Bank of america preferred rewards balance requirement

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The Bank of America Preferred Rewards program can be extremely lucrative if you're a Bank of America customer or willing to become one. This program offers special banking discounts, bonus rewards on credit card spending, and other financial perks to consumers who keep a certain amount of money on deposit with the bank over time.

The minimum account balance requirements are high with Bank of America Preferred Rewards, but you have to keep your emergency fund somewhere, right? At the end of the day, this program could be extremely fruitful if you move some of your savings over and take advantage of all the benefits you can.

Insider's Featured Cash Back Credit Cards

• Discover it® Cash Back

• Citi® Double Cash Card

• Chase Freedom Flex℠

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Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations up to the quarterly maximum when you activate. Earn unlimited 1% cash back on all other purchases automatically.

Unlimited Cashback Match – Discover will automatically match all the cash back you’ve earned at the end of your first year

Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.

5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. 5% cash back on travel purchased through Chase Ultimate Rewards®. 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1% cash back on all other purchases.

$200 after spending $500 on purchases in the first three months from account opening

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Credit cards eligible to receive Preferred Rewards bonuses

Most of Bank of America's branded consumer credit cards are eligible for the Preferred Rewards bonuses, but non-rewards cards, certain partnered cards (like the Alaska Airlines Visa® Credit Card <desc> <g id="asterisk" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <path d="M29.37 0a5 5 0 014.975 4.805l.004.216-.074 17.076 16.857-9.732a5 5 0 015.196 8.542l-.196.119-16.316 9.42 16.316 9.42a5 5 0 01-4.799 8.77l-.2-.11-16.929-9.774-.07 16.27a5 5 0 01-9.996.175l-.003-.217.065-15.519-15.7 9.065a5 5 0 01-5.195-8.542l.196-.119 16.315-9.42-16.315-9.42a5 5 0 014.8-8.77l.2.11 15.776 9.11.072-16.496A5 5 0 0129.37 0z" fill="#111"> </path></g> </desc> and Virgin Atlantic World Elite Mastercard® <desc> <g id="asterisk" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <path d="M29.37 0a5 5 0 014.975 4.805l.004.216-.074 17.076 16.857-9.732a5 5 0 015.196 8.542l-.196.119-16.316 9.42 16.316 9.42a5 5 0 01-4.799 8.77l-.2-.11-16.929-9.774-.07 16.27a5 5 0 01-9.996.175l-.003-.217.065-15.519-15.7 9.065a5 5 0 01-5.195-8.542l.196-.119 16.315-9.42-16.315-9.42a5 5 0 014.8-8.77l.2.11 15.776 9.11.072-16.496A5 5 0 0129.37 0z" fill="#111"> </path></g> </desc> ), and secured or student versions of Bank of America rewards cards can't earn Preferred Rewards bonuses. 

Bank of America® Unlimited Cash Rewards Credit Card

Intro offer

$200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days from account opening

Rewards

Earn unlimited 1.5% cash back on all purchases.

Bank of America® Unlimited Cash Rewards Credit Card

Intro offer

$200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days from account opening

Rewards

Earn unlimited 1.5% cash back on all purchases.

On Bank of America's website

Bank of America® Unlimited Cash Rewards Credit Card

On Bank of America's website

Details

Rewards

Earn unlimited 1.5% cash back on all purchases.

Intro offer

$200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days from account opening

Recommended Credit

Good to Excellent

Regular Annual Percentage Rate (APR)

16.99% - 26.99% Variable

Intro Annual Percentage Rate (APR)

0% intro APR for your first 18 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account

Pros & Cons

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Decent welcome bonus

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Generous 0% APR offer on purchases and balance transfers

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You can earn up to 75% more rewards for your spending if you’re a Bank of America Preferred Rewards customer

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3% foreign transaction fee

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Other cards offer better travel and purchase benefits

Highlights

• The information related to the Bank of America® Unlimited Cash Rewards Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
• Earn unlimited 1.5% cash back on all purchases
• No limit to the amount of cash back you can earn and cash rewards do not expire
• Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
• Introductory 0% APR for your first 18 billing cycles for purchases, and for any balance transfers made within 60 days of opening your account. After that, a Variable APR that's currently 16.99% to 26.99% Variable APR will apply. 3% fee (min $10) applies to balance transfers
• Enjoy no annual fee while earning unlimited cash back on all purchases
• Preferred Rewards members earn 25%-75% more cash back on every purchase. That means you could earn up to 2.62% cash back on every purchase.

