However, less than 100k there are probably better credit card reward options. But would I be able to withdraw money whenever I want as much I as want, in case I need to? So I have to use both? Hope someone can explain clearly. If so, if you have a bofa account and/or a Merrill account than you can get the benefits mentioned. In order to get the preferred rewards status, does the money have to be in the personal checking account or merrill lynch? You just need to sign up, hold the balance and get the benefits on your credit card. There is no downside to joining that I've been able to find. So far this year, I've received almost $300 in cash back rewards. Press question mark to learn the rest of the keyboard shortcuts. But it is not a requirement, if you have lower balance then you qualify for a lower "preferred rewards points", so I am not seeing the disadvantage. Bank of America Preferred Rewards card overview. Press J to jump to the feed. Chase Sapphire Preferred vs. Bank of America Travel Rewards - … I'm not really understanding the extra bonus well, as I don't know if I have to use both cards or not. https://www.frugalprofessor.com/best-credit-card-rewards-strategy-2019-edition/. The author argues that you need to keep some 100k+ to benefit from the program. I charge just about everything I purchase with that credit card- gas, groceries, plane tickets, down payment for our used vehicle...and then get a certain percentage of cash rewards back. That's a lot of hassle for 3.5% cash back. I currently have about 20k in my bank account, so I qualify for Gold tier. Once you have a total of $20,000 in assets between qualifying Bank of America and Merrill investment accounts, you’ll qualify for Gold-tier Preferred Rewards benefits. 7. So when enrolled I would maximize my rewards based on my bank balance amount. I'm really not familiar with these bank and credit card stuff. Or do I need to keep 20k in that saving account for a certain period of time? Credit card noob here. Bank of America Preferred Rewards Upgrade. See https://www.frugalprofessor.com/best-credit-card-rewards-strategy-2019-edition/. Awesome. - I am using a credit card with cash reward. If you are a Bank of America Preferred Rewards client, you will receive a 25- to 75-percent rewards bonus on every purchase. Basic terms and definitions . Preferred Rewards for Business Calculator - Bank of America By consolidating your checking, savings, investments and retirement banking into BofA and Merrill accounts, you'll get access to a variety of banking perks. Bank of America sent out an email to Preferred Rewards members that they are temporarily postponing the review process on Preferred Rewards status. Preferred Rewards/Preferred Rewards for Wealth Management ... —Bank of America, N.A., the ® Page 1 . Wouldn't make sense for a client with $100k plus earning the same rewards as one with $20k. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. So when enrolled I would maximize my rewards based on my bank balance amount. Close. You can easily get a no-fee 3% cash back card from Capital One. Is that worth the hassle? If you put all 20k in your checking/savings account and hold that balance than you’re gold level as you said. I am considering enrolling my bofa credit card into this program. If your credit card receives the 10% customer bonus, the Preferred Rewards bonus will replace the 10% customer bonus. Base Points —The number of Points you will earn with each purchase . We've talked about the Chase Trifecta and the Amex Trifecta, but if you have assets with Bank of America, there might be better credit card options for you.. One of the main benefits being a high net worth individual with Bank of America is that you can earn preferred bonuses on credit card rewards. I am not seeing the author's point. Until further notice, all current Preferred Rewards members will maintain their status, and won’t lose benefits due to their balances dropping below the required minimum. By using our Services or clicking I agree, you agree to our use of cookies. I’m debating whether to go to Bank of America for their preferred rewards program but a couple of things are holding me back, such as: saving account interests are lower than 2%. Hello, Credit card noob here. But what I want to know is whether they are going to send me a new card if I sign up, and would I have to use both? Savings interest rate boost.Preferred Rewards members receive a 5% to 20% increase on their savings account interest rate. Since you aren’t limited by any number of travel partners, your rewards hold the same value no matter what airline you fly on or hotel you stay at. if I enroll in Merrill edge, then for every trade that I do is $6.95. Bank Of America Preferred Rewards Program Review - Forbes … He wouldn't be "earning" anything, he would be giving his bank an interest