Bank of America Takes Loyalty to New Levels with Expanded Preferred Rewards, New Premium Rewards Elite Credit Card and Partner Rewards Program
Bank of America today 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.
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.
Launching today, 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:
“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.”
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 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.”
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.”
This year, Bank of America has been recognized with more than 200 industry awards for its innovation, financial technology, and delivering exceptional client services and solutions.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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To enroll in the Preferred Rewards program you must have an active, eligible personal checking account with Bank of America® and maintain the balance required for one of the balance tiers in your combined qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for enrollment with either:
You must have a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier. Bank of America Private Bank clients qualify to enroll in the Diamond tier, and may qualify for the Diamond Honors tier based on their qualifying Bank of America, Merrill, and Private Bank balances. Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements.
Andy Aldridge, Bank of America (Preferred Rewards and Partner Rewards)
Don Vecchiarello, Bank of America (Premium Rewards Elite Credit Card)