How Do I Qualify For Bank Of America Preferred Rewards
🎉 The Ultimate Guide to Snagging Bank of America Preferred Rewards: Get That Sweet, Sweet Loyalty Cash! 💸
Hey there, high-roller! Ever feel like your bank should be rolling out the red carpet for you? You’re not wrong! The Bank of America Preferred Rewards program is where the cool kids hang, dishing out seriously killer perks like credit card rewards boosts, loan rate discounts, and straight-up waived fees. We’re talking about feeling like a VIP without paying for a pricey velvet rope experience. If you’ve got some dough chilling in your accounts, this program is the absolute boss move to make your money work harder. Get ready to level up your banking game, because we’re about to spill the tea on how to qualify.
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| How Do I Qualify For Bank Of America Preferred Rewards |
Step 1: Secure an Eligible Checking Account—The VIP Entry Ticket 🎟️
You can’t cruise into this exclusive club without the right ID, and in this case, the ID is an eligible Bank of America personal checking account. It’s non-negotiable, folks. Think of it as the foundation of your future financial empire—you gotta build that base sturdy!
1.1. Open It Up (If You Haven't Already!)
Seriously, if you don't have one, this is your first stop. Head over to Bank of America, tell them you're ready to get your checking account groove on. It needs to be an active, personal checking account, like one of their Advantage Banking options. Don't try to pull a fast one with an old, dusty account you haven't touched since dial-up internet. This account is what links you to all the sweet, sweet Preferred Rewards goodness.
1.2. Keep It "Active" and Eligible
Reminder: Take a short break if the post feels long.
"Active" just means you're using it, you know? Deposits, withdrawals, paying that pesky electric bill—standard stuff. Make sure it's eligible—most personal checking accounts fit the bill, but if you have something super specialized, it’s worth a double-check. A good rule of thumb: if it’s an everyday checking account, you’re probably golden.
Step 2: Hitting the Magic Number—The Combined Balance Requirement ✨
This is where the rubber meets the road. The Preferred Rewards program is all about your combined balance. It’s like a financial popularity contest, and you win by having a lot of friends (a lot of dollars, that is) hanging out with Bank of America and Merrill.
2.1. Know Your Financial "Squad" (What Counts!)
This is the brilliant part: they don't just count your checking account balance! They add up the average daily balances across a bunch of your qualifying accounts. This "squad" includes:
Bank of America Deposit Accounts: Checking accounts, savings accounts, Money Market Savings accounts, CDs (Certificates of Deposit), and even certain IRAs.
Merrill Investment Accounts: This is a big one! Think Merrill Edge® and Merrill Lynch® accounts, including IRAs, Cash Management Accounts, and even Merrill 529 College Savings Plans. Your 401(k) might not count, but your personal investment portfolio sure does!
Pro Tip: If you’ve got a retirement fund chilling elsewhere, consider moving it to Merrill! That massive chunk of change can be your express lane to the top tiers.
2.2. Nail the $20,000 Minimum—The Gold Standard 🏆
Tip: Skim only after you’ve read fully once.
To even step foot on the Gold tier red carpet (the lowest tier), your three-month combined average daily balance must be $20,000 or more.
That’s the key phrase: "three-month combined average daily balance." They don't just check your accounts on a random Tuesday. They look at the average over 90 days. So, no flash-deposits just to qualify, only to pull it out the next day! They're smarter than that, pal.
Gold Tier: $20,000 to $49,999
Platinum Tier: $50,000 to $99,999
Platinum Honors Tier: $100,000 to $999,999 (This is where the credit card rewards bonus maxes out at a whopping 75%! Game over, man!)
Diamond Honors Tier: $1,000,000 and up (If you're here, you're the financial G.O.A.T.)
Step 3: Enrollment and Living Your Best Financial Life 🥂
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Once you’ve got your checking account set up and your balances are looking thicker than a milkshake, the rest is practically a breeze.
3.1. Wait for the Invitation (or Just Enroll!)
Generally, once your three-month average balance hits that $20,000 mark, Bank of America will roll out the digital welcome mat and invite you to enroll. This usually happens a few business days after the end of the calendar month where you qualify.
But hey, why wait? You can often enroll directly through the Bank of America website or their mobile banking app if you see that you qualify. It’s free to join, so there's no excuse not to sign up!
Tip: Read once for flow, once for detail.
3.2. Bask in the Glow of Your New Perks ☀️
Boom! You're in! Your benefits typically kick in within 30 days of enrollment. Now, get ready to enjoy the spoils:
Credit Card Rewards Boost: The big prize! Depending on your tier, your rewards on eligible BofA credit cards can jump by 25% to 75%. That means 1.5% cash back becomes up to 2.625%—seriously, that's not chump change!
Loan Rate Discounts: Snag better rates on mortgages, home equity lines of credit, and auto loans. That’s big-ticket savings!
Waived Fees: Say goodbye to monthly maintenance fees on a bunch of accounts and even get no-fee transactions at non-BofA ATMs (for higher tiers).
Remember this: Once you qualify, you lock in that tier for a full 12 months! Even if your balance dips below the requirement later, you get a grace period. That's what we call customer appreciation!
FAQ Questions and Answers
How do I maintain my Preferred Rewards Tier status?
You maintain your tier by keeping your three-month combined average daily balance above the required minimum for that tier. Bank of America reviews your balance monthly, and as long as you keep hitting your tier's minimum over the rolling three-month period, you keep the perks!
What accounts are counted in the combined balance?
QuickTip: Skim the first line of each paragraph.
Qualifying accounts include most Bank of America deposit accounts (checking, savings, CDs, IRAs) and Merrill investment accounts (brokerage, IRAs, 529 plans). Excluded are things like workplace retirement plans (401k) and accounts with U.S. Trust.
Can I qualify for Preferred Rewards without a Merrill investment account?
Yes, absolutely! While Merrill accounts count, you can qualify solely with your balances in eligible Bank of America deposit accounts. If you have $20,000+ spread across BofA checking and savings, you’re good to go.
How long does it take for the Preferred Rewards benefits to start working?
Generally, benefits become effective within 30 days of your official enrollment in the program.
Is the Preferred Rewards program free to join?
Yes, it's totally free to enroll and participate in the Bank of America Preferred Rewards program. The only "cost" is meeting the minimum combined balance requirements for your desired tier.
What other benefits or tier levels are you curious about in the Bank of America Preferred Rewards program?
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