free loan in return for his money to keep its purchasing power. I think they give you a little extra percentage when shopping groceries. I'm also using the travel rewards card instead of the cash back, that gives 2.625% in the highest tier I think and i personally have enough travel costs once in a while to redeem against. Please contact the moderators of this subreddit if you have any questions or concerns. When you enroll in the Preferred Rewards program, you can get a 25% — 75% rewards bonus on all eligible Bank of America ® credit cards. Bank of America Preferred Rewards: More Rewards With Every … I have the BOA Cash Rewards card and I didn't need need Merril. So, if I sign up for preferred reward, I am going to get another credit card to use along side my current credit card? I also couldn't recommend Edge or BOA as a Brokerage or bank without their platinum honors perks. If you qualify for Bank of America Preferred Rewards, the Bank of America® Premium Rewards® credit card has the potential to be quite a lucrative card to use on everyday spending. I'm a Gold member & I get a 25% bonus every time I redeem my cc rewards into my checking. I belive that some number of family members' accounts can also be "linked" to a Preferred Customer. Bank of America today announced that it will expand eligibility for commission-free online stock and ETF trades through Merrill Edge. For Bank of America credit card holders, the program boasts a 75% credit card rewards … but I came across this article: http://www.magnifymoney.com/blog/consumer-watchdog/bank-of-america-preferred-rewards/. It only says that there's a 0.05 percent fee discount. inflation is around 2-3% per year. Bank of America's Preferred Rewards Gold program is available for customers with total balances above $20,000 between their Bank of America banking account and … Once you have a total of $20,000 in assets between qualifying Bank of America and Merrill investment accounts, you qualify for Gold Preferred Rewards benefits. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Ratchet up your earnings with Preferred Rewards. I did join today. Could someone please shed some light if I am missing a fatal fine print? Sure, but is there any disadvantage in joining this program vs just keeping whatever I have? That kind of rewards rate would make a flat-rate card, such as the Bank of America Travel Rewards card, a no brainer, since you would earn as much as 2.625 points for every dollar you charged. I never had a merrill account, so I'm sure as long as you have enough money in your BoA account, they'll ask you eventually. Just have some pretty basic questions: - Am I required to have a Merrill Edge account? $50,000 in total assets qualifies for the Platinum tier, and $100,000 in total assets qualifies for the Platinum Honors tier of Preferred Rewards. I am not investing in anything right now. Let's say that I spend about 350 or so every month on food, gas, and the likes, so if I estimate correctly, I'll get about 50-60 bucks on cash back per year? At the 100k level, it's a pretty great ecosystem with unrivaled cash back. Best Bank of America Credit Cards of January 2021 - NerdWallet The Bank of America Preferred Rewards program is designed to attract casual Bank of America (BofA) clients and turn them into loyal customers. Like the Chase Sapphire Preferred® Card (a staple in the travel community), the Bank of America Travel card defines “travel” broadly, meaning you can redeem your points on flights, hotels, vacation packages, cruises, rental cars or baggage fees. The author argues that you need to keep some 100k+ to benefit from the program. I also am on the gold tier rewards. So instead of earning 3 percent cash back from the choice category, Preferred Rewards customers can earn 3.75 to 5.25 percent back. ... help Reddit App Reddit coins Reddit premium Reddit … Or do I just keep using the card I have and I'll still get the bonus? Bank of America Preferred Rewards: A 75% bonus but watch the … On top of that, since I auto direct deposit the rewards into my BOA checking account, they give an extra bonus for being in the gold tier. Just have some pretty basic questions: I've seen some questions about BoA's preferred reward card, and it seems most people like it. Bank of America Preferred Rewards Upgrade. At first glance, the Bank of America Premium Rewards is a lot like the Chase Sapphire Preferred in terms of the annual fee ($95) and the tiered purchase rewards. Are you talking about the Preferred Rewards program? The Bank of America Preferred Rewards program offers more benefits and rewards, for account holders that conduct their everyday banking and investment activities within the bank, more than ever. The point of the program is to reward clients that bring/have deposits with the Bank. Press question mark to learn the rest of the