Bank of America’s Preferred Rewards program offers five tiers: Gold, Platinum, Platinum Honors, Diamond and Diamond Honors. Both the benefits members receive and the total balance required to qualify increase with each tier.
If your balance falls below the Preferred Rewards tier you’ve reached, you’ll stay at the higher tier for a full year. After one year plus a three-month grace period, you’ll be moved to a lower tier based on your current balance.
Gold Level
Gold is the base level of the Preferred Rewards program and is available to Bank of America customers who have average daily balances between $20,000 and $49,999 in their Bank of America and Merrill accounts for the past three months.
The most notable feature of the Gold tier of Preferred Rewards is a 25% rewards 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 off the origination fee for a new purchase or mortgage refinance with Bank of America
- 5% interest bonus on an Advantage Savings account at Bank of America
- 0.125% interest discount on a new home equity line of credit from Bank of America
- 0.25% interest discount on the purchase of a new car or the refinancing of a loan with Bank of America
- 1% discount on mobile and online orders in foreign currency, plus free standard shipping
- 0.05% discount on the annual program fee for Merrill managed investment products
All Bank of America Preferred Rewards tiers include preferred member service, no monthly maintenance fees on up to four eligible Bank of America checking accounts and four savings accounts, and no fees on select services including standard check orders, cashier’s checks, incoming domestic wire transfers and more.
Platinum level
The Platinum level is available to Preferred Rewards program members who maintain average daily balances between $50,000 and $99,999 in their Bank of America and Merrill accounts for a total of three months.
Platinum includes all the benefits of the Gold tier, but increases the credit card rewards bonus to 50% and doubles the annual program fee rebate on Merrill-led investments to 0.10%. Additionally, the Platinum tier includes up to 12 fee-free ATM transactions outside of Bank of America in the U.S. per year.
Many of the additional discounts on Bank of America and Merrill products also increase when you reach the Platinum level:
- $400 off the origination fee for a new purchase or refinance loan with Bank of America
- 10% interest bonus on an Advantage Savings account at Bank of America
- 0.250% interest discount on a new home equity line of credit from Bank of America
- 0.35% interest discount on the purchase of a new car or the refinancing of a loan with Bank of America
- 1.5% discount on mobile and online orders in foreign currency, plus free standard shipping
Platinum Honor Level
Preferred Rewards program members who maintain a combined average daily balance of $100,000 to $999,999 in their Bank of America and Merrill accounts for the past three months will earn Platinum Honors status.
Platinum Honors builds on the benefits of the Platinum tier and includes a 75% credit card rewards bonus. Platinum Honors is the sweet spot for many members of Bank of America’s Preferred Rewards program because it includes the highest credit card rewards bonus offered by Bank of America. Additionally, Platinum Honors customers receive a 0.15% discount on Merrill-led investments and unlimited fee-free ATM transactions within the U.S.
Many of the additional discounts on Bank of America and Merrill products also increase when you reach the Platinum Honors level:
- $600 off the origination fee for a new purchase or refinance loan with Bank of America
- 20% interest bonus on an Advantage Savings account at Bank of America
- 0.375% interest discount on a new home equity line of credit from Bank of America
- 0.50% interest discount on the purchase of a new car or the refinancing of a Bank of America loan
- 2% discount on mobile and online orders in foreign currency, plus free standard shipping
Diamond Level
The Diamond level includes all the benefits of the Platinum Honors level and is offered to Bank of America customers who have assets between $1 million and $9,999,999 with Bank of America and Merrill.
The additional benefits of the Diamond tier are limited, but the Diamond tier offers a mortgage interest rate reduction for new purchases or mortgage refinancing. At the Diamond tier, this rate reduction is 0.250%. The Diamond tier also increases the interest rate reduction on a new Bank of America home equity line of credit to 0.625%. And if you travel a lot, you’ll enjoy unlimited ATM transactions worldwide and no international transaction fees.
Diamond Honors Level
The Diamond Honors tier is the highest tier of the Preferred Rewards program and includes customers with $10 million or more in total balances at Bank of America and Merrill. It also includes all the benefits of the Diamond tier. Diamond Honors customers receive a 0.375% mortgage rate reduction and a 0.750% interest rate reduction on their home equity line of credit.
