Every little thing it is best to learn about Financial institution of America’s Most popular Rewards program

Whereas it is fantastic to redeem your points and miles for travel preparations, corresponding to lodging and flights, there might be many different bills concerned in planning a visit, corresponding to automotive leases, practice tickets, gasoline and campsite charges. Fortunately, utilizing cash-back rewards together along with your factors and miles can prevent much more cash in your subsequent trip.

With that in thoughts, let’s look at the often-overlooked Bank of America Preferred Rewards® program. On high of the straightforward banking advantages members can anticipate, consolidating your funds with Financial institution of America may also enhance your cash-back earnings with a number 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 stability of complete belongings with the financial institution, the extra perks you may unlock, together with with its bank cards. Relying in your holdings and the kind of rewards you are seeking to accumulate, it is perhaps time to cease ignoring Financial institution of America Most popular Rewards.

Financial institution of America Most popular Rewards Program

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 energetic, eligible Financial institution of America checking account
• A 3-month mixed common every day stability 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 primarily based in your mixed common every day stability:

• Gold: $20,000 or extra in complete belongings
• Platinum: $50,000 or extra in complete belongings
• Platinum Honors: $100,000 or extra in complete belongings
• Diamond: $1,000,000 or extra in complete belongings
• Diamond Honors: $10,000,000 or extra in complete belongings

Whereas not exorbitant, even the bottom degree requires some fairly excessive figures. However do not throw within the towel immediately. 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, corresponding to IRAs, chances are you’ll even discover that the Platinum or Platinum Honors tiers are inside attain.

Your stability does not have to originate with Merrill or Financial institution of America to rely towards every threshold. You may 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 will have to think about different issues like account administration charges and accessible funding choices to resolve whether or not doing so is an efficient possibility.

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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 charge discount	$400 origination charge discount	$600 origination charge 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%
Residence fairness rate of interest low cost	0.125%	0.250%	0.375%	0.625%	0.750%
No-fee banking providers	Included	Included	Included	Included	Included
Free non-Financial institution of America ATM transactions	N/A	12/yr	Limitless within the U.S.	Limitless within the U.S. and internationally	Limitless within the U.S. and internationally
Merrill Guided Investing charge low cost	0.05%	0.10%	0.15%	0.15%	0.15%
International forex trade fee low cost (for cell and on-line orders solely, consists of free customary 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 better have a look at every of those advantages.

Financial savings Curiosity Fee Booster

You have 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. In case you have an present financial savings account, it won’t routinely convert to a Financial institution of America Benefit Financial savings account while you enroll in Most popular Rewards. Make sure you request the conversion when becoming a member of Most popular Rewards.

At Gold, the rate of interest enhance is 5%. That possible sounds higher than what it’s. For instance, in case your rate of interest is 1.00%, a 5% fee booster would improve the rate of interest to 1.05%. Here is the present annual share yield on a Financial institution of America Benefit Financial savings account for a pattern Florida resident to present you some perspective:

You may 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.

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 fee 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 may 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.

Associated: Chase Sapphire Preferred vs. Bank of America Travel Rewards — which should beginner travelers get?

Mortgage origination charge discount

Any time you may lower down on charges for purchasing or refinancing a house, it is best to. Most popular Rewards members are eligible to obtain a set discount in one in all two methods, relying in your membership tier:

• A greenback quantity off your origination charge (to not exceed its worth)
• A share off your mortgage APR

The Most popular Rewards charge discount is not transferable. And chances are you’ll not be capable of mix this charge discount with different reductions.

Auto mortgage rate of interest low cost

You will need to full an auto buy finance or refinancing mortgage by means of Financial institution of America to qualify for a fee low cost. This profit will not be transferable, so solely the Most popular Rewards member can benefit from this perk.

After all, you will have to guarantee that Financial institution of America provides essentially the most aggressive fee after the low cost. In any other case, it won’t be price pursuing. Even 1 / 4 of a % may save or value you 1000’s of {dollars} over the lifetime of the mortgage.

Residence fairness rate of interest low cost

You will 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 not less than one applicant is enrolled or eligible to enroll.

