How Does the Bank of America Preferred Rewards Program Work?

A young woman at a restaurant smiles at her credit card while holding her phone in the patio area.

At Experian, one of our priorities is consumer credit and finance education. This post may contain links and references to one or more of our partners, but we provide an objective view to help you make the best decisions. For more information, see our Editorial Policy.

The Bank of America Preferred Rewards program is a multi-tier rewards program for Bank of America customers. Using the program, you may be able to earn a variety of perks and benefits, including waived banking fees, lower interest rates on loans and increased rewards rates on eligible Bank of America credit cards.

What Is Bank of America Preferred Rewards?

Bank of America Preferred Rewards is a free, three-tiered rewards program that you can enroll in as a Bank of America customer if your account balances meet certain thresholds. The program gives eligible members benefits on Bank of America and Merrill checking, savings, investment, credit card and loan accounts.

How to Qualify for Bank of America Preferred Rewards

Qualification for the Preferred Rewards program is based on your three-month combined average daily balance in all your eligible Bank of America consumer deposit accounts (checking, savings, CDs, etc.) and Merrill investment accounts (cash management accounts, 529 plans, etc.). There's a separate Preferred Rewards for Business program that your business deposit and investment accounts may qualify you for.

The minimum combined balance requirement for each tier is:

  • Gold: $20,000
  • Platinum: $50,000
  • Platinum Honors: $100,000

Once you qualify, you can enroll in Bank of America Preferred Rewards. Your balances will then be reviewed monthly, and you can move up to the next level once you're eligible.

You'll keep the highest membership tier benefits you qualify for for at least for a year, even if your balance drops below the requirement. At the end of the year, there's an additional three-month grace period. If your account balances are still below program requirements after the grace period, your membership tier could drop or you could be removed from the program entirely.

Bank of America Preferred Rewards Benefits

As a Bank of America Preferred Rewards program member, you can receive a variety of benefits based on their rewards tier.

BenefitGoldPlatinumPlatinum Honors
Savings interest rate booster5%10%20%
Credit card rewards bonus25%50%75%
Free transactions at non-Bank of America ATMSNoneUp to 12 per yearUnlimited
Merrill Guided Investing fee discount0.05%0.10%0.15%
Mortgage origination fee reduction$200$400$600
Home equity line of credit interest rate discount0.125%0.250%0.375%
Auto loan interest rate discount0.25%0.35%0.50%
Fee waivers on select banking servicesYesYesYes
Discounted foreign currency exchange rate (for mobile and online purchases)1% discount1.5% discount2% discount

Savings Interest Rate Booster

As a Preferred Rewards member, you'll get a higher savings rate on your Bank of America Advantage Savings account. For example, if you have Gold status and your account has a 1% rate, it will increase to 1.05%; or to 1.20% if you're a Platinum Honors member.

If you don't have a Bank of America Advantage Savings, you can request to convert your savings account to qualify for the boosted reward.

Credit Card Rewards Bonus

You'll also receive a higher rewards rate on eligible credit cards, including the Bank of America® Unlimited Cash Rewards credit card, Bank of America® Customized Cash Rewards credit card, Bank of America® Travel Rewards credit card and Bank of America® Premium Rewards® credit card. For example, if a $100 purchase would normally earn you $1 cash rewards, you could receive $1.25, $1.50 or $1.75 cash back instead. Or, you could get an equivalent bonus in points when you use a credit card that earns points.

The Preferred Rewards bonus applies to base and bonus rewards (such as an increased rate on certain purchases) you earn with your card. If you already receive a 10% customer bonus, however, the Preferred Rewards bonus will replace rather than add to your earnings.

Free Transactions at Non-Bank of America ATMs

When you use your Bank of America debit or ATM card at a non-Bank of America ATM in the U.S., you can receive one fee refund per statement cycle with Platinum status or unlimited fee-free transactions with Platinum Honors status. Eligible transactions include withdrawals, checking your balance and balance transfers.

Merrill Guided Investing Fee Discount

You can receive the Merrill Guided Investing fee discount to lower your annual asset-based fee. If you're also a Bank of America Private Bank client, the Preferred Rewards fee discount is in addition to the 0.15% discount you already receive.

Mortgage Origination Fee Reduction

The fee reduction applies to both new purchase and refinance mortgage loans, and it won't exceed the origination fee amount. If you're applying with a co-borrower, only one person needs to have membership status for the discount to be applied.

Home Equity Line of Credit Interest Rate Discount

The interest rate discount applies to a new Bank of America home equity line of credit. As with the origination fee reduction, only one co-borrower needs to qualify to receive the discounted rate.

Auto Loan Interest Rate Discount

Get a discounted interest rate when you get an auto loan or refinance an existing one. The discounted rate won't appear on the website, but will be reflected in your loan offers. To be eligible, you need to have Preferred Rewards status when you apply, and you need to apply for the loan directly through Bank of America.

Fee Waivers on Select Banking Services

Pay no monthly maintenance fees on up to four eligible checking accounts and four eligible savings accounts. Also, receive select services without paying any fees, including cashier's checks, incoming domestic wire transfers and rush replacement debit cards. Higher Preferred Rewards tiers come with additional fee waivers.

Discounted Foreign Currency Exchange Rate

Receive a discounted exchange rate and free standard shipping when ordering a foreign currency from Bank of America online or through your banking app.

Find a Credit Card to Match

If you can qualify for one of the Bank of America Preferred Rewards member tiers, a Bank of America rewards credit card could be a good match. It may even change the math on which rewards card is best for you. For example, Platinum Honors members can earn up to 2.62% cash back on unlimited purchases with the Bank of America® Unlimited Cash Rewards credit card. There are also credit cards that will allow you to redeem cash back rewards.

To better understand which credit cards you may qualify for, you can check your credit score for free with Experian. After logging in, the Experian CreditMatch™ marketplace can also help match you with credit card offers from our partners, including Bank of America.

The purpose of this question submission tool is to provide general education on credit reporting. The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team may include it in a future post and may also share responses in its social media outreach. If you have a question, others likely have the same question, too. By sharing your questions and our answers, we can help others as well.

Personal credit report disputes cannot be submitted through Ask Experian. To dispute information in your personal credit report, simply follow the instructions provided with it. Your personal credit report includes appropriate contact information including a website address, toll-free telephone number and mailing address.

To submit a dispute online visit Experian's Dispute Center. If you have a current copy of your personal credit report, simply enter the report number where indicated, and follow the instructions provided. If you do not have a current personal report, Experian will provide a free copy when you submit the information requested. Additionally, you may obtain a free copy of your report once a week through December 31, 2022 at AnnualCreditReport.