Bank of america preferred rewards platinum honors tier

Q: What is above platinum honors Bank of America?

The programs new five-tier structure – Gold, Platinum, Platinum Honors, Diamond and Diamond Honors – increases the level of rewards and benefits as clients qualifying banking and investment balances grow.

Table of Contents Show

What is Bank of America Preferred Rewards?
How does Bank of America's Preferred Rewards program work?
How do you qualify for the Preferred Rewards program?
Benefits of the Preferred Rewards program
Savings account interest rate booster
Credit card rewards bonus
No-fee transactions at non-Bank of America ATMs
Merrill Guided Investing program fee discount
Reduction in mortgage origination fee
Home equity interest rate discount
Auto loan interest rate discount
No fees on select banking services
How to enroll in Bank of America's Preferred Rewards program
What is above platinum honors Bank of America?
How do you qualify for Platinum Honors Bank of America?
What are the tiers of Bank of America?
What is Diamond tier at Bank of America?

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If you're open to using Bank of America as your main financial institution, you could get exclusive benefits through its rewards program. The Bank of America Preferred Rewards program is the bank's way of giving more to its loyal customers. It offers perks with many of the financial products Bank of America offers, such as bonuses to maximize your credit card rewards and lower loan costs.

Access to the program is based on your account balances with Bank of America and Merrill. Since this is a tiered program, the benefits get better for clients with higher average balances. Even if you're shopping around for the best credit cards, Preferred Rewards benefits could play a big role in which card is right for you. Keep reading for all the details on the Preferred Rewards program.

What is Bank of America Preferred Rewards?

Bank of America Preferred Rewards is the bank's rewards program for clients who meet minimum balance requirements. Enrollment is available once you have a three-month combined average daily balance of $20,000 across eligible accounts.

Preferred Rewards benefits cover quite a few of the financial products available through Bank of America. You can get bonus credit card rewards, reduced investing and loan fees, and much more.

The value of the Preferred Rewards program depends on whether you plan to use Bank of America's products and services. 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. Bonus credit card rewards are especially valuable. 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.

SEE MORE: Best Rewards Credit Cards

How does Bank of America's Preferred Rewards program work?

The option to enroll in Bank of America Preferred Rewards is available in your online banking account when you meet the balance requirements. Upon enrollment, Bank of America puts you in the appropriate Preferred Rewards tier based on your balances. You then receive the Preferred Rewards benefits for that tier. There are five tiers in the Preferred Rewards program, each with their own qualifying balances:

Gold: $20,000 to $49,999.99
Platinum: $50,000 to $99,999.99
Platinum Honors: $100,000 to $999,999.99
Diamond: $1 million to $9,999,999.99
Diamond Honors: $10 million and up

Your tier is based on your three-month combined average daily balance in eligible accounts. You can move up from one Preferred Rewards tier to the next by increasing your account balances. Once your three-month combined average daily balance is high enough for the next tier, Bank of America will upgrade you.

If your balances decrease, you keep your Preferred Rewards status for one year plus a three-month grace period. After the grace period ends, Bank of America will see whether you meet balance requirements for your previous Preferred Rewards status. If not, you'll either be moved to a lower tier or lose Preferred Rewards benefits.

How do you qualify for the Preferred Rewards program?

To qualify for the Preferred Rewards program, there are two requirements:

You must have an eligible Bank of America personal checking account.
You must have a three-month combined average daily balance of at least $20,000 in your eligible Bank of America accounts.

Here are eligible types of accounts that count towards the Bank of America Preferred Rewards program:

Checking accounts
Savings accounts
Money market accounts
Certificates of deposit (CDs)
Individual retirement accounts (IRAs)
Merrill® investment accounts
529 plans

In addition, revocable grantor trust accounts with Bank of America are also eligible.

You need to be the owner or co-owner on the account for its balance to qualify. Business accounts don't qualify for this program. There is, however, a Bank of America Preferred Rewards for Business program offering the same tiers and benefits.

