Bank of America expands rewards access with new lo...

Consideration, Bank of America account holders: On Could 27, the issuer will launch a brand new loyalty program known as BofA Rewards. And in contrast to the present Preferred Rewards® program, the brand new program will not require members to take care of a minimal stability to hitch.

Whereas the transfer places rewards inside attain for thousands and thousands of extra clients, some present program members may even see their perks change. With new tier thresholds and increasing entry to advantages and credit, this is what eligible members have to find out about BofA Rewards.

Associated: Is the Bank of America Premium Rewards Card worth the $95 annual fee?

Most popular Rewards vs. BofA Rewards: What’s altering?

For Financial institution of America private account holders who didn’t meet the minimal $20,000 stability necessities for the Most popular Rewards program, BofA Rewards is a complete win. With no price to hitch the Member tier, account holders can earn extra advantages as clients attain monetary milestones, reminiscent of shopping for a home or automobile. Plus, you probably have an eligible Financial institution of America card, you’ll be able to maximize your incomes potential with a bank card bonus.

Nonetheless, for present Most popular Rewards members, the brand new advantages and structured tiers will not be as profitable. To place it into perspective, here’s a have a look at the stability threshold tiers for the Most popular Rewards and BofA Rewards applications:

Gold standing members at the moment earn a 25% bank card bonus, a 0.25% auto mortgage rate of interest low cost, a 1% overseas foreign money alternate fee low cost (for cellular and on-line orders solely, consists of free customary transport) and a 0.125% dwelling fairness line of credit score.

Present Gold account holders who might now qualify for the Member tier will solely obtain a ten% bank card rewards bonus, a 0.10% auto mortgage low cost and no low cost on the overseas foreign money alternate fee.

Equally, Platinum Honors members at the moment obtain a 75% bank card rewards bonus, whereas these with Most popular Honors standing will solely obtain a 50% bonus.

Although some members might not love these adjustments, many account holders can be part of this system when it launches Could 27 to reap the brand new and enhanced program perks.

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What are the tiers and advantages of the BofA Rewards program?

Should you at the moment have an energetic private account with Financial institution of America, no matter your account stability, you’ll be able to be part of the brand new program on the Member tier for advantages like mortgage price reductions and cash-back offers.

Transferring up a tier would require assembly a minimal stability threshold based mostly on a three-month common throughout qualifying Financial institution of America and Merrill accounts.

The brand new tiers are as follows:

Member: Lower than $30,000 in whole property

• A ten% rewards bonus on eligible bank card spending
• A $100 mortgage price low cost (save $100 on closing prices)
• A 0.10% auto mortgage low cost
• Money-back offers on big-name manufacturers
• Fraud and identification monitoring instruments

Most popular Plus: $30,000 to $100,000 in whole property

• A 25% rewards bonus on eligible bank card spending
• A $300 mortgage price low cost (save $300 on closing prices)
• A 0.25% auto mortgage low cost
• No charges on seven choose companies (debit card rush, cashier’s checks, verify picture service price, home and worldwide inbound wire transfers, customary order verify design or $10 low cost, and cease cost price)
• A 0.250% HELOC fee low cost
• A 0.5% overseas foreign money alternate fee low cost
• A 0.10% low cost on Merrill Guided Investing
• Limitless free checking and financial savings accounts
• Free non-Financial institution of America ATM service (one time per 30 days; U.S. solely)
• Fraud and identification monitoring instruments
• Money-back offers on big-name manufacturers
• Precedence service

Most popular Honors: $100,000 to $1 million in whole property

• A 50% rewards bonus on eligible bank card spending
• A $600 mortgage price low cost (save $600 on closing prices)
• A 0.35% auto mortgage low cost
• No charges on seven choose companies (debit card rush, cashier’s checks, verify picture service price, home and worldwide inbound wire transfers, customary order verify design or $10 low cost, and cease cost price)
• A 0.375% HELOC fee low cost
• A 1% overseas foreign money alternate fee low cost
• A 0.15% low cost on Merrill Guided Investing
• Limitless free checking and financial savings accounts
• Free non-Financial institution of America ATM service (limitless; U.S. solely)
• Fraud and identification monitoring instruments
• Money-back offers on big-name manufacturers
• Precedence service
• Life-style advantages, together with entry to 60-plus presents and experiences, reminiscent of advantages from companions like Audi, Lexus and Virgin Accommodations
• As much as $96 in streaming and information outlet subscription credit score per 12 months (as much as $8 per 30 days)

