CHARLOTTE, N.C., Dec. 9, 2021 /PRNewswire/ -- Bank of America today announced enhancements to its rewards and loyalty programs, all designed to provide exclusive offers, experiences and perks for clients across their full relationship. The bank's award-winning Preferred Rewards program, which has more than 9 million members with $1.4 trillion in deposit and investment assets, will now feature two new tiers for high net worth clients. The company also introduced the Premium Rewards Elite credit card to deliver an expansive suite of luxury perks and benefits. The company is also expanding their comprehensive Loyalty and Rewards Program with the launch of Partner Rewards, a new unique loyalty program designed to provide credit and debit cardholders with more choices when it comes to earning exclusive merchant discounts and rewards.
Elevated Preferred Rewards Program
Bank of America's Preferred Rewards program is designed to offer benefits and perks based on the breadth of a client's relationship with the bank. Retail, Preferred, Small Business and Wealth Management clients qualify for tiered benefits based on balances in their Bank of America deposit accounts and/or Merrill investment balances.
Launching today, the company's expanded Preferred Rewards program will now include new Diamond and Diamond Honors tiers for clients with $1 million and more and $10 million and more in assets with the company, respectively. The program's new five-tier structure – Gold, Platinum, Platinum Honors, Diamond and Diamond Honors – increases the level of rewards and benefits as clients' qualifying banking and investment balances grow.
Diamond and Diamond Honors members will receive a range of benefits across an extensive roster of merchant discounts, offers and exclusive experiences, including:
- Banking and lending benefits, such as a 75% credit card rewards bonus on all eligible Bank of America credit cards, 20% interest rate booster on Bank of America Advantage Savings accounts, enhanced mortgage and home equity benefits, reduced annual program fee with a Merrill Guided Investing account and more.
- Exclusive luxury benefits and lifestyle experiences including customized and unique events from premium brands.
- Access to personalized services through third party experts who can help navigate complex topics, such as college advice, career support, and eldercare options.
"These enhancements to our Preferred Rewards program reflect our ongoing commitment to rewarding clients for their relationship with us," said Randy Takian, head of wealth management banking and lending at Bank of America. "Preferred Rewards program members already enjoy bonus points on card spending, discounts on home lending, and fee waivers. The new Diamond and Diamond Honors tiers take the program to another level for our high net worth and ultra high net worth clients."
New Premium Rewards Elite Credit Card
Bank of America launched the new Premium Rewards Elite credit card on November 22. This exclusive card offers a suite of lifestyle and travel benefits designed to reward clients and complement cardholder spending habits, including:
- The ability to earn an unlimited 2 points for every $1 spent on travel and dining purchases, and an unlimited 1.5 points for every $1 spent on all other purchases. There is no limit to points earned, and points don't expire.
- Cardholders can earn 3.5 points per $1 spent on travel and dining purchases and 2.62 points per $1 spent on all other purchases if you're enrolled in Bank of America Preferred Rewards at the Platinum Honors, Diamond or Diamond Honors tier.
- Cardholders choose how they want to be rewarded: redeem points for travel, cash back, a statement credit, distinctive experiences or gift cards.
- Access to a variety of exclusive lifestyle and travel benefits, including a complimentary 24/7 full-service concierge, generous credits for incidental airline charges and lifestyle conveniences, airfare discounts, special offers for luxury travel and more.
- Annual $300 incidental travel and $150 lifestyle credits
"The outstanding travel and lifestyle perks of Premium Rewards Elite make it an exciting addition to our suite of award-winning credit cards," said Jason Gaughan, credit card executive at Bank of America. "We're proud to offer this new card designed to further reward and enhance the client experience."
Greater Choices Through Industry-First Partner Rewards Program
In the coming weeks, Bank of America will launch Partner Rewards, a first of its kind loyalty program available to its credit and debit cardholders, designed to provide greater choice in how clients redeem exclusive partner offers and rewards.
Once enrolled, cardholders will be able to select which Bank of America card they would like associated with the program, and whether they want to receive their existing credit card rewards or trade in their rewards for enhanced merchant benefits. Cardholders can also earn enhanced merchant benefits on their debit cards – a unique benefit of the program. The program kicks off with a special offer providing cardholders with the option to receive discounts on gasoline purchases.
"Delivering a personalized rewards and loyalty experience helps us to deepen relationships with clients," said Teron Douglas, chief digital executive for Preferred at Bank of America. "Our Preferred Rewards program, along with our personalized loyalty programs, such as Partner Rewards, are examples of how we are delivering exclusive offers, experiences and perks for clients across their full relationship."
Recognized Leadership
This year, Bank of America has been recognized with more than 200 industry awards for its innovation, financial technology, and delivering exceptional client services and solutions.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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To enroll in the Preferred Rewards program you must have an active, eligible personal checking account with Bank of America® and maintain the balance required for one of the balance tiers in your combined qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for enrollment with either:
- a three-month combined average daily balance in your qualifying deposit and investment accounts or
- a current combined balance, provided that you enroll at the time you open your first eligible personal checking account and satisfy the balance requirement at the end of at least one day within 30 days of opening that account.
You must have a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier. Bank of America Private Bank clients qualify to enroll in the Diamond tier, and may qualify for the Diamond Honors tier based on their qualifying Bank of America, Merrill, and Private Bank balances. Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements.
Investing involves risk. There is always the potential of losing money when you invest in securities.
Bank of America, Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill"), makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
Banking products are provided by Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corp.
Investment products:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
Reporters May Contact:
Andy Aldridge, Bank of America (Preferred Rewards and Partner Rewards)
Phone: 1.980.387.0514
andrew.aldridge@bofa.com
Don Vecchiarello, Bank of America (Premium Rewards Elite Credit Card)
Phone: 1.980.387.4899
don.vecchiarello@bofa.com
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SOURCE Bank of America Corporation
