If you are using Bank of America as your main financial platform then you have a great facility to have favourable advantages with its rewards program. This is because the preferred rewards program of Bank of America is a source of provides more benefits to its customers who always prove to be loyal to it.
Customers with an average balance are more eligible for getting more benefits through this tiered program. As cashback rewards are for benefit of customers similarly, this program is also designed to provide benefits to users.
Now without wasting time let us move forward toward the details of the preferred rewards program so that you can also benefit from it as early as possible.
Basics of Bank of America Preferred Rewards
The offered preferred rewards by Bank of America are specially for those customers who have minimum balance requirements. You can only enrol in this program if you have a combined 90 days average daily balance of $20,000 in different bank accounts that are fulfilling the eligibility criteria.
You will be allowed to reduce the loan or investing fees and get bonus credit card rewards. Moreover, you must keep in mind that if you use the products and services of Bank of America then you will be fully aware of the importance of this preferred rewards program.
Working Procedure of Preferred Rewards
Once you meet the balance requirement then he will start seeing the preferred rewards enrollment option in your online banking account. After your enrollment, based on your balance, you will be taken to an appropriate tier. There will be given 5 tiers in this program:
- Gold: $20,000 - $49,99.99
- Platinum: $50,000 - $99,999.99
- Platinum Honors: $100,000 - $999,999.99
- Diamond: $1 million - $999,999.99
- Diamond Honors: $10 million and more
Benefits of BOA Preferred Rewards
As BOA Cashback cards are well known for providing several benefits to its customers, similarly, after getting enrollment in the Bank of America preferred rewards program, you will be given with given mentioned benefits:
- For the exchange of foreign currency, only a 1% discount will be demanded
- You will not be required to pay any fee for banking services
- The auto loan rate discount will be 0.25% for you
- Home equality discount will be 0.125% for you
- Customer service will be advance
- For Merrill guided investing services, the fee discount will be 0.05%
- You will be provided with more than 10 free online stocks per month
- The interest rate will be 5% on the savings accounts
Eligibility Criteria for Enrollment in Preferred Reward Program
There is a specific eligibility criterion that you must have to fulfil to get enrollment into the preferred rewards program of Bank of America.
- Having an eligible Bank of America personal account is essential
- Three months integrate a standard balance of $20,000 is a must and that balance will be in your bank accounts that are obeying the fixed criteria
Moreover, the accounts that are considered eligible for the Bank of America's preferred Rewards program are savings accounts, money market accounts, Merrill investment accounts, individual retirement accounts, 529 plans, certificates of deposit and last but not least checking accounts.
If you are one of the fortunate customers of Bank of America and are unaware of the preferred rewards program then it's a loss for you. This program is providing so many benefits to its loyal customers than any other program. Hence, to get profit from it you can take assistance from the above article that is all about the preferred rewards program of Bank of America.