Advertiser Disclosure

Get Up to 75% More Bank of America Credit Card Rewards with Preferred Rewards

Credit Cards
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

If you’re a Bank of America® banking customer, you could be earning serious rewards bonuses on your Bank of America® Travel Rewards credit card or Bank of America® 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 accounts.

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 Bank of America® 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.

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 Bank of America® Cash Rewards credit card, you’ll earn 3% back on your chosen bonus category — for this example, we’ll assume it’s 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.

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 Bank of America® 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.

Bottom line: Bank of America® banking customers who qualify for Preferred Rewards can earn 25%-75% more rewards on their credit card spending. Make sure if you have the Bank of America® Cash Rewards credit card you’re redeeming rewards into your Bank of America® checking or savings account to get your bonus.


Image via iStock.