Whereas it is fantastic to redeem your factors and miles for journey preparations, reminiscent of lodging and flights, there could be many different bills concerned in planning a visit, reminiscent of automotive leases, practice tickets, fuel 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 study the often-overlooked Financial institution of America Most well-liked Rewards® program. On prime of the straightforward banking advantages members can count on, consolidating your funds with Financial institution of America may enhance your money again earnings with among the greatest Financial institution of America bank cards.
That is as a result of Financial institution of America designed its Most well-liked 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 steadiness of whole belongings with the financial institution, the extra perks you’ll be able to unlock, together with with its bank cards. Relying in your holdings and the kind of rewards you are trying to accumulate, it is likely to be time to cease ignoring Financial institution of America Most well-liked Rewards.
Associated: 5 causes to get the Financial institution of America Premium Rewards bank card
Financial institution of America Most well-liked Rewards Program overview
To start out, this is a normal overview of this system:
Tips on how to qualify for Financial institution of America’s Most well-liked Rewards Program
To qualify for the Financial institution of America Most well-liked Rewards program, you need to have each of the next:
- An energetic, eligible Financial institution of America checking account
- A 3-month mixed common every day steadiness of $20,000 or extra in qualifying Financial institution of America deposit accounts and/or Merrill funding accounts
There are 5 Most well-liked Rewards tiers. You may qualify for every based mostly in your mixed common every day steadiness:
- Gold: $20,000 or extra in whole belongings
- Platinum: $50,000 or extra in whole belongings
- Platinum Honors: $100,000 or extra in whole belongings
- Diamond: $1,000,000 or extra in whole belongings
- Diamond Honors: $10,000,000 or extra in whole belongings
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Whereas not exorbitant, even the bottom degree requires some fairly excessive figures. However do not throw within the towel right away. When you’ve got an emergency fund, a vacation account, a financial savings account and a checking account, combining all these balances might qualify you for a Most well-liked Rewards tier. When you add in funding accounts, reminiscent of IRAs, it’s possible you’ll even discover that the Platinum or Platinum Honors tiers are inside attain.
Your steadiness does not have to originate with Merrill or Financial institution of America to depend towards every threshold. You possibly can roll current 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. In fact, you may have to think about different issues like account administration charges and out there funding choices to resolve whether or not doing so is an efficient possibility.
Associated: Tips on how to maximize your incomes with the Financial institution of America Premium Rewards card
Tips on how to transfer amongst Most well-liked Rewards tiers
You possibly can rise from one rung to the following any month after your common every day steadiness for the three earlier months reaches the edge for the next tier. When you attain a selected standing degree, you will not have to maintain all of your money within the Financial institution of America basket.
As an alternative, you may keep your Most well-liked Rewards tier standing for a full yr. For those who not meet the qualification necessities after that yr, you will have a three-month grace interval to take action. For those who nonetheless do not meet the factors after the three-month grace interval, you may both be moved to a decrease tier or utterly lose your Most well-liked Rewards advantages.
Associated: Is the Financial institution of America Premium Rewards Card definitely worth the $95 annual price?
Advantages of Financial institution of America’s Most well-liked Rewards Program
This is a chart of the 5 Most well-liked 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 price discount | $400 origination price discount | $600 origination price 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% |
| House fairness rate of interest low cost | 0.125% | 0.250% | 0.375% | 0.625% | 0.750% |
| No-fee banking companies | Included | Included | Included | Included | Included |
| Free non-Financial institution of America ATM transactions | N/A | 12 per yr | Limitless within the U.S. | Limitless within the U.S. and internationally | Limitless within the U.S. and internationally |
| Merrill Guided Investing price low cost | 0.05% | 0.10% | 0.15% | 0.15% | 0.15% |
| International forex trade price low cost (for cell and on-line orders solely, contains free normal transport) | 1% | 1.5% | 2% | 2% | 2% |
| Entry to unique way of life advantages | N/A | N/A | N/A | Sure | Sure |
Now, let’s take a better take a look at every of those advantages.
Financial savings Curiosity Charge Booster
You must have a Financial institution of America Benefit Financial savings account and be an enrolled Most well-liked Rewards member to get pleasure from this profit. When you’ve got an current financial savings account, it won’t routinely convert to a Financial institution of America Benefit Financial savings account if you enroll in Most well-liked Rewards. You should definitely request the conversion when becoming a member of Most well-liked Rewards.
At Gold, the rate of interest enhance is 5%. That doubtless sounds higher than it’s. In case your rate of interest is 1.00%, a 5% price booster would enhance it to 1.05%.
