The Bank of America Preferred Rewards program offers five tiers: Gold, Platinum, Platinum Honors, Diamond and Diamond Honors. Both the benefits members receive and the combined balance required to qualify increase with each successive tier.
If your balances drop below the Preferred Rewards Tier level you have achieved, you will keep the higher tier level for a full year. After a year plus a three-month grace period, you’ll be reassigned to a lower tier based on your current balances.
Gold Tier
Gold is the base tier of the Preferred Rewards program and is available to Bank of America customers who hold a $20,000 to $49,999 three-month combined average daily balance across their Bank of America and Merrill accounts.
The most notable feature of the Gold tier of Preferred Rewards is a 25% reward bonus on eligible Bank of America credit card accounts.
In addition, the Gold tier offers a number of additional discounts and incentives on Bank of America and Merrill products:
- $200 reduction on the origination fee of a new Bank of America purchase or refinance mortgage
- 5% interest rate booster on a Bank of America Advantage Savings account
- 0.125% interest rate discount on a new Bank of America home equity line of credit
- 0.25% interest rate discount on a new Bank of America auto purchase or refinance loan
- 1% discount for mobile and online orders of foreign currency, plus free standard shipping
- 0.05% annual program fee discount on Merrill guided investing products
All Bank of America Preferred Rewards tiers include priority member service, no monthly maintenance fees on up to four eligible checking and four savings accounts from Bank of America and no fees on select services, including standard check orders, cashier’s checks, incoming domestic wire transfers and more.
Featured Partner Offers
Bank of America® Unlimited Cash Rewards credit card
On Bank of America's Website
Welcome Bonus
$200
Annual Fee
$0
Credit Score
Excellent/Good
Regular APR
19.24% - 29.24% Variable APR on purchases and balance transfers
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Annual Fee
$0
Credit Score
Good/Excellent
Regular APR
19.24% - 29.24% Variable APR on purchases and balance transfers
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
25,000 online bonus points after making at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
Welcome Bonus
60,000 points
Annual Fee
$95
Credit Score
Good, Excellent
Regular APR
21.24% - 29.24% Variable APR on purchases and balance transfers
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
60,000 online bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of account opening
Platinum Tier
The Platinum tier is available to Preferred Rewards program members who hold between $50,000 and $99,999 in three-month combined average daily balances across their Bank of America and Merrill accounts.
Platinum includes all of the benefits of the Gold tier but increases the credit card reward bonus to 50% and doubles the annual program fee discount on Merrill guided investing to 0.10%. In addition, the Platinum tier includes up to 12 no-fee non-Bank of America ATM transactions in the U.S. per year.
Many of the additional discounts on Bank of America and Merrill products also increase when you hit the Platinum tier:
- $400 reduction on the origination fee of a new Bank of America purchase or refinance mortgage
- 10% interest rate booster on a Bank of America Advantage Savings account
- 0.250% interest rate discount on a new Bank of America home equity line of credit
- 0.35% interest rate discount on a new Bank of America auto purchase or refinance loan
- 1.5% discount for mobile and online orders of foreign currency, plus free standard shipping
Platinum Honors Tier
Preferred Rewards program members who hold between $100,000 and $999,999 in three-month combined average daily balances across their Bank of America and Merrill accounts will receive Platinum Honors status.
Platinum Honors builds on the benefits of the Platinum tier and includes a credit card rewards bonus of 75%. Platinum Honors is the sweet spot for many Bank of America Preferred Rewards program members, as it includes the highest credit card rewards bonus that Bank of America offers. In addition, Platinum Honors clients receive a 0.15% discount on Merrill guided investing and unlimited no-fee ATM transactions within the U.S.
Many of the additional discounts on Bank of America and Merrill products also increase when you hit the Platinum Honors tier:
- $600 reduction on the origination fee of a new Bank of America purchase or refinance mortgage
- 20% interest rate booster on a Bank of America Advantage Savings account
- 0.375% interest rate discount on a new Bank of America home equity line of credit
- 0.50% interest rate discount on a new Bank of America auto purchase or refinance loan
- 2% discount for mobile and online orders of foreign currency, plus free standard shipping
Diamond Tier
The Diamond tier includes all of the benefits of the Platinum Honors tier and is offered to Bank of America customers holding between $1 million and $9,999,999 of assets at Bank of America and Merrill.
The additional benefits for the Diamond tier are limited, but the Diamond tier does add a mortgage interest rate reduction on new purchases or refinance mortgages. At the Diamond tier, this interest rate reduction is 0.250%. The Diamond tier also increases the interest rate discount on a new Bank of America home equity line of credit to 0.625%. And if you’re a traveler, you will enjoy unlimited ATM transactions worldwide, along with no international transaction fees.
Diamond Honors Tier
The Diamond Honors tier is the highest tier of the Preferred Rewards program, and includes customers with a combined balance of $10 million or more with Bank of America and Merrill. It also includes all of the benefits of the Diamond tier. Diamond Honors customers receive a mortgage interest rate reduction of 0.375% and a home equity line of credit interest rate discount of 0.750%.