Benefits of the Preferred Rewards program

Here are the benefits for each tier of the Bank of America Preferred Rewards program:

Benefit	Gold	Platinum	Platinum Honors	Diamond	Diamond Honors
Savings account interest rate booster	5%	10%	20%	20%	20%
Credit card rewards bonus	25%	50%	75%	75%	75%
No-fee transactions at non-Bank of America ATMs	0	Up to 12 per year	Unlimited	Unlimited	Unlimited
Merrill Guided Investing program fee discount	0.05%	0.10%	0.15%	0.15%	0.15%
Reduction in mortgage origination fee or interest rate	$200	$400	$600	0.250% interest rate reduction with PayPlan established	0.375% interest rate reduction with PayPlan established
Home equity interest rate discount	0.125%	0.250%	0.375%	0.625%	0.750%
Auto loan interest rate discount	0.25%	0.35%	0.50%	0.50%	0.50%
Select banking services	No fees	No fees	No fees	No fees	No fees
Foreign currency exchange rate discount	N/A	N/A	N/A	2%	2%
Lifestyle benefits	N/A	N/A	N/A	Exclusive access to experiences and offers	Exclusive access to experiences and offers

Data source: Bank of America.

To better explain how these benefits work, let's take a closer look at each one.

Savings account interest rate booster

You receive a higher interest rate on a Bank of America Advantage Savings account. Keep in mind that even with a boost, Bank of America offers much lower interest rates than you could get from the the top savings accounts.

LEARN MORE: Best Online and High-Yield Savings Accounts

Credit card rewards bonus

Eligible Bank of America rewards credit cards earn bonus rewards on purchases. Most Bank of America consumer credit cards are eligible, including its top cash reward and travel credit cards. If you're looking for a Bank of America card, comparing credit card offers is a good way to find the right one.

SEE MORE: Best Bank of America Credit Cards

No-fee transactions at non-Bank of America ATMs

This benefit applies to U.S. ATMs and applies to withdrawals, balance inquiries, and balance transfers. The ATM fee waiver isn't available with the Gold tier.

Merrill Guided Investing program fee discount

You receive a discount on Merrill Guided Investing, which offers professionally managed portfolios and requires a $1,000 minimum investment. If you want to use Merrill Guided Investing with an advisor, the minimum investment is $20,000.

Reduction in mortgage origination fee

You save on mortgage origination fees when closing on a new Bank of America purchase or refinance mortgage.

LEARN MORE: What Is a Mortgage Origination Fee?

Home equity interest rate discount

You get a discount on the interest rate when opening a new home equity line of credit (HELOC).

Auto loan interest rate discount

You get a discount on the interest rate of a new Bank of America auto purchase or refinance loan.

No fees on select banking services

Preferred Rewards clients at every tier receive the following banking fee waivers:

Monthly maintenance fee waivers for up to four eligible checking and four savings accounts from Bank of America
No fees for ATM or debit card replacement including rush replacement, standard check orders, cashier's checks, Check Image Services, check copies, stop payments, and incoming domestic wire transfers
Overdraft protection transfer fees waived from your linked savings accounts, secondary eligible checking accounts, or from a HELOC

All clients in the Platinum tier or higher also don't pay fees for incoming international wire transfers and a small safe deposit box.

Foreign currency exchange rate discount

Diamond and Diamond Honors clients receive a 2% discount on foreign currency exchanges. The discount only applies to mobile and online orders, and it includes free standard shipping.

Lifestyle benefits

Diamond and Diamond Honors clients get exclusive access to unique experiences and premium offers. There's a wide variety of special offers available through this benefit. A few examples include tours of travel destinations, discounts on luxury merchandise, and tickets to popular events.

As of Oct. 04, 2022

Bank of America® Customized Cash Rewards credit card

Bank of America® Travel Rewards credit card

Bank of America® Customized Cash Rewards Credit Card for Students

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Apply Now for Bank of America® Customized Cash Rewards credit card

On Bank of America's Secure Website.

Apply Now for Bank of America® Travel Rewards credit card

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Credit Rating Requirement:

Good/Excellent (670-850) Info IconCircle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Credit Rating Requirement:

Fair/New to Credit Under(669) Info IconCircle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Welcome Offer: Welcome Offer info $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening

$200 cash rewards

Welcome Offer: Welcome Offer info 25,000 online bonus points after making at least $1,000 in purchases within the first 90 days of account opening

25,000 points

Welcome Offer: Welcome Offer info $200 online cash rewards bonus after making at least $1,000 in purchases within 90 days of your account opening

$200 cash rewards

Rewards Program: Info IconCircle with letter I in it. 3% cash back in your choice category, 2% at grocery stores & wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% on all other purchases.

