Bank of America's Preferred Rewards program offers several benefits to its members, including:
- Rewards bonuses: Members can earn bonus rewards on eligible Bank of America credit cards. The bonus multiplier increases with each tier of Preferred Rewards, leading to higher rewards earnings.
- Interest rate boosts: Members may receive interest rate boosts on Bank of America savings accounts, CDs, and IRAs, allowing them to earn more on their savings.
- Fee waivers: Members can enjoy various fee waivers on services like monthly maintenance fees on eligible checking and savings accounts, non-Bank of America ATM fees, and fees on select banking transactions.
- Mortgage benefits: Preferred Rewards members can receive mortgage benefits, such as reduced origination fees on home equity lines of credit (HELOCs) and loans, rate discounts, and potential cash rewards on select mortgage loans.
- Credit card rewards program boosts: Preferred Rewards members receive a boost on credit card rewards, increasing the value of their rewards earnings.
- Priority client service: Members enjoy priority client service with dedicated customer support to address their inquiries and concerns.
- Qualification for higher tiers: Preferred Rewards members have the opportunity to move up to higher tiers, offering even more benefits, rewards, and higher interest rate boosts.
Overall, Bank of America's Preferred Rewards program provides members with various perks and rewards, helping them save money, earn more rewards, and receive priority service.