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Get Up to 75% More BankAmericard Credit Card Rewards with Preferred Rewards

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BankAmericard Credit Card With Preferred Rewards

If you’re a Bank of America® banking customer, you could be earning serious rewards bonuses on your BankAmericard Travel Rewards® credit card or BankAmericard Cash Rewards™ credit card. Here’s the lowdown on Preferred Rewards and how much more you’ll earn.

What are Preferred Rewards?

High-balance Bank of America® customers may qualify for additional credit card rewards if they enroll in one of the three tiers of Preferred Rewards — Gold, Platinum and Platinum Honors. Required balances for the three tiers are calculated by combining the three-month averages of your Bank of America® banking account balances and Merrill Edge or Merrill Lynch investment balances.

Gold Platinum Platinum Honors
Required balance $20K – $50K $50K – $100K $100K+
Rewards bonus 25% 50% 75%

Preferred Rewards offers more than extra credit card rewards. You can also get rewards boosts to your money market accounts, reduced mortgage origination fees and auto loan rate discounts. For more information, check out the Bank of America® website.

That’s nice — what do these extra rewards look like on my spending?

Here’s an example: Let’s assume you spend like the “average American” of 2013, as calculated by the Bureau of Labor Statistics. To keep things simple, let’s also assume these are the only purchases you put on your credit card annually.

  • Grocery stores: $3,977
  • Dining out: $2,625
  • Apparel and services: $1,604
  • Entertainment: $2,482
  • Gas: $2,418

If you have the BankAmericard Travel Rewards® credit card, you’ll earn standard rewards of 1.5 points on every dollar spent. But with Preferred Rewards eligibility, your rewards will be 25%-75% higher on every purchase. Here’s how the rewards will look for the average American who spends $13,106 on his or her credit card annually.

https://www.nerdwallet.com/lib/redirect.php?name=BankAmericard-Travel-Rewards&uv=YSohoFDIsumw3L4QSQ1VM%2FsJ3kYQ8nzFepJATpIIt0%2BvmvGxEtem4g6aCBMiSSECp%2FhyPFmHeeTf8e0mh9PZNLj7loKPwslFq7cIHXU%2FtA%3D%3D&clickHeader_category=Credit%20Card&clickHeader_productId=2615

BankAmericard Travel Rewards® Credit Card

Apply Now on Bank of America's secure site
  • Recommended Credit Score
  • 690
    850
    Good - Excellent
  • Card Details
  • Pros

    • No annual fee and no foreign transaction fees
    • Generous flat rewards rate on all purchases
    • Flexibility to book travel how you want
    • Rewards accelerator if you bank with Bank of America or Merrill Lynch

    Cons

    • More restrictive than a straight cash back card
    • If you're a big spender with excellent credit and willing to pay an annual fee, there are cards with higher rewards

    Annual Fees

    $0

    APR

    • APR: 15.49% - 23.49% Variable APR
    • Penalty APR: up to 29.99% APR
    • Cash Advance APR: See Terms

    Bonus Offers

    20,000 online bonus points if you make at least $1,000 in purchases in the first 90 days - that can be a $200 statement credit toward travel purchases

    Intro APR

    • 0% on Purchases for 12 billing cycles
  • Additional Information
    • Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire
    • 20,000 online bonus points if you make at least $1,000 in purchases in the first 90 days - that can be a $200 statement credit toward travel purchases
    • Use your card to book your trip how and where you want – you’re not limited to specific websites with blackout dates or restrictions
    • Redeem points for a statement credit to pay for flights, hotels, vacation packages, cruises, rental cars, or baggage fees
    • Comes with chip technology for enhanced security and protection at chip-enabled terminals
    • 0% Introductory APR for 12 billing cycles for purchases, then 15.49% - 23.49% Variable APR
    • Get an additional 10% customer points bonus on every purchase when you have an active Bank of America® checking or savings account
    • If you’re a Preferred Rewards client, you can increase that bonus to 25% - 75%

