Bank Of America’s My Rewards Program Review


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Bank Of America's My Rewards Program

Having all of your 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 and perks from their relationship with the bank in one place.

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. Here’s a little more about each program.

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 percent 10 percent 20 percent
Rewards bonus on credit cards 25 percent 50 percent 75 percent
No-fee ATM transactions N/A Up to 12 per year Unlimited
Waived fee on stock and ETF trades with Merrill Edge N/A 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 percent 0.35 percent 0.50 percent

 

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 percent 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 cards.

If you don’t already have a Bank of America credit card, here are the top options that offer rewards.

Bank of America® Cash Rewards credit card

Bank of America® Cash Rewards credit card

Credit Needed: Excellent/Good
  • No annual fee
  • $150 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
  • NEW OFFER: Maximize your cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings
Intro APR
Purchases
Intro Term
Purchases
Intro APR
Balance Transfers
Intro Term
Balance Transfers
Regular APR Annual Fee
0% Introductory APR on purchases 12 billing cycles 0% Intro APR for 12 billing cycles for balance transfers made in the first 60 days 12 billing cycles 16.24% – 26.24% Variable APR on purchases and balance transfers $0

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® Cash Rewards credit card.

The card offers 3 percent cash back on a choice category and 2 percent 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 percent cash back on all other purchases.

Here are some other highlights of what the card offers:

  • A $150 online cash rewards bonus after you spend at least $500 in the first 90 days.
  • A 25 percent to 75 percent rewards bonus if you’re a Preferred Rewards client.
  • 0% Introductory APR on purchases
  • No annual fee.

See card details/apply or read our full Bank of America® Cash Rewards credit card review

Bank of America® Travel Rewards credit card

Bank of America® Travel Rewards credit card

Credit Needed: Excellent/Good
  • 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 if 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
Intro APR
Purchases
Intro Term
Purchases
Intro APR
Balance Transfers
Intro Term
Balance Transfers
Regular APR Annual Fee
0% Introductory APR on purchases 12 billing cycles N/A N/A 17.24% – 25.24% Variable APR on purchases and balance transfers $0

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 10 percent rewards bonus if you have a Bank of America checking or savings account.
  • A 25 percent to 75 percent rewards bonus if you’re a Preferred Rewards client.
  • 0% Introductory APR on purchases
  • 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

Bank of America® Premium Rewards® credit card

Credit Needed: Excellent/Good
  • Receive 50,000 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 client, you can get a 25%-75% rewards bonus on every purchase.
Intro APR
Purchases
Intro Term
Purchases
Intro APR
Balance Transfers
Intro Term
Balance Transfers
Regular APR Annual Fee
N/A N/A N/A N/A 18.24% – 25.24% Variable APR on purchases and balance transfers $95

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 travel. 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 percent to 75 percent 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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