Bank of America expands rewards access with new lo...

Consideration, Bank of America account holders: On Might 27, the issuer will launch a brand new loyalty program known as BofA Rewards. And in contrast to the present Preferred Rewards® program, the brand new program will not require members to keep up a minimal steadiness to affix.

Whereas the transfer places rewards inside attain for thousands and thousands of extra clients, some present program members might even see their perks change. With new tier thresholds and increasing entry to advantages and credit, here is what eligible members must find out about BofA Rewards.

Associated: Is the Bank of America Premium Rewards Card worth the $95 annual fee?

Most well-liked Rewards vs. BofA Rewards: What’s altering?

For Financial institution of America private account holders who didn’t meet the minimal $20,000 steadiness necessities for the Most well-liked Rewards program, BofA Rewards is a complete win. With no charge to affix the Member tier, account holders can earn extra advantages as clients attain monetary milestones, resembling shopping for a home or automotive. Plus, you probably have an eligible Financial institution of America card, you possibly can maximize your incomes potential with a bank card bonus.

Nonetheless, for present Most well-liked Rewards members, the brand new advantages and structured tiers will not be as profitable. To place it into perspective, here’s a have a look at the steadiness threshold tiers for the Most well-liked Rewards and BofA Rewards packages:

Gold standing members presently earn a 25% bank card bonus, a 0.25% auto mortgage rate of interest low cost, a 1% international forex change price low cost (for cellular and on-line orders solely, contains free customary delivery) and a 0.125% residence fairness line of credit score.

Present Gold account holders who could now qualify for the Member tier will solely obtain a ten% bank card rewards bonus, a 0.10% auto mortgage low cost and no low cost on the international forex change price.

Equally, Platinum Honors members presently obtain a 75% bank card rewards bonus, whereas these with Most well-liked Honors standing will solely obtain a 50% bonus.

Although some members could not love these adjustments, many account holders can be a part of this system when it launches Might 27 to reap the brand new and enhanced program perks.

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What are the tiers and advantages of the BofA Rewards program?

In the event you presently have an energetic private account with Financial institution of America, no matter your account steadiness, you possibly can be a part of the brand new program on the Member tier for advantages like mortgage charge reductions and cash-back offers.

Shifting up a tier would require assembly a minimal steadiness threshold based mostly on a three-month common throughout qualifying Financial institution of America and Merrill accounts.

The brand new tiers are as follows:

Member: Lower than $30,000 in whole belongings

• A ten% rewards bonus on eligible bank card spending
• A $100 mortgage charge low cost (save $100 on closing prices)
• A 0.10% auto mortgage low cost
• Money-back offers on big-name manufacturers
• Fraud and identification monitoring instruments

Most well-liked Plus: $30,000 to $100,000 in whole belongings

• A 25% rewards bonus on eligible bank card spending
• A $300 mortgage charge low cost (save $300 on closing prices)
• A 0.25% auto mortgage low cost
• No charges on seven choose companies (debit card rush, cashier’s checks, examine picture service charge, home and worldwide inbound wire transfers, customary order examine design or $10 low cost, and cease cost charge)
• A 0.250% HELOC price low cost
• A 0.5% international forex change price low cost
• A 0.10% low cost on Merrill Guided Investing
• Limitless free checking and financial savings accounts
• Free non-Financial institution of America ATM service (one time per thirty days; U.S. solely)
• Fraud and identification monitoring instruments
• Money-back offers on big-name manufacturers
• Precedence service

Most well-liked Honors: $100,000 to $1 million in whole belongings

• A 50% rewards bonus on eligible bank card spending
• A $600 mortgage charge low cost (save $600 on closing prices)
• A 0.35% auto mortgage low cost
• No charges on seven choose companies (debit card rush, cashier’s checks, examine picture service charge, home and worldwide inbound wire transfers, customary order examine design or $10 low cost, and cease cost charge)
• A 0.375% HELOC price low cost
• A 1% international forex change price low cost
• A 0.15% low cost on Merrill Guided Investing
• Limitless free checking and financial savings accounts
• Free non-Financial institution of America ATM service (limitless; U.S. solely)
• Fraud and identification monitoring instruments
• Money-back offers on big-name manufacturers
• Precedence service
• Way of life advantages, together with entry to 60-plus gives and experiences, resembling advantages from companions like Audi, Lexus and Virgin Resorts
• As much as $96 in streaming and information outlet subscription credit score per 12 months (as much as $8 per thirty days)