keyboard shortcuts, http://www.magnifymoney.com/blog/consumer-watchdog/bank-of-america-preferred-rewards/. I pay my credit card off in full every month. I've seen some questions about BoA's preferred reward card, and it seems most people like it. While the numbers sound impressive, you should consider that Bank of America savings accounts interest rates are nearly at 0%, and the increase in interest from the Preferred Rewards program is satisfactory at best. Rewards Redemption WorldPoints Redemption Center 1.800.434.8313 Redemption Hours of Operation Travel - 24 hours, 7 days MyConcierge SM - 24 hours, 7 days Gift Cards - Mon - Fri 9am - 9pm EST; Sat 9am - 5:30 EST MyConcierge SM-24-hour Personal Assistant 1.800.435.7291 From International Locations, Call Collect 1.415.263.6031 MasterCard ® Services I currently have about 20k in my bank account, so I qualify for Gold tier. Bank of America has a very unique rewards program for both their Bank of America and Merrill Lynch account holders. Joining this program gets you 25% to 75% more rewards. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. How often do they check the last 3-month combined average daily balance to see if the customer is eligible for the next tier? I'm not sure the BOA/Edge program is that great until you hit the platinum honors tier at 100k assets. GoldEach of these has different benefits and qualification criteria, which you’ll find all the in-depth information below.The short of it is: Bank of America rewards customers depending on their investment and deposit balances. Plus, as a Preferred Rewards member, you enjoy real benefits and rewards on your everyday Bank of America ® banking and Merrill investment accounts. BofA totals up of a customer's IRA, BofA Merrill Edge and Merrill Lynch accounts, plus checking and savings accounts when determining Preferred Rewards level. Platinum 3. Receive a 25- to 75- percent rewards bonus. Posted by 11 days ago. Contact Us 24 hours / 7 days a week U.S. 1.800.421.2110 International, call collect 1.302.457.1668 TTY/TDD (for the Hearing Impaired) 1.800.346.3178 - How much can you realistically get from cash back with this program? If you put that $20k onto an online high yield savings account, the money would earn over $400 per year just by sitting there, and it would have compounding interest, and you wouldn’t have to do this whole tiered card rigamarole. if he wants to earn money, there are better ways of doing that. Card Rating*: ⭐⭐⭐½ Thanks. Thanks for the input. If you’re a Bank of America customer with a savings accounts, it’s possible to get a 25 to 75 percent boost on your earnings with the Bank of America Premium Rewards Card – up to 3.5 points per dollar on travel and dining purchases and up to 2.62 points per dollar on regular purchases. For those who prefer other banks, there are better earning travel cards available. The more deposits you have the better rewards you get. Most Bank of America ® branded consumer credit cards (such as the Cash Rewards, Travel Rewards and Premium Rewards ® credit cards) are eligible to receive the Preferred Rewards bonus, as long as the card account is open with active charging privileges. Join our community, read the PF Wiki, and get on top of your finances! If your bofa credit card is eligible and you get 1% cash back, you will get 1.25% cash back now. Enrolling in Preferred Rewards requires you to have an eligible Bank of America personal checking account and an average daily balan… Billing Cycle monthly bills or monthly billing statements, as defined in … Including a 25% to 75% points and cash back boost on eligible BofA credit cards. Bank of America Preferred Rewards makes Bank of America credit cards a good choice for loyal customers. I don't have a Merrill account right now. The benefits start at $20k, get much better at $50k, and are pretty nice at the $100k level. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Platinum Honors 2. I'm happy with that. Cookies help us deliver our Services. BoA often counts as purchase for initial funding of a bank account also, so yes, there's value if … Press J to jump to the feed. I am not seeing the author's point. If you have a Bank of America cash back or travel rewards card, you have to know about Bank of America Preferred Rewards. I am a bot, and this action was performed automatically. But it is not a requirement, if you have lower balance then you qualify for a lower "preferred rewards points", so I am not seeing the disadvantage. This benefit has been available for clients enrolled in the higher tiers of the Preferred Rewards program for the past four years and will extend to all enrolled clients, regardless of tier, starting in the second quarter of this year. Join our community, read the PF Wiki, and get on top of your finances! 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