Bank of America Rolls Out New Rewards-Tracking Tool
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Bank of America loyalists will soon have a one-stop shop to track the rewards they’ve earned across three of the bank’s programs — credit cards, Preferred Rewards and BankAmeriDeals.
BofA will launch the My Rewards dashboard for online banking customers within the next week, while the mobile app rollout will occur in October.
The dashboard will display:
- Rewards earned to date
- How to maximize the value of available rewards
- Recommendations on how to access new rewards
The dashboard summary page will display rewards earnings, with details about what account holders have earned from each program. It also will show you redemption options to help maximize rewards value and will provide recommendations for new rewards customers can access.
Clients enrolled in Preferred Rewards, for example, can see their credit card rewards, discounts on banking services, Merrill Edge online stock and ETF trades and loan discount benefits. Customers also will be able to view and redeem credit card rewards and learn more about opportunities to shop and earn with BankAmeriDeals.
Indeed, this tracker may be most beneficial to customers in the Preferred Rewards program, as it caters to people with multiple banking relationships at Bank of America. Preferred Rewards is a tiered program that offers escalating benefits and perks based on the amount of assets you hold with Bank of America.
It offers discounts and rewards on everything from your mortgage and money market account to your credit cards.
You’ll need at least $20,000 in assets between qualifying Bank of America and Merrill Edge/Merrill Lynch investment accounts to qualify for Gold-tier Preferred Rewards benefits. $50,000 for the Platinum tier and $100,000 for the Platinum Honors tier of Preferred Rewards.
As for credit card rewards, members will receive a 25% (Gold), 50% (Platinum) or 75% (Platinum Honors) rewards bonus on the Bank of America Cash Rewards credit card, the Bank of America® Travel Rewards Visa® credit card and the Bank of America®️ Premium Rewards®️ Visa®️ credit card.
Seeing these rewards, along with all of the other benefits of the Preferred Rewards program, in one space could certainly be helpful to some customers.
This card from Bank of America gets really interesting if you have a BofA checking, savings or investment account. Depending on the value of your combined accounts you can potentially get as much as 3.5x points on travel/dining and 2.625x points on other purchases making it the richest consumer banking bonus out there.
- Receive 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
- If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase
- No limit to the points you can earn and your points don't expire
- Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill accounts, or gift cards or purchases at the Bank of America Travel Center
- Get up to $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
- No Foreign Transaction Fees
- Low $95 annual fee