Template:BOA Preferred Rewards - Revision history

Editor at 18:33, 20 July 2021

2021-07-20T18:33:31Z

Editor at 23:25, 10 October 2020

2020-10-10T23:25:24Z

Editor: Created page with "'''Bank of America operates a "Preferred Reward" program that provides extra benefits to their customers, based on the total amount of assets they have at Bank of America and..."

2020-10-10T22:03:08Z

Created page with "'''Bank of America operates a "Preferred Reward" program that provides extra benefits to their customers, based on the total amount of assets they have at Bank of America and..."

New page

'''Bank of America operates a "Preferred Reward" program that provides extra benefits to their customers, based on the total amount of assets they have at Bank of America and Merrill Edge'''. Among the most valuable benefits is a boost to the rewards earned from many of Bank of America's credit cards. [//info.bankofamerica.com/preferred-rewards/ Preferred Reward Program].

If you have over $100,000 in assets, you'll be a Platinum Honors member, and get a 75% reward bonus. If you have between $50-100,000 in assets, you'll be a Platinum member, and get a 50% reward bonus. And, if you have at least $25,000 in assets, you'll be a Gold member, and get a 25% reward bonus.

This can make a big difference in how competitive a Bank of America rewards card is, compared to the competition. For example, the Bank of America Travel Rewards card earns 1.5% on your purchases, which is less attractive than the best no-annual-fee cash-back cards, which earn 2%. However, if you have $100,000 in combined assets at BOA and Merrill, you'll get a 75% reward bonus, and the card will earn 2.625% instead, which is the best rate of any no-annual-fee card. With a 50% reward bonus, the rate is still 2.25%.

Even if you have that much money, you don't want to keep tens of thousands of dollars around in a low-interest rate checking account. But, you don't have to. If you have an existing retirement account, or investment assets, that you can transfer over to Merrill Lynch, you can qualify for the extra rewards, without any substantial additional expense. Your existing mutual funds, ETFs, bonds, stocks, and other investments should transfer over, without you having to sell them, and you won't incur any fees, except potentially a small account transfer or closing fee at your existing broker. Rates for any future sales or purchases are comparable to what is available elsewhere. And you don't need to move over all your assets, just enough to qualify.

@@ Line 3: / Line 3: @@
 If you have over $100,000 in assets, you'll achieve Platinum Honors status and get a 75% reward bonus. If you have between $50-100,000 in assets, you'll get Platinum status and a 50% reward bonus. And if you have at least $25,000 in assets, you'll get Gold status and a 25% reward bonus.
-This can make a big difference in your Bank of America rewards rates, compared to the competition. For example, the Bank of America Travel Rewards card earns 1.5% on your purchases, which is less attractive than the best no-annual-fee cashback cards. However, if you have $100,000 in combined assets at BOA and Merrill, you'll receive a 75% reward bonus, and the card will earn 2.625%, which is the best rate of any no-annual-fee card. With a 50% reward bonus, the rate would still be 2.25%.
+This can make a big difference in your Bank of America rewards rates, compared to the competition. For example, the Bank of America Unlimited Cash Rewards card earns 1.5% on your purchases, which is less attractive than the best no-annual-fee cashback cards. However, if you have $100,000 in combined assets at BOA and Merrill, you'll receive a 75% reward bonus, and the card will earn 2.625%, which is the best rate of any no-annual-fee card. With a 50% reward bonus, the rate would still be 2.25%.
 Even if you have that much money available, you probably don't want to keep it in a low-interest checking account. But you don't have to. If you have an existing retirement account or other investment assets that you can transfer over to Merrill Lynch, you can qualify for the extra rewards without any substantial additional expense. Your existing mutual funds, ETFs, bonds, stocks, and other investments should transfer over, without having to sell them, you won't incur any fees, except potentially a small account transfer or closing fee at your existing broker, and there is no tax implication. Rates for any future sales or purchases are comparable to what is available elsewhere. And you don't need to move over all your assets, just enough to qualify.

@@ Line 1: / Line 1: @@
-'''Bank of America operates a "Preferred Reward" program that provides extra benefits to their customers, based on the total amount of assets they have at Bank of America and Merrill Edge'''. Among the most valuable benefits is a boost to the rewards earned from many of Bank of America's credit cards. [//info.bankofamerica.com/preferred-rewards/ Preferred Reward Program].
+'''Bank of America's "Preferred Reward" program provides extra benefits based on the total amount of assets you have at Bank of America and Merrill Edge'''. Among the most valuable benefits is a boost to the rewards earned from many of Bank of America's credit cards. [//info.bankofamerica.com/preferred-rewards/ Preferred Reward Program].
-If you have over $100,000 in assets, you'll be a Platinum Honors member, and get a 75% reward bonus. If you have between $50-100,000 in assets, you'll be a Platinum member, and get a 50% reward bonus. And, if you have at least $25,000 in assets, you'll be a Gold member, and get a 25% reward bonus.
+If you have over $100,000 in assets, you'll achieve Platinum Honors status and get a 75% reward bonus. If you have between $50-100,000 in assets, you'll get Platinum status and a 50% reward bonus. And if you have at least $25,000 in assets, you'll get Gold status and a 25% reward bonus.
-This can make a big difference in how competitive a Bank of America rewards card is, compared to the competition. For example, the Bank of America Travel Rewards card earns 1.5% on your purchases, which is less attractive than the best no-annual-fee cash-back cards, which earn 2%. However, if you have $100,000 in combined assets at BOA and Merrill, you'll get a 75% reward bonus, and the card will earn 2.625% instead, which is the best rate of any no-annual-fee card. With a 50% reward bonus, the rate is still 2.25%.
+This can make a big difference in your Bank of America rewards rates, compared to the competition. For example, the Bank of America Travel Rewards card earns 1.5% on your purchases, which is less attractive than the best no-annual-fee cashback cards. However, if you have $100,000 in combined assets at BOA and Merrill, you'll receive a 75% reward bonus, and the card will earn 2.625%, which is the best rate of any no-annual-fee card. With a 50% reward bonus, the rate would still be 2.25%.
-Even if you have that much money, you don't want to keep tens of thousands of dollars around in a low-interest rate checking account. But, you don't have to. If you have an existing retirement account, or investment assets, that you can transfer over to Merrill Lynch, you can qualify for the extra rewards, without any substantial additional expense. Your existing mutual funds, ETFs, bonds, stocks, and other investments should transfer over, without you having to sell them, and you won't incur any fees, except potentially a small account transfer or closing fee at your existing broker. Rates for any future sales or purchases are comparable to what is available elsewhere. And you don't need to move over all your assets, just enough to qualify.
+Even if you have that much money available, you probably don't want to keep it in a low-interest checking account. But you don't have to. If you have an existing retirement account or other investment assets that you can transfer over to Merrill Lynch, you can qualify for the extra rewards without any substantial additional expense. Your existing mutual funds, ETFs, bonds, stocks, and other investments should transfer over, without having to sell them, you won't incur any fees, except potentially a small account transfer or closing fee at your existing broker, and there is no tax implication. Rates for any future sales or purchases are comparable to what is available elsewhere. And you don't need to move over all your assets, just enough to qualify.