This is the annual proportion yield on a Financial institution of America Benefit Financial savings account as of January 2025 to present you some perspective:
You possibly can verify how this enhance would have an effect on the present annual proportion yield on a Financial institution of America Benefit Financial savings account in your area right here.
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Bank card rewards bonus
Most well-liked Rewards members earn a 25%, 50% or 75% rewards bonus on choose Financial institution of America playing cards. For bank cards that earn factors or money rewards, you’ll obtain a rewards bonus on each buy.
Your incomes price relies in your Most well-liked Rewards tier when the acquisition is posted to your account. We’ll get into how this performs out with particular playing cards beneath.
You possibly can earn the Most well-liked Rewards bonus on most Financial institution of America consumer-branded bank cards, together with the Financial institution of America® Premium Rewards® bank card, the Financial institution of America® Journey Rewards bank card, the Financial institution of America® Limitless Money Rewards bank card and the Financial institution of America® Custom-made Money Rewards bank card, amongst others.
Mortgage origination price discount
Any time you’ll be able to minimize down on charges for purchasing or refinancing a house, you must. Most well-liked Rewards members are eligible to obtain a hard and fast discount in considered one of two methods, relying in your membership tier:
- A greenback quantity off of your origination price (to not exceed its worth)
- A proportion off your mortgage APR
The Most well-liked Rewards price discount is not transferable. And it’s possible you’ll not be capable to mix this price discount with different reductions.
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Auto mortgage rate of interest low cost
You have to full an auto buy finance or refinancing mortgage by way of Financial institution of America to qualify for a price low cost. This profit will not be transferable, so solely the Most well-liked Rewards member can benefit from this perk.
In fact, you may have to make it possible for Financial institution of America gives probably the most aggressive price after the low cost. In any other case, it may not be value pursuing. Even 1 / 4 of a p.c might save or value you 1000’s of {dollars} over the lifetime of the mortgage.
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House 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 well-liked Rewards standing degree.
This profit is non-transferable, however you might be able to mix this perk with different residence 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.
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No-fee banking companies
Most well-liked Rewards members additionally get pleasure from a number of banking companies for no price.
These companies embrace:
- ATM/Debit card rush charges
- ATM worldwide transaction price
- 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 steadiness inquiries
- One overdraft safety switch price waived per billing cycle
Moreover, Platinum and above incur no charges for incoming worldwide wire transfers and may open a small protected deposit field without cost at a Financial institution of America department.
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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 price for withdrawals, steadiness inquiries and steadiness transfers
Platinum members obtain one free transaction per assertion cycle (as much as 12 yearly), and Platinum Honors members don’t have any cap. In the meantime, Diamond and Diamond Honors members have limitless no-fee transactions each within the U.S. and internationally.
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Merrill Guided Investing price low cost
Most well-liked Rewards members get pleasure from a price low cost when using Merrill Guided Investing companies. 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 price of 0.45% of belongings below administration, and Merrill Guided Investing with an advisor sometimes fees a price of 0.85% of belongings below administration.
Whereas these charges might sound small, they add up over time. As such, these fees can turn out to be a compound drain in your investments as they enhance. So, it could be greatest to search for a monetary advisor that fees a hard and fast price as a substitute of a proportion of your belongings.
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International forex trade price low cost
All Most well-liked Rewards members will get some type of low cost for international forex orders by way of on-line banking or the cell banking app.
Relying in your standing tier, you may obtain a reduction between 1% and a pair of%.
Associated: Every thing you have to learn about international transaction charges
Entry to unique way of life advantages
High-tier Diamond and Diamond Honors members will get pleasure from custom-made and distinctive way of life experiences, reminiscent of journey, wellness, occasions, food and drinks or different private companies. You possibly can preview a few of these curated gives right here.
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Tips on how to maximize money reward earnings with Financial institution of America bank cards and Most well-liked Rewards
To maximise the Financial institution of America Most well-liked Rewards program, you may need to qualify for not less than Platinum Honors and be eligible for the 75% bonus in your bank card rewards.
In fact, it isn’t an awesome concept to make massive funding and banking choices based mostly fully on bank card bonuses. Nonetheless, it could be worthwhile in case you already plan to put money into Merrill and have an current banking relationship with Financial institution of America. For those who do, listed below are among the financial institution’s rewards playing cards to think about and how one can maximize your cash-back earnings.
Associated: How to decide on one of the best bank card for you
Financial institution of America Premium Rewards bank card
The Financial institution of America Premium Rewards bank card is a wonderful rewards bank card in its personal proper. However it will get much more aggressive if you add within the bonuses from the Most well-liked Rewards program.
