Having all of your mobile banking, credit card, and investment accounts under one roof can be a rewarding experience. That’s especially the case with Bank of America, which offers a slew of loyalty benefits to customers who use more than one of their products.
Now, the bank has taken another step in rewarding loyalty by allowing customers to see all of their rewards points and perks from their relationship with the bank in one place.
What’s Ahead:
Introducing the My Rewards dashboard
The My Rewards dashboard, which Bank of America announced in September 2018, makes it easier for the bank’s customers to see exactly what they’re getting out of their accounts with the bank.
Specifically, it allows them to view and track rewards and benefits they’ve earned through the Preferred Rewards program, BankAmeriDeals, and their credit cards.
The tool also provides customers with recommendations for how they can maximize the rewards and benefits they’ve earned, and what they can do to access new reward options.
Preferred Rewards
This program is designed for customers with high net worths and offers a suite of perks, depending on how much you have saved and invested with Bank of America and Merrill Lynch.
Here’s how it breaks down based on your combined balances between the two:
| Gold | Platinum | Platinum Honors | |
|---|---|---|---|
| Minimum balance | 20,000 | 50,000 | 100,000 |
| Interest rate boost on Rewards Savings account | 5% | 10% | 20% |
| Rewards bonus on credit cards | 25% | 50% | 75% |
| No-fee ATM transactions | N/A | Up to 12 per year | Unlimited |
| Waived fee on stock and ETF trades with Merrill Edge | Up to 10 per month | Up to 30 per month | Up to 100 per month |
| Reduction of mortgage origination fee | 200 | 400 | 600 |
| Auto loan interest rate discount | 0.25% | 0.35% | 0.50% |
Additionally, all Preferred Rewards clients get priority customer service and no fees on select banking services.
BankAmeriDeals
BankAmeriDeals is Bank of America’s online shopping portal, which allows customers to search for cash back deals online or through their app.
Once you find a deal you like, activate it and use an eligible Bank of America credit or debit card to make the purchase. Then you’ll receive the promised cash back within 30 days.
That’s not all, though. The program also gives you one coin every time you redeem a cash-back offer. Once you’ve collected four coins, you’ll receive a $5 cash-back bonus and advance to the second level.
At level two, you’ll receive $6 when you’ve earned four new coins. Then you’ll advance to level three, which offers $7 for four coins, then level four offers $8 after you collect four coins.
You can also earn coins by completing different tasks, such as playing games. Every month, your advancement resets, and you’ll start over at level one.
Why My Rewards is a game-changer
In 2017, 19% of people had either infrequently or never redeemed their cash-back rewards. One of the main reasons for that could be that it’s not always easy to know how much you have and how to redeem it.
My Rewards offers the kind of transparency that credit card and bank customers deserve to have. Also, the fact that the tool recommends ways to maximize your rewards and earn more could make being a Bank of America customer more rewarding than ever before.
So, if you have enough money invested or saved somewhere else that could qualify you for the Preferred Rewards program, it could be worth moving your money over to qualify for those perks.
And if you have a Bank of America credit or debit card, it’s worth checking BankAmeriDeals now and then to look for deals you might want.
Bank of America credit cards that offer the best rewards
In addition to covering rewards and perks earned through BankAmeriDeals and the Preferred Rewards program, My Rewards also shows what you’ve earned through your credit card rewards.
If you don’t already have a Bank of America , here are the top options.
Bank of America® Customized Cash Rewards credit card
In A Nutshell
This is one of the best all-around credit cards on the market, and it’s especially attractive if you bank with Bank of America. A nice up front bonus, strong cash rewards program and no annual fee make for a terrific combination.
Read review- Good/
- Excellent
What We Like:
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3% cash back in your choice category. Choose from gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
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$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days
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25% - 75% rewards bonus on every purchase if you're a Preferred Rewards member
If you spend a lot on everyday categories like groceries and gas, check out one of our favorite cash back credit cards, the Bank of America® Customized Cash Rewards credit card.
The card offers 3% cash back on a choice category and 2% back on groceries and wholesale clubs on up to the first $2,500 in combined grocery/wholesale club/choice category purchases each quarter. You’ll also get 1% cash back on all other purchases.