Premier: Greater than $1 million in whole property

• A 75% rewards bonus on eligible bank card spending
• A 0.375% mortgage price low cost
• A 0.50% auto mortgage low cost
• No charges on all companies
• A 0.625% HELOC fee low cost
• A 2% overseas foreign money alternate fee low cost
• A 0.15% low cost on Merrill Guided Investing
• Limitless free checking and financial savings accounts
• Free non-Financial institution of America ATM service (limitless)
• Fraud and identification monitoring instruments
• Money-back offers on big-name manufacturers
• Precedence service
• Life-style advantages, together with Most popular Honors advantages, plus extra unique luxurious rewards from companions like Blacklane, Mercedes-Benz and Sollis Well being
• As much as $180 in streaming and information outlet subscription credit score per 12 months (as much as $15 per 30 days)

Find out how to enroll in BofA Rewards

Current Most popular Rewards members will mechanically be enrolled within the new program Could 27. For members whose advantages will change due to the newly structured tiers, present advantages will stay in place for at the least six months.

For instance, in case you are at the moment enrolled within the Most popular Rewards program and have $25,000 in whole property, you will have Gold standing. With this standing, you get advantages like a 25% bank card rewards bonus, a 0.25% auto mortgage rate of interest low cost and a 0.125% HELOC fee low cost.

Nonetheless, with the brand new BofA Rewards whole asset threshold, you’ll now qualify for the Member tier ($30,000 or much less in whole property). Due to this fact, you’ll solely obtain a ten% bank card rewards bonus, a 0.10% auto mortgage rate of interest low cost and no HELOC fee low cost.

However because you maintain Gold standing within the Most popular Rewards program, your advantages is not going to change for at the least six months.

In case you are not a Most popular Rewards member however have a private account with Financial institution of America, you’ll be able to be part of BofA Rewards. To hitch, click on on the BofA Rewards part in your account web page; you may see an choice to enroll if you happen to meet the necessities. After you will have enrolled, your advantages will activate inside 30 days. Once more, no minimal stability is required to hitch as a program member.

You’ll be mechanically upgraded to a brand new tier when a brand new whole stability threshold is reached. As with the Most popular Rewards program, you’ll keep your standing for a complete 12 months. If at that time your account doesn’t keep the minimal stability necessities, you’ll have a three-month grace interval earlier than you’re dropped to a decrease standing tier.

Associated: Bank of America Premium Rewards credit card review

Maximize the BofA Rewards program with bank card spending

At TPG, we love stacking presents and maximizing earnings. Should you be part of the brand new loyalty program and have an eligible Financial institution of America bank card, you’ll be able to earn extra factors or money again.

Take a look at what number of BofA Rewards factors you’ll earn with the Bank of America® Premium Rewards® credit card.

With the Bank of America® Travel Rewards credit card, you’ll earn the next bank card bonuses:

So, if you happen to maintain both bank card and be part of the BofA Rewards program, you’ll earn at the least 1.65 factors per greenback spent on on a regular basis purchases.

For individuals who desire uncomplicated loyalty applications, your factors will be redeemed at a set worth of 1 cent per level for journey, reward playing cards and even money again.

Should you desire to solely earn cash-back rewards, you too can earn a bank card bonus with the Bank of America® Unlimited Cash Rewards credit card or the Bank of America® Customized Cash Rewards credit card; the cash-back proportion is dependent upon your membership tier.

Backside line

For present Most popular Rewards members, this new program might have a couple of downsides, reminiscent of increased account thresholds and decrease bonuses for sure tiers. Nonetheless, for many who haven’t been capable of reap the advantages of Financial institution of America’s loyalty program, BofA Rewards is advantageous, particularly for choose eligible bank card holders. With the best card, members can earn as much as 2.625% money again (or 2.625 factors per greenback spent) on on a regular basis purchases.

Total, you probably have a private account with Financial institution of America, BofA Rewards is price enrolling in, as you’ll be able to maximize your earnings and doubtlessly unlock a couple of reductions and choose perks.