The cardboard fees a $95 annual price and gives a modest choice of advantages. For instance, cardholders get an up-to-$100 annual airline incidental price assertion credit score, a World Entry or TSA PreCheck utility price credit score each 4 years (as much as $100) and a few respectable journey protections.
Nonetheless, this card shines with its incomes charges on on a regular basis spending in addition to journey and eating purchases. This is how the incomes charges stack up when you take into account the Most well-liked Rewards bank card rewards bonus:
| Spending classes | Common cardholder | Most well-liked Rewards Gold (25% bonus) | Most well-liked Rewards Platinum (50% bonus) | Most well-liked Rewards Platinum Honors, Diamond and Diamond Honors (75% bonus) |
|---|---|---|---|---|
| Journey and eating | 2 factors per greenback spent | 2.5 factors per greenback spent | 3 factors per greenback spent | 3.5 factors per greenback spent |
| Every thing else | 1.5 factors per greenback spent | 1.875 factors per greenback spent | 2.25 factors per greenback spent | 2.625 factors per greenback spent |
The power to get not less than 2.625% on all purchases with this card (for high-tier Most well-liked Rewards members) is unimaginable. This return makes the Financial institution of America Premium Rewards bank card one of many greatest bank cards for on a regular basis spending.
Associated: Financial institution of America Premium Rewards bank card full assessment
Financial institution of America Journey Rewards bank card
If you wish to keep away from paying bank card annual charges, you may go for the Financial institution of America Journey Rewards bank card. The cardboard earns 1.5 factors per greenback spent on all purchases. Factors could be redeemed to cowl journey bills at a price of 1 cent per level.
By incomes 1.5 factors per greenback spent on the whole lot plus a 75% Most well-liked Rewards bonus as a Platinum Honors (or larger) Most well-liked Rewards member, you successfully earn 2.625% money rewards towards journey purchases made with the cardboard. That is a improbable money reward price to earn on all spending — particularly for a card with no annual price.
Associated: Financial institution of America Journey Rewards card full assessment
Financial institution of America Limitless Money Rewards bank card
The Financial institution of America Limitless Money Rewards bank card is nice for people who do not need to maintain observe of a number of bonus classes however who nonetheless need to earn at a robust fastened price on all their purchases. This no-annual-fee bank card earns limitless 1.5% money rewards on all purchases with no restrict.
Platinum Honors and better members would get again 2.625% on all of your purchases — the most effective rewards charges any card gives for nonbonus on a regular basis purchases.
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Financial institution of America Custom-made Money Rewards bank card
One other no-annual-fee card is the Financial institution of America Custom-made Money Rewards bank card. It earns 3% in one of many following classes of your alternative every calendar month:
- Eating
- Drugstores and pharmacies
- Gasoline and electrical car charging stations
- House enchancment and furnishings
- On-line purchasing (together with cable, streaming, web and telephone companies)
- Journey
It additionally earns 2% again at grocery shops and wholesale golf equipment and 1% again on the whole lot else. Simply word which you could solely earn 3% and a pair of% on as much as $2,500 in mixed purchases every quarter (then 1%).
So, in case you’re not less than a Platinum Honors member, you may earn as much as a whopping 5.25% again in your 3% class. You’d additionally earn as much as 3.5% again at grocery shops and wholesale golf equipment and 1.75% again on all different purchases. That is fairly phenomenal for a no-annual-fee money rewards card.
Associated: Financial institution of America Custom-made Money Rewards full assessment
Tips on how to convert your Financial institution of America factors to money
A number of Financial institution of America bank cards earn straight-up money. However some earn “factors,” which you’ll commerce for money.
To redeem your Financial institution of America factors with a card such because the Premium Rewards card, you may discover a “money” possibility inside your on-line account. This lets you request a press release 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 price of 1 cent per level. Be aware which you could additionally redeem right into a 529 Faculty Financial savings Plan.
Moreover, the Journey Rewards card earns a barely totally different rewards forex. You possibly can 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 may normally get a paltry worth of 0.6 cents per level. You may solely obtain a price of 1 cent per level when offsetting a travel-related transaction in your card.
Associated: Tips on how to redeem factors utilizing the Financial institution of America Premium Rewards card
Backside line
The Financial institution of America Most well-liked Rewards program might be not value pursuing except you qualify for not less than Platinum Honors to maximise the 75% bonus on bank card earnings.
That stated, this system’s perks imply that in case you already do enterprise with Financial institution of America or Merrill, you must take into account consolidating your banking and investing to spice up your rewards and advantages.
It would even be value switching to Financial institution of America if doing so will not value you something additional. In any case, the Most well-liked Rewards program can tip the size on a few of Financial institution of America’s prime card choices and reward you with important reductions on different banking companies like mortgage and auto loans.
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