You can move up from one Preferred Rewards tier to the next by increasing your account balances. Your tier is based on your three-month combined average daily balance in eligible accounts. There are five tiers in the Preferred Rewards program, each with their own qualifying balances: You then receive the Preferred Rewards benefits for that tier. Upon enrollment, Bank of America puts you in the appropriate Preferred Rewards tier based on your balances. The option to enroll in Bank of America Preferred Rewards is available in your online banking account when you meet the balance requirements. SEE MORE: Best Rewards Credit Cards How does Bank of America's Preferred Rewards program work? Even among the best rewards credit cards, it's hard to find any that match what you can get with Bank of America Preferred Rewards. Bonus credit card rewards are especially valuable. If you do and you have the required assets, then it makes sense to deposit them with Bank of America and become a Preferred Rewards member.
The value of the Preferred Rewards program depends on whether you plan to use Bank of America's products and services. You can get bonus credit card rewards, reduced investing and loan fees, and much more. Preferred Rewards benefits cover quite a few of the financial products available through Bank of America. Enrollment is available once you have a three-month combined average daily balance of $20,000 across eligible accounts. What is Bank of America Preferred Rewards?īank of America Preferred Rewards is the bank's rewards program for clients who meet minimum balance requirements.
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