Guide to the BofA Rewards program
Key takeaways
- The BofA Rewards program is available to all banking customers, but most benefits those with at least $30,000 in an eligible Bank of America account.
- Additionally, with four different tiers, program members receive various perks, such as credit card rewards, bonuses and interest rate discounts.
- A handful of Bank of America credit cards qualify for a rewards boost through this program, which can range from 10% percent to 75% more rewards.
While Bank of America rewards credit cards aren’t the most popular on the market today, there’s a workaround that can help you boost your rewards haul by 10% to 75%. We’re talking about the BofA Rewards program, which lets bank customers with a certain amount of assets earn more credit card rewards for each dollar they spend.
You don’t need any minimum balance amount for the base Member tier, but will need at least $30,000 in eligible accounts with Bank of America to be invited to higher tiers. Also, be aware that through the program, Bank of America offers customers the opportunity to earn more interest on deposits, lower rates on loans and bonuses on their Bank of America credit card rewards.
If your money isn’t helping you unlock better bonuses, it may be time to consider BofA Rewards.
How do you qualify for the BofA Rewards program?
BofA Rewards is free to join, and the main requirement is a minimum deposit amount for almost every tier of the program. Members must also have a checking account with Bank of America to be eligible for membership.
Funds that count toward BofA Rewards minimum deposit requirements can be kept in any of the following account types:
- Bank of America Advantage Banking, savings, money market savings, CDs and IRAs
- Merrill investment accounts, including IRAs and the Cash Management Account
- Merrill 529 college savings accounts on your banking statement
- Revocable grantor trust accounts
What are the BofA Rewards tiers?
Based on your balance across accounts on a rolling three-month average, there are four tiers you can qualify for in the BofA Rewards program:
| Member | Preferred Plus | Preferred Honors | Premier | ||
|---|---|---|---|---|---|
| Minimum three-month average balance | N/A | $30,000 to $99,999 | $100,000 to $999,999 | $1,000,000+ | |
| Credit card rewards bonus | 10% | 25% | 50% | 75% | |
| Merrill Guided Investing fee discount | N/A | 0.10% | 0.15% | 0.15% | |
| Mortgage origination fee discount | $100 | $300 | $600 | $600 | |
| Home equity line of credit interest rate discount | N/A | 0.25% | 0.375% | 0.625% | |
| Auto loan interest rate discount | 0.10% | 0.25% | 0.35% | 0.50% |
How to enroll in BofA Rewards
The BofA Rewards program allows anyone with a Bank of America personal checking account to join. However, only those with combined balances of at least $30,000 or more are eligible for higher tiers. That means new customers depositing a minimum of $30,000 or more across Bank of America accounts will have to wait at least three months to take advantage of the BofA Rewards program.
Once qualified, the system will take a regular count of your three-month average daily balance, so you will be automatically upgraded to the next tier when you qualify. There’s also no need to worry about losing status due to market fluctuation or withdrawals — your benefits are good for one year, giving you plenty of time to stay qualified for the program.
Enrollment requirements
As noted above, this program determines eligibility based on how much you hold over a rolling three-month period. If your average daily balance is at one of the three higher BofA Rewards tiers, you will be invited to join at that status through online banking.
For example, say your average daily balance in month one is $30,000 in qualifying accounts. In month two, market changes reduced your average daily balance to $15,000. Strategy changes and additional deposits increase your average daily balance by month three to $35,000. Over that three-month period, your average daily balance would qualify for an invitation to join with Preferred Plus status.
What cards are part of the BofA Rewards Program?
Several Bank of America credit cards are eligible to earn bonus rewards through the BofA Rewards program. These include:
- Bank of America® Premium Rewards® credit card
- Bank of America® Customized Cash Rewards credit card
- Bank of America® Unlimited Cash Rewards credit card
- Bank of America® Customized Cash Rewards Credit Card for Students*
- Bank of America® Travel Rewards credit card
- Bank of America® Premium Rewards®*
- Bank of America® Premium Rewards® Elite*
- Bank of America® Unlimited Cash Rewards for Students*
- Bank of America® Travel Rewards for Students*
- Bank of America® Customized Cash Rewards Secured*
- Bank of America® Unlimited Cash Rewards Secured*
- Bank of America® Travel Rewards Secured*
- Susan G. Komen® Customized Cash Rewards credit card*
- Norwegian Cruise Line® World Mastercard®*
How to maximize the BofA Rewards program
The process of earning bonus points through the BofA Rewards program should be easy to understand since the bonus rewards you earn correlate directly with how much you keep on deposit with the bank. There are still some ways to maximize the program, including the following:
- Keep opportunity costs in mind. Before you move $30,000 to $100,000 or more in emergency savings to Bank of America in order to boost credit card rewards, you should compare interest rates across several different banks. If you’re giving up a high APY on your savings to earn more cash back or travel points, the tradeoff may not be worth it.
- Use your Bank of America credit card for all spending and bills. Use your eligible Bank of America credit card for as much in spending and bills as you can. The more purchases you can charge to your card, the more you’ll benefit from bonus rewards through the program.
- Focus intently on bonus rewards spending. Make sure you’re utilizing your card’s bonus categories to the hilt since doing so can take your rewards balance to greater heights. If you have the Bank of America® Premium Rewards® credit card and you have Preferred Honors status through the program, for example, you could be earning 3.5 points per dollar spent on travel and dining purchases.
- Take advantage of other rate discounts. Keep an eye on other banking discounts you can qualify for when you use Bank of America for an auto loan, a home equity loan or a mortgage. Before you move forward, however, you should still compare rates with other banks and lenders.
The bottom line
For the simple act of saving money and building wealth, Bank of America account holders can unlock valuable bonuses across categories, leading to more savings and rewards. If your rewards strategy is primarily built around cash back, you will be hard-pressed to find a more beneficial program than BofA Rewards.
Frequently asked questions about BofA Rewards
*The information about the Bank of America® Customized Cash Rewards Credit Card for Students, Bank of America® Premium Rewards®, Bank of America® Premium Rewards® Elite, Bank of America® Unlimited Cash Rewards for Students, Bank of America® Travel Rewards for Students, Bank of America® Customized Cash Rewards Secured, Bank of America® Unlimited Cash Rewards Secured, Bank of America® Travel Rewards Secured, Susan G. Komen® Customized Cash Rewards credit card and Norwegian Cruise Line® World Mastercard® has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
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