No-fee banking providers

• ATM/Debit card rush charges
• ATM worldwide transaction charge
• 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 stability inquiries
• One overdraft safety switch charge waived per billing cycle

Moreover, Platinum and above incur no charges for incoming worldwide wire transfers and might open a small protected deposit field totally free at a Financial institution of America department.

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 charge for withdrawals, stability inquiries and stability 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.

Associated: 7 ways to save on overseas ATM withdrawals

Merrill Guided Investing charge low cost

Most popular Rewards members take pleasure in a charge low cost when using Merrill Guided Investing providers. You will 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 fees a charge of 0.45% of belongings beneath administration, and Merrill Guided Investing with an advisor sometimes fees a charge of 0.85% of belongings beneath administration. Whereas these charges might sound small, they add up over time. As such, these fees can change into a compound drain in your investments as they improve. So, it could be finest to search for a monetary advisor that fees a set charge as a substitute of a share of your belongings.

International forex trade fee 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 cell banking app. Relying in your standing tier, you will obtain a reduction between 1% and a pair of%.

Entry to unique life-style advantages

Prime-tier Diamond and Diamond Honors members will take pleasure in custom-made and distinctive life-style experiences, corresponding to journey, wellness, occasions, food and drinks or different private providers. You will get a preview of a few of these curated provides here.

To maximise the Financial institution of America Most popular Rewards program, you will wish to qualify for not less than Platinum Honors and be eligible for the 75% bonus in your bank card rewards. After all, it is not an ideal thought to make massive funding and banking choices primarily based solely on bank card bonuses. Nonetheless, it could be worthwhile when you already plan to spend money on Merrill and have an present banking relationship with Financial institution of America. In the event you do, listed here are a number of the financial institution’s rewards playing cards to think about and how one can maximize your cash-back earnings.

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. But it surely will get much more aggressive while you add within the bonuses from the Most popular Rewards program.

The cardboard fees a $95 annual charge 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 first rate travel protections.

Nonetheless, 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:

The flexibility to get not less than 2.625% on all purchases with this card (for high-tier Most popular Rewards members) is unimaginable. This return makes the Bank of America® Premium Rewards® credit card one of many best credit cards for everyday spending.

Associated: Not to be underestimated: Bank of America Premium Rewards credit card review

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 might be redeemed to cowl journey bills at a fee of 1 cent per level.

By incomes 1.5 factors per greenback spent on every thing plus a 75% Most popular Rewards bonus as a Platinum Honors (or larger) Most popular Rewards member, you successfully earn 2.625% money again towards journey purchases made with the cardboard. That is a incredible cash-back fee to earn on all spending — particularly for a card with no annual charge.

Associated: Bank of America Travel Rewards card: Simplicity for points beginners

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 wish to preserve observe of a number of bonus classes, however who nonetheless wish to earn at a robust fastened fee on all their purchases. This no-annual-fee credit card earns limitless 1.5% cash-back rewards on all purchases with no restrict.

Platinum Honors and better members would get again 2.625% on all of your purchases — among the best rewards charges any card provides for non-bonus on a regular basis purchases.

Associated: The best Bank of America cards of 2024

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 selection every calendar month:

• Fuel and EV charging stations
• On-line buying (together with cable, streaming, web and cellphone providers)
• Eating
• Journey
• Drugstores/pharmacies
• Residence enchancment/furnishings

It additionally earns 2% again at grocery shops and wholesale golf equipment and 1% again on every thing else. Simply be aware that you could solely earn 3% and a pair of% on as much as $2,500 in mixed purchases every quarter (then 1%).

So, when you’re not less than a Platinum Honors member, you will earn as much as a whopping 5.25% money again in your 3% class. You’d additionally earn as much as 3.5% money again at grocery stores and wholesale golf equipment and 1.75% money again on all different purchases. That is fairly phenomenal for a no-annual-fee cash-back rewards card.

To redeem your Bank of America points with a card just like the Premium Rewards card, you will discover a “money” possibility inside your on-line account. This lets you request an announcement 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 fee of 1 cent per level. Notice that you could additionally redeem right into a 529 Faculty Financial savings Plan.

Moreover, the Journey Rewards card earns a barely completely different rewards forex. You may 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 will normally get a paltry worth of 0.6 cents per level. You will solely obtain a price of 1 cent per level when offsetting a travel-related transaction in your card.