1% - 3% cash back

Rewards Program:

1.5 points per dollar

Rewards Program: Info IconCircle with letter I in it. 3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on other purchases.

1% - 3% cash back

Intro APR: Intro APR Tooltip 0% Intro APR for 18 billing cycles for any purchases, or any balance transfers made in the first 60 days

Purchases: 0%, 18 billing cycles

Balance Transfers: 0%, 18 billing cycles

Intro APR: Intro APR Tooltip 0% Intro APR for 18 billing cycles for any purchases, or any balance transfers made in the first 60 days

Purchases: 0%, 18 billing cycles

Balance Transfers: 0%, 18 billing cycles

Intro APR: Intro APR Tooltip 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days, then 16.24% - 26.24% variable thereafter. A 3% fee (min $10) applies to all balance transfers

Purchases: 0%, 18 billing cycles

Balance Transfers: 0%, 18 billing cycles

Regular APR:

16.99% - 26.99% Variable

Regular APR:

16.99% - 26.99% Variable APR

Regular APR:

16.99% - 26.99% variable

Annual Fee:

Highlights:

$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
No annual fee and no expiration on rewards.
New longer intro period! 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.99% - 26.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Highlights:

Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire.
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
New longer intro period! 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.99% - 26.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
If you're a Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Highlights:

No annual fee.
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Earn 3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on other purchases.
0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days, then 16.99% - 26.99% variable thereafter. A 3% fee (min $10) applies to all balance transfers
No expiration on rewards.
If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase.

Apply Now for Bank of America® Customized Cash Rewards credit card

On Bank of America's Secure Website.

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

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How to enroll in Bank of America's Preferred Rewards program

To enroll in the Bank of America Preferred Rewards program, deposit at least $20,000 across eligible Bank of America and Merrill Lynch accounts. Maintain an average combined daily balance of $20,000 or more for three months.

Once you qualify for the Preferred Rewards program, the enrollment option is available when you sign in to your online banking account. Choose to enroll, and Bank of America will put you in the program at the appropriate tier.

FAQs

Bank of America Preferred Rewards is a rewards program offering exclusive benefits across its financial services. The program is available to clients with a combined average daily balance of at least $20,000 in eligible Bank of America bank accounts and Merrill investment accounts.
Bank of America gives you the option to enroll in the Preferred Rewards program when you meet the balance requirements. Once you enroll through your online banking account, you automatically receive Preferred Rewards benefits.
To qualify for the Preferred Rewards program, you must have a combined daily average balance of at least $20,000 in eligible accounts for three months. Eligible accounts are Bank of America bank accounts and Merrill investment accounts.
The Bank of America Preferred Rewards program has multiple tiers. Here are the tiers and the balance requirements for each one:
- Gold: $20,000 to $49,999.99
- Platinum: $50,000 to $99,999.99
- Platinum Honors: $100,000 and up
The Preferred Rewards program offers the following benefits:
- Interest rate boost on a Bank of America Advantage savings account
- Bonus credit card rewards on eligible Bank of America credit cards
- No-fee transactions at non-Bank of America ATMs
- Merrill Guided Investing program fee discount
- Mortgage origination fee reduction on a new purchase or refinance mortgage
- Home equity interest rate discount
- Auto loan interest rate discount
- No fees on select banking services

What is above platinum honors Bank of America?

The program's new five-tier structure – Gold, Platinum, Platinum Honors, Diamond and Diamond Honors – increases the level of rewards and benefits as clients' qualifying banking and investment balances grow.

How do you qualify for Platinum Honors Bank of America?

Platinum tier benefits Those who hold a three-month average of $50,000 or more across Bank of America accounts will qualify for the Platinum tier. Members don't have to request an upgrade from the bank — once you hit the savings minimum, you will automatically qualify for an upgrade.

What are the tiers of Bank of America?

There are three tiers in the Preferred Rewards program – Gold, Platinum and Platinum Honors. Your tier is based on your qualifying combined balances in your Bank of America^® deposit and/or Merrill^® investment accounts.

What is Diamond tier at Bank of America?

To qualify for the Diamond or Diamond Honors tier, you need to have an open and active personal checking account with Bank of America and maintain a three-month combined average daily balance of $1,000,000 for Diamond or $10,000,000 for Diamond Honors in your qualifying Bank of America deposit accounts, Bank of America ...