Bank of America has expanded its popular Preferred Rewards program. The program offers members up to 75% more rewards with Bank of America credit cards – meaning Customized Cash Rewards Credit Cardholders could earn up to 3.5% cash back on eligible purchases. Here is what you need to know about the updates to the Bank of America Preferred Rewards program:
Bank of America Adds Tiers to Preferred Rewards Program
Bank of America has expanded its popular Preferred Rewards program. Launched in late November, the bank’s expanded Preferred Rewards program will now include new Diamond and Diamond Honors tiers for clients with $1 million and more and $10 million and more in assets with the company, respectively.
Bank of America Preferred Rewards now features a new five-tier structure – with Gold, Platinum, and Platinum Honors status now being joined by Diamond and Diamond Honors. This new structure increases rewards and benefits as clients’ qualifying banking and investment balances grow.
Diamond and Diamond Honors members will receive a range of benefits across an extensive roster of merchant discounts, offers, and exclusive experiences, including:
- Banking and lending benefits, such as a 75% credit card rewards bonus on all eligible Bank of America credit cards, 20% interest rate booster on Bank of America Advantage Savings accounts, enhanced mortgage and home equity benefits, reduced annual program fee with a Merrill Guided Investing account and more.
- Exclusive luxury benefits and lifestyle experiences include premium brands’ customized and unique events.
- Access to personalized services through third-party experts to help navigate complex financial topics, such as college advice, career support, and eldercare options.
“These enhancements to our Preferred Rewards program reflect our ongoing commitment to rewarding clients for their relationship with us,” said Randy Takian, head of wealth management banking and lending at Bank of America, in a statement. “Preferred Rewards program members already enjoy bonus points on card spending, discounts on home lending, and fee waivers. The new Diamond and Diamond Honors tiers take the program to another level for our high net worth and ultra-high net worth clients.”
Bank of America to Launch Partner Rewards Program
Bank of America is also expected to launch a new Partner Rewards program in the coming weeks. The bank says that the new Partner Rewards program will be “A first of its kind loyalty program available to its credit and debit cardholders, designed to provide greater choice in how clients redeem exclusive partner offers and rewards.”
Cardholders choose which Bank of America credit card they want associated with the new program and whether they want to receive their existing credit card rewards or trade them in for enhanced merchant benefits. Cardholders can also earn enhanced merchant benefits on their debit cards – a unique benefit of the program. While the precise merchants available are currently unknown, Bank of America has hinted that the program will kick off with a special offer providing cardholders with the option to receive gas discounts.
“Delivering a personalized rewards and loyalty experience helps us to deepen relationships with clients,” said Teron Douglas, chief digital executive for Preferred Rewards at Bank of America. “Our Preferred Rewards program, along with our personalized loyalty programs, such as Partner Rewards, are examples of how we are delivering exclusive offers, experiences and perks for clients across their full relationship.”
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