards program. The qualifying balance is calculated based on your average daily balance for a three calendar month period. It is not the advertiser's responsibility to ensure all posts and/or questions are answered. Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, or U.S. Trust Company of Delaware. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. However, Bank of America is now spicing things up a bit by introducing a new points program called Preferred Rewards that targets high-value banking customers, and can boost your points-earning potential by up to 75%. You're continuing to another website that Bank of America doesn't own or operate. We stand by our clients each and every day giving them the power to realize their personal … If you haven’t met the balance requirement after three months, you'll be moved to a lower tier or lose your Preferred Rewards benefits. For details on employee qualification requirements, please visit the Employee Financial Services intranet site. Enrolling in Preferred Rewards requires you to have an eligible Bank of America personal checking account and an average daily ba… Bank of America Private Bank clients will also receive a discount of 0.15% off of the annual rate. There are 3 rewards tiers in the Preferred Rewards program: Gold, Platinum and Platinum Honors. Preferred and Small Business provide access to Bank of America banking and Merrill investment solutions to U.S. banking and investment clients, as well as cash management, lending and investment solutions to entrepreneurs and small businesses. If you don’t have it, download our Mobile Banking App so you can monitor your account. After the intro APR ends, 14.99% - 22.99% Variable APR will apply. Preferred Rewards is a tiered program offering a variety of benefits across many Bank of America products and services. You're continuing to another website. Just sign in to your Bank of America online account to enroll to begin receiving Preferred Rewards benefits. The more Rewards help us do that $ 60K Three-month combined average daily balance for three... You 're continuing to another website that Bank of America does n't own or operate are three tiers in Bank. 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