Whereas it is fantastic to redeem your factors and miles for journey preparations, comparable to lodging and flights, there could be many different bills concerned in planning a visit, comparable to automotive leases, practice tickets, fuel and campsite charges. Fortunately, utilizing cash-back rewards together together 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 easy 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 complete property 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, here is a normal overview of this system:
The right way 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 could have each of the next:
- An lively, eligible Financial institution of America checking account
- A 3-month mixed common each 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 will qualify for every based mostly in your mixed common each day steadiness:
- Gold: $20,000 or extra in complete property
- Platinum: $50,000 or extra in complete property
- Platinum Honors: $100,000 or extra in complete property
- Diamond: $1,000,000 or extra in complete property
- Diamond Honors: $10,000,000 or extra in complete property
Day by day Publication
Reward your inbox with the TPG Day by day e-newsletter
Be a part of over 700,000 readers for breaking information, in-depth guides and unique offers from TPG’s specialists
Whereas not exorbitant, even the bottom stage requires some fairly excessive figures. However do not throw within the towel right away. You probably have an emergency fund, a vacation account, a financial savings account and a checking account, combining all these balances could qualify you for a Most well-liked Rewards tier. When you add in funding accounts, comparable to IRAs, you might even discover that the Platinum or Platinum Honors tiers are inside attain.
Your steadiness would not must originate with Merrill or Financial institution of America to rely towards every threshold. You may 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. After all, you will have to contemplate different issues like account administration charges and accessible funding choices to resolve whether or not doing so is an efficient choice.
Associated: The right way to maximize your incomes with the Financial institution of America Premium Rewards card
The right way to transfer amongst Most well-liked Rewards tiers
You may rise from one rung to the subsequent any month after your common each day steadiness for the three earlier months reaches the brink for the next tier. When you attain a particular standing stage, you will not must hold all of your money within the Financial institution of America basket.
As an alternative, you will preserve your Most well-liked Rewards tier standing for a full 12 months. Should you not meet the qualification necessities after that 12 months, you will have a three-month grace interval to take action. Should you nonetheless do not meet the factors after the three-month grace interval, you will 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 charge?
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 charge discount | $400 origination charge discount | $600 origination charge 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% |
| Dwelling 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 12 months | Limitless within the U.S. | Limitless within the U.S. and internationally | Limitless within the U.S. and internationally |
| Merrill Guided Investing charge low cost | 0.05% | 0.10% | 0.15% | 0.15% | 0.15% |
| Overseas forex alternate charge low cost (for cell and on-line orders solely, contains free customary delivery) | 1% | 1.5% | 2% | 2% | 2% |
| Entry to unique life-style advantages | N/A | N/A | N/A | Sure | Sure |
Now, let’s take a better have a look at every of those advantages.
Financial savings Curiosity Charge Booster
You want to have a Financial institution of America Benefit Financial savings account and be an enrolled Most well-liked Rewards member to take pleasure in this profit. You probably have an current financial savings account, it won’t mechanically convert to a Financial institution of America Benefit Financial savings account whenever you enroll in Most well-liked Rewards. Be sure you request the conversion when becoming a member of Most well-liked Rewards.
At Gold, the rate of interest enhance is 5%. That possible sounds higher than it’s. In case your rate of interest is 1.00%, a 5% charge booster would improve it to 1.05%.
This is the annual share yield on a Financial institution of America Benefit Financial savings account as of January 2025 to offer you some perspective:
You may test how this enhance would have an effect on the present annual share yield on a Financial institution of America Benefit Financial savings account in your area right here.
Associated: One of the best methods to economize & earn journey rewards for teenagers
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 charge 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 under.
You may 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® Personalized Money Rewards bank card, amongst others.
Mortgage origination charge discount
Any time you’ll be able to minimize down on charges for getting or refinancing a house, you need to. Most well-liked Rewards members are eligible to obtain a hard and fast discount in one among two methods, relying in your membership tier:
- A greenback quantity off of your origination charge (to not exceed its value)
- A share off your mortgage APR
The Most well-liked Rewards charge discount is not transferable. And you might not be capable of mix this charge discount with different reductions.
Associated: Bank card methods for mortgage and residential mortgage candidates
Auto mortgage rate of interest low cost
You could full an auto buy finance or refinancing mortgage by means of Financial institution of America to qualify for a charge low cost. This profit is just not transferable, so solely the Most well-liked Rewards member can make the most of this perk.
After all, you will must make it possible for Financial institution of America gives probably the most aggressive charge after the low cost. In any other case, it may not be value pursuing. Even 1 / 4 of a p.c might save or price you hundreds of {dollars} over the lifetime of the mortgage.
Associated: What is an efficient credit score rating?
Dwelling 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 stage.
This profit is non-transferable, however you could possibly mix this perk with different residence fairness rate of interest reductions. And even co-borrowers are eligible so long as at the least one applicant is enrolled or eligible to enroll.
Associated: Bank card vs. line of credit score: What is the distinction?