 

Regular rate (1.5 points/$1) 19,659 points
Gold (1.875 points/$1) 24,574 points
Platinum (2.25 points/$1) 29,489 points
Platinum Honors (2.625 points/$1) 34,403 points

If you have the BankAmericard Cash Rewards™ credit card, you’ll earn 3% back on gas and 2% back at grocery stores and wholesale clubs, up to $2,500 in gas, grocery store and wholesale club spending quarterly. You’ll earn 1% back on all other purchases. Again, assuming you’re our average American, here are the rewards you’ll earn with Preferred Rewards.

https://www.nerdwallet.com/lib/redirect.php?name=Bank-of-America-BankAmericard-Cash-Rewards-Visa-Signature&uv=YSohoFDIsumw3L4QSQ1VM%2FsJ3kYQ8nzFepJATpIIt0%2BvmvGxEtem4g6aCBMiSSECp%2FhyPFmHeeTf8e0mh9PZNLj7loKPwslFq7cIHXU%2FtA%3D%3D&clickHeader_category=Credit%20Card&clickHeader_productId=2139

BankAmericard Cash Rewards™ Credit Card

Apply Now on Bank of America's secure site
  • Recommended Credit Score
  • 690
    850
    Good - Excellent
  • Card Details
  • Pros

    • No annual fee
    • Cash sign-up bonus
    • Cash rewards
    • Rewards accelerator if you bank with Bank of America or Merrill Lynch

    Cons

    • If you're a big spender with excellent credit and willing to pay an annual fee, there are cards with higher rewards

    Annual Fees

    $0

    APR

    • APR: 13.49% - 23.49% Variable APR
    • Penalty APR: up to 29.99% APR
    • Cash Advance APR: See Terms

    Bonus Offers

    $100 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening

    Intro APR

    • 0% on Purchases for 12 billing cycles and 0% on Balance Transfers for 12 billing cycles for balance transfers made in the first 60 days
  • Additional Information
    • No annual fee
    • $100 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
    • Earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas up to the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
    • No changing categories and no expiration on rewards
    • 0% Introductory APR for 12 billing cycles for purchases AND for any balance transfers made in the first 60 days, then, 13.49% - 23.49% Variable APR. 3% fee (min $10) applies to balance transfers
    • Get a 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account
    • If you're a Preferred Rewards client, you can increase that bonus to 25% - 75%

 

Regular rate (3%, 2%, 1%) $230.83
Gold (3.75%, 2.5%, 1.25%) $288.54
Platinum (4.5%, 3%, 1.5%) $346.25
Platinum Honors (5.25%, 3.5%, 1.75%) $403.95

Nerd note: With the BankAmericard Cash Rewards™ credit card, you’ll earn these bonus rewards only if you redeem your cash back into your Bank of America® checking or savings account.

I’m a Bank of America® banking customer, but I don’t have high balances. What about me?

If you’re a Bank of America® banking customer, but you don’t qualify for Preferred Rewards, you’ll still earn a little extra bonus. With the BankAmericard Travel Rewards® credit card, you’ll earn a 10% customer bonus on every purchase made — for an effective rewards rate of 1.65 points per dollar spent.

With the BankAmericard Cash Rewards™ credit card, you’ll earn a customer bonus of 10% each time you redeem your cash back into your Bank of America® checking or savings account — for an effective rewards rate of 3.3% back on gas, 2.2% back at grocery stores and warehouse clubs and 1.1% back on everything else.

Bottom line: Bank of America® banking customers who qualify for Preferred Rewards can earn 25%-75% more rewards on their credit card spending. If you don’t have the high balances to qualify, as a Bank of America® banking customer you’ll receive a 10% customer bonus on rewards. Make sure if you have the BankAmericard Cash Rewards™ credit card you’re redeeming rewards into your Bank of America® checking or savings account to get your bonus.


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