Financial institution of America expands rewards entry with new loyalty program

Consideration, Financial institution of America account holders: On Might 27, the issuer will launch a brand new loyalty program known as BofA Rewards. And in contrast to the present Most well-liked Rewards® program, the brand new program will not require members to keep up a minimal stability to hitch.

Whereas the transfer places rewards inside attain for tens of millions of further clients, some present program members might even see their perks change. With new tier thresholds and increasing entry to advantages and credit, here is what eligible members must find out about BofA Rewards.

Associated: Is the Financial institution of America Premium Rewards Card well worth the $95 annual price?

Most well-liked 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 well-liked Rewards program, BofA Rewards is a complete win. With no price to hitch the Member tier, account holders can earn further advantages as clients attain monetary milestones, similar to 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 well-liked Rewards members, the brand new advantages and structured tiers might not be as profitable. To place it into perspective, here’s a take a look at the stability threshold tiers for the Most well-liked Rewards and BofA Rewards applications:

Gold standing members at present earn a 25% bank card bonus, a 0.25% auto mortgage rate of interest low cost, a 1% international forex change charge low cost (for cell and on-line orders solely, contains free commonplace 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 international forex change charge.

Equally, Platinum Honors members at present obtain a 75% bank card rewards bonus, whereas these with Most well-liked Honors standing will solely obtain a 50% bonus.

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

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

Should you at present 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.

Shifting up a tier would require assembly a minimal stability threshold primarily based 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 belongings

• 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 well-liked Plus: $30,000 to $100,000 in whole belongings

• 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, examine picture service price, home and worldwide inbound wire transfers, commonplace order examine design or $10 low cost, and cease cost price)
• A 0.250% HELOC charge low cost
• A 0.5% international forex change charge 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 well-liked Honors: $100,000 to $1 million in whole belongings

• 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, examine picture service price, home and worldwide inbound wire transfers, commonplace order examine design or $10 low cost, and cease cost price)
• A 0.375% HELOC charge low cost
• A 1% international forex change charge 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
• Way of life advantages, together with entry to 60-plus presents and experiences, similar to 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 belongings

• 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 charge low cost
• A 2% international forex change charge 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
• Way of life advantages, together with Most well-liked 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 well-liked Rewards members will mechanically be enrolled within the new program Might 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 present enrolled within the Most well-liked Rewards program and have $25,000 in whole belongings, you’ve gotten 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 charge 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 belongings). 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 charge low cost.

However because you maintain Gold standing within the Most well-liked Rewards program, your advantages won’t change for at the least six months.

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

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

Associated: Financial institution of America Premium Rewards bank card evaluation

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 further factors or money again.

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

With the Financial institution of America® Journey Rewards bank card, you’ll earn the next bank card bonuses:

So, for those who 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 many who want uncomplicated loyalty applications, your factors might be redeemed at a set worth of 1 cent per level for journey, present playing cards and even money again.

Should you want to solely earn cash-back rewards, you can too earn a bank card bonus with the Financial institution of America® Limitless Money Rewards bank card or the Financial institution of America® Personalized Money Rewards bank card; the cash-back proportion will depend on your membership tier.

Backside line

For present Most well-liked Rewards members, this new program might have a number of downsides, similar to greater account thresholds and decrease bonuses for sure tiers. Nonetheless, for individuals who haven’t been in a position to reap the advantages of Financial institution of America’s loyalty program, BofA Rewards is advantageous, particularly for choose eligible bank card holders. With the proper card, members can earn as much as 2.625% money again (or 2.625 factors per greenback spent) on on a regular basis purchases.

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