Here are some other highlights of what the card offers:
- A $200 online cash rewards bonus after you spend at least $1,000 in the first 90 days.
- A 25% to 75% rewards bonus if you’re a Preferred Rewards client.
- $0 annual fee.
See card details/apply or read our full Bank of America® Customized Cash Rewards credit card review.
Bank of America® Travel Rewards credit card
In A Nutshell
The Bank of America® Travel Rewards credit card offers you 25,000 online bonus points after spending at least $1,000 in purchases in the first 90 days, which is one of the best sign-up bonuses you can get on a card with no annual fee.
Read review- Good/
- Excellent
What We Like:
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A terrific sign-up bonus - 25,000 online bonus points after spending at least $1,000 in purchases in the first 90 days
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Hassle free 1.5 points per dollar spent on all purchases
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No annual fee and no foreign transaction fees
- 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
- 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 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 travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout
- 0% Introductory APR for 15 billing cycles for purchases. After the intro APR ends, 13.99% - 23.99% Variable APR will apply.
- If you're a Preferred Rewards member, you can earn 25% - 75% more points on every purchase. That means you could earn up to 2.62 points for every $1 spent.
- Contactless Cards - The security of a chip card, with the convenience of a tap
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
If you want a travel credit card but prefer a simple rewards program and no annual fee, your best bet is the Bank of America® Travel Rewards credit card. It’s featured among our favorite travel rewards credit cards.
The card offers 1.5 points per dollar on every purchase. Here’s what else you’ll get:
- A 25,000-point online bonus offer after you spend at least $1,000 in the first 90 days. That’s worth $250 in free travel.
- Straightforward redemption options that you can use for just about any type of travel.
- A 25% to 75% rewards bonus if you’re a Preferred Rewards client.
- No annual or foreign transaction fees.
See card details/apply or read our full Bank of America® Travel Rewards credit card review.
Bank of America® Premium Rewards® credit card
In A Nutshell
Bank of America® Premium Rewards® credit card offers one of the largest sign-up bonus offers to jump start your relationship. It provides up to $100 in travel statement credits, which can ease the pain of the $95 annual fee.
Read review- Good/
- Excellent
What We Like:
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50,000 online bonus points after spending at least $3,000 in purchases in the first 90 days - worth $500 in rewards
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Get up to $200 in combined Airline Incidental and TSA Pre✓®/ Global Entry statement credits
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25% - 75% rewards bonus on every purchase if you're a Preferred Rewards member
- Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
- If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means you could earn up to 3.5 points for every $1 spent on travel and dining purchases.
- No limit to the points you can earn and your points don't expire
- Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center
- Get up to $100 in Airline Incidental Statement Credits annually and TSA Pre✓®/Global Entry Statement Credits of up to $100, every four years
- No Foreign Transaction Fees
- Low $95 annual fee
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
If you want elite travel perks but don’t mind a small annual fee, consider the Bank of America® Premium Rewards® credit card. In fact, this card is also one of our favorite travel rewards credit cards.
The card starts you off with 50,000 bonus points after you spend at least $3,000 in the first 90 days—that’s worth $500 in statement credits. You’ll also earn 2 points per dollar spent on travel and dining and 1.5 points per dollar spent everywhere else. Here are some other details:
- A $100 airline incidental fee credit each year, which you can use for seat upgrades, baggage fees, in-flight purchases, and lounge access.
- Up to $100 fee credit for a Global Entry or TSA PreCheck application every four years.
- A 25% to 75% rewards bonus if you’re a Preferred Rewards client.
- Travel insurance in case you experience trip delays, cancellations and interruptions, baggage delay inconvenience, lost luggage, and emergency evacuation and transportation.
- No foreign transaction fees.
- $95 annual fee.
See card details/apply or read our full Bank of America® Premium Rewards® credit card review.
Summary
If you have at least one account with Bank of America, the My Rewards dashboard will make your life easier. And depending on your situation, it could make it worth considering adding more accounts with the bank to see how your rewards and benefits add up over time.
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