No-fee banking companies
Most well-liked Rewards members additionally take pleasure in a number of banking companies for no charge.
These companies embody:
- ATM/Debit card rush charges
- ATM worldwide transaction charge
- 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 charge waived per billing cycle
Moreover, Platinum and above incur no charges for incoming worldwide wire transfers and might open a small protected deposit field at no cost at a Financial institution of America department.
Associated: The right way to keep away from ATM charges
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 charge 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 haven’t any cap. In the meantime, Diamond and Diamond Honors members have limitless no-fee transactions each within the U.S. and internationally.
Associated: 7 methods to avoid wasting on abroad ATM withdrawals
Merrill Guided Investing charge low cost
Most well-liked Rewards members take pleasure in a charge 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 usually expenses a charge of 0.45% of property underneath administration, and Merrill Guided Investing with an advisor usually expenses a charge of 0.85% of property underneath administration.
Whereas these charges might sound small, they add up over time. As such, these expenses can develop into a compound drain in your investments as they improve. So, it might be greatest to search for a monetary advisor that expenses a hard and fast charge as an alternative of a share of your property.
Associated: One of the best apps for cash administration
Overseas forex alternate charge low cost
All Most well-liked Rewards members will get some type of low cost for international forex orders by means of on-line banking or the cell banking app.
Relying in your standing tier, you will obtain a reduction between 1% and a couple of%.
Associated: Every thing it’s good to learn about international transaction charges
Entry to unique life-style advantages
Prime-tier Diamond and Diamond Honors members will take pleasure in custom-made and distinctive life-style experiences, comparable to journey, wellness, occasions, foods and drinks or different private companies. You may preview a few of these curated gives right here.
Associated: One of the best bank cards accessible now
The right way 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 will wish to qualify for at the least Platinum Honors and be eligible for the 75% bonus in your bank card rewards.
After all, it isn’t an excellent concept to make huge funding and banking choices based mostly solely on bank card bonuses. Nonetheless, it might be worthwhile for those who already plan to spend money on Merrill and have an current banking relationship with Financial institution of America. Should you do, listed here are among the financial institution’s rewards playing cards to contemplate 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. Nevertheless it will get much more aggressive whenever you add within the bonuses from the Most well-liked Rewards program.
The cardboard expenses a $95 annual charge and gives a modest collection of advantages. For instance, cardholders get an up-to-$100 annual airline incidental charge assertion credit score, a World Entry or TSA PreCheck software charge credit score each 4 years (as much as $100) and a few first rate 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 at the least 2.625% on all purchases with this card (for high-tier Most well-liked Rewards members) is unbelievable. 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 evaluate
Financial institution of America Journey Rewards bank card
If you wish to keep away from paying bank card annual charges, you can 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 charge of 1 cent per level.
By incomes 1.5 factors per greenback spent on every little thing plus a 75% Most well-liked Rewards bonus as a Platinum Honors (or greater) Most well-liked Rewards member, you successfully earn 2.625% money rewards towards journey purchases made with the cardboard. That is a unbelievable money reward charge to earn on all spending — particularly for a card with no annual charge.
Associated: Financial institution of America Journey Rewards card full evaluate
Financial institution of America Limitless Money Rewards bank card
The Financial institution of America Limitless Money Rewards bank card is nice for folk who do not wish to hold observe of a number of bonus classes however who nonetheless wish to earn at a robust fastened charge 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 — among the finest rewards charges any card gives for nonbonus on a regular basis purchases.
Associated: One of the best Financial institution of America playing cards
Financial institution of America Personalized Money Rewards bank card
One other no-annual-fee card is the Financial institution of America Personalized 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 automobile charging stations
- Dwelling enchancment and furnishings
- On-line buying (together with cable, streaming, web and cellphone companies)
- Journey
It additionally earns 2% again at grocery shops and wholesale golf equipment and 1% again on every little thing else. Simply be aware which you can solely earn 3% and a couple of% on as much as $2,500 in mixed purchases every quarter (then 1%).
So, for those who’re at the least a Platinum Honors member, you will 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 Personalized Money Rewards full evaluate
The right way 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 be able to commerce for money.
To redeem your Financial institution of America factors with a card such because the Premium Rewards card, you will discover a “money” choice 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 charge of 1 cent per level. Notice which you can additionally redeem right into a 529 Faculty Financial savings Plan.
Moreover, the Journey Rewards card earns a barely completely different rewards forex. You may 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 will normally get a paltry worth of 0.6 cents per level. You will solely obtain a price of 1 cent per level when offsetting a travel-related transaction in your card.
Associated: The right way 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 at the least Platinum Honors to maximise the 75% bonus on bank card earnings.
That stated, this system’s perks imply that for those who already do enterprise with Financial institution of America or Merrill, you need to 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 price you something further. In spite of everything, 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 vital reductions on different banking companies like mortgage and auto loans.
Associated: The last word information to bank card software restrictions
