Bank of America Takes Loyalty to New Levels with Expanded Preferred Rewards

Bank of America 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.

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.”

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