Premier: Greater than $1 million in whole belongings

• A 75% rewards bonus on eligible bank card spending
• A 0.375% mortgage charge low cost
• A 0.50% auto mortgage low cost
• No charges on all companies
• A 0.625% HELOC price low cost
• A 2% international forex change price low cost
• A 0.15% low cost on Merrill Guided Investing
• Limitless free checking and financial savings accounts
• Free non-Financial institution of America ATM service (limitless)
• Fraud and identification monitoring instruments
• Money-back offers on big-name manufacturers
• Precedence service
• Way of life advantages, together with Most well-liked Honors advantages, plus extra unique luxurious rewards from companions like Blacklane, Mercedes-Benz and Sollis Well being
• As much as $180 in streaming and information outlet subscription credit score per 12 months (as much as $15 per thirty days)

enroll in BofA Rewards

Current Most well-liked Rewards members will routinely be enrolled within the new program Might 27. For members whose advantages will change due to the newly structured tiers, present advantages will stay in place for at the very least six months.

For instance, in case you are presently enrolled within the Most well-liked Rewards program and have $25,000 in whole belongings, you could have Gold standing. With this standing, you get advantages like a 25% bank card rewards bonus, a 0.25% auto mortgage rate of interest low cost and a 0.125% HELOC price low cost.

Nonetheless, with the brand new BofA Rewards whole asset threshold, you’d now qualify for the Member tier ($30,000 or much less in whole belongings). Subsequently, you’d solely obtain a ten% bank card rewards bonus, a 0.10% auto mortgage rate of interest low cost and no HELOC price low cost.

However because you maintain Gold standing within the Most well-liked Rewards program, your advantages won’t change for at the very least six months.

If you’re not a Most well-liked Rewards member however have a private account with Financial institution of America, you possibly can be a part of BofA Rewards. To affix, click on on the BofA Rewards part in your account web page; you may see an choice to enroll in the event you meet the necessities. After you could have enrolled, your advantages will activate inside 30 days. Once more, no minimal steadiness is required to affix as a program member.

You may be routinely upgraded to a brand new tier when a brand new whole steadiness threshold is reached. As with the Most well-liked Rewards program, you’ll keep your standing for a whole 12 months. If at that time your account doesn’t keep the minimal steadiness necessities, you’ll have a three-month grace interval earlier than you might be dropped to a decrease standing tier.

Associated: Bank of America Premium Rewards credit card review

Maximize the BofA Rewards program with bank card spending

At TPG, we love stacking gives and maximizing earnings. In the event you be a part of the brand new loyalty program and have an eligible Financial institution of America bank card, you possibly can earn extra factors or money again.

Take a look at what number of BofA Rewards factors you’ll earn with the Bank of America® Premium Rewards® credit card.

With the Bank of America® Travel Rewards credit card, you’ll earn the next bank card bonuses:

So, in the event you maintain both bank card and be a part of the BofA Rewards program, you’ll earn at the very least 1.65 factors per greenback spent on on a regular basis purchases.

For individuals who choose uncomplicated loyalty packages, your factors might be redeemed at a set worth of 1 cent per level for journey, present playing cards and even money again.

In the event you choose to solely earn cash-back rewards, it’s also possible to earn a bank card bonus with the Bank of America® Unlimited Cash Rewards credit card or the Bank of America® Customized Cash Rewards credit card; the cash-back proportion is dependent upon your membership tier.

Backside line

For present Most well-liked Rewards members, this new program could have a number of downsides, resembling greater account thresholds and decrease bonuses for sure tiers. Nonetheless, for individuals who haven’t been in a position to reap the advantages of Financial institution of America’s loyalty program, BofA Rewards is advantageous, particularly for choose eligible bank card holders. With the suitable card, members can earn as much as 2.625% money again (or 2.625 factors per greenback spent) on on a regular basis purchases.

General, you probably have a private account with Financial institution of America, BofA Rewards is price enrolling in, as you possibly can maximize your earnings and probably unlock a number of reductions and choose perks.