Why Bank of America’s New Rewards Program Matters for Credit Card Users
A rewarding banking experience shouldn't be reserved for only the wealthiest customers. With its newly expanded rewards program, Bank of America is making premium benefits more accessible than ever. We’re talking about the bank’s new rewards program that will do away with the former $20,000 minimum personal checking balance, thereby broadening the same rewards platform currently being enjoyed by 11 million to a whopping 30 million existing customers.
Automatic Enrollment in the Bank of America Rewards Program
This is big news for valuable customers who maintain a lower balance or choose to invest in places other than an associated account. For current Preferred Rewards members, there’s nothing to do. They’ll be automatically enrolled in the new rewards program. Additionally, every new customer who gets approved for a Bank of America card and has a Bank of America deposit account (including Bank of America Advantage Banking, savings, money market savings, CD or IRA) can sign up for the new program to earn rewards right out of the gate.
We’re pretty excited about this new direction because it means more of our readers are going to cash in on offers previously reserved for higher net worth investors. Why shouldn’t everyone get great offers? In short, this spells more rewards for the masses. And we’re into it.
Bank of America by the numbers:
- Bank of America serves nearly 70 million clients
- Offers approximately 3,600 retail financial centers
- Furnishes approximately 15,000 ATMs
- Operates across the United States, its territories, and more than 35 countries.
What Does the New Rewards Program Mean to Me?
But what if you’ve got private jets on standby, waiting to take you to one of your many villas across the world for a little leisure time? Well, those higher net worth cardmembers have nothing to worry about as far as this new rewards program goes. That’s because a tiered approach will match a different set of benefits to each of four different customer types according to total balances maintained across Bank of America banking and Merrill investing accounts. Here’s a look at the new rewards tiers:
- Member = Less than $30,000
- Preferred Plus = $30,000 - $99,999
- Preferred Honors = $100,000 - $999,999
- Premier = $1,000,000 or more
To us, it just looks like lots of upside. Once the rollout is complete, BofA Rewards members — depending upon their respective membership tier — can expect between $150 and $4,000 in annual added value.
New Bank of America Rewards Benefits:
Among the new benefits, members will see:
- Home and auto lending discounts or fee waivers
- Exclusive identity and fraud protection
- Subscription credits for news and entertainment services
- Curated experiences from partners like Regent Seven Seas Cruises, Mercedes, and Blacklane
- Discounts for high-end brands
Optimized Mobile App & Desktop Portal
It’s not just about the new benefits that are being delivered, but also the way in which they are being delivered. Customized offers will take things like location and personal preferences into account based primarily on rewards history. You’ve probably discovered products on shopping sites as well as new songs or movies on streaming services thanks to suggestions based on your favorite selections — a helping hand for getting straight to what you really want. So, BofA has decided to serve up relevant deals in much the same way.
Like we said, the perks are pretty great, but what about the platform? They’ve got it covered. BofA is also introducing a new customer experience via the bank’s mobile app and desktop portal. Together, the offers and the new customer experience should make tasks like checking a transaction or making a transfer a snap.
The no-fee BofA Rewards launch comes to life across one of the deepest portfolios in the credit card landscape. This selection of premium travel rewards cards lets customers earn up to a 75% bonus on rewards as well as cash back deals from more than 15,000 popular national and local brands. To choose the right card for your rewards profile, simply visit Compare Credit’s Bank of America credit card comparison page to find the perfect card for the rewards you deserve.
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