Additional Reading

Bank of America® Customized Cash Rewards Credit Card

Intro offer

$200 cash rewards bonus after you spend $1,000 on purchases within 90 days of account opening

Rewards

Earn 3% back in a category of your choosing among gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% back at grocery stores and wholesale clubs and 1% back on other purchases; bonus rewards in 3% and 2% categories are capped on the first $2,500 spent each quarter, after which you’ll earn 1%

Bank of America® Customized Cash Rewards Credit Card

Intro offer

$200 cash rewards bonus after you spend $1,000 on purchases within 90 days of account opening

Rewards

Earn 3% back in a category of your choosing among gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% back at grocery stores and wholesale clubs and 1% back on other purchases; bonus rewards in 3% and 2% categories are capped on the first $2,500 spent each quarter, after which you’ll earn 1%

On Bank of America's website

Bank of America® Customized Cash Rewards Credit Card

On Bank of America's website

Details

Rewards

Earn 3% back in a category of your choosing among gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% back at grocery stores and wholesale clubs and 1% back on other purchases; bonus rewards in 3% and 2% categories are capped on the first $2,500 spent each quarter, after which you’ll earn 1%

Intro offer

$200 cash rewards bonus after you spend $1,000 on purchases within 90 days of account opening

Regular Annual Percentage Rate (APR)

16.99% - 26.99% variable

Intro Annual Percentage Rate (APR)

0% intro APR on purchases for the first 18 months and for any balance transfers made within the first 60 days of opening your account

Pros & Cons

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No annual fee

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Broad 2% and 3% cash-back categories

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2% and 3% cash-back categories capped at $2,500 in combined purchases each quarter

Highlights

• The information related to the Bank of America® Customized Cash Rewards Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
• Earn a $200 cash rewards bonus after you spend $1,000 on purchases within 90 days of account opening
• Earn 3% back in a category of your choosing among gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% back at grocery stores and wholesale clubs and 1% back on other purchases; bonus rewards in 3% and 2% categories are capped on the first $2,500 spent each quarter, after which you’ll earn 1%
• No annual fee
• Redeem rewards for cash back, statement credits, or a transfer to eligible Bank of America or Merrill accounts

Additional Reading

Bank of America® Travel Rewards credit card

Intro offer

25,000 points if you make at least $1,000 in purchases in the first 90 days

Rewards

Earn an unlimited 1.5 points for each dollar you spend on your card

Bank of America® Travel Rewards credit card

Intro offer

25,000 points if you make at least $1,000 in purchases in the first 90 days

Rewards

Earn an unlimited 1.5 points for each dollar you spend on your card

On Bank of America's website

Bank of America® Travel Rewards credit card

On Bank of America's website

Details

Rewards

Earn an unlimited 1.5 points for each dollar you spend on your card

Intro offer

25,000 points if you make at least $1,000 in purchases in the first 90 days

Recommended Credit

Good to excellent

Regular Annual Percentage Rate (APR)

16.99% - 26.99% (variable)

Intro Annual Percentage Rate (APR)

0% intro APR on purchases for the first 18 billing cycles on purchases, and on any balance transfers made within the first 60 days of opening your account

Pros & Cons

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Earns 1.5 points per dollar on every purchase

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No annual fee or foreign transaction fee

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Some cards earn more rewards, though usually only in bonus categories

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You can't transfer points to travel partners (though you can use points to cancel out travel purchases on your statement)

Highlights

• The information related to the Bank of America® Travel Rewards credit card has been collected by Business Insider and has not been reviewed by the issuer.
• Earn 25,000 bonus points worth $250 in travel when you spend $1,000 on purchases within 90 days of account opening
• Earn an unlimited 1.5 points for each dollar you spend on your card
• No annual fee
• Redeem rewards for a statement credit to pay for flights, a hotel stay, vacation packages, cruises, rental cars, baggage fees, and other travel expenses

Additional Reading

Bank of America® Premium Rewards® credit card

Intro offer

50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening

Rewards

2 points per $1 spent on travel purchases. 2 points per $1 spent on dining purchases. 1.5 points per $1 spent on all other purchases.

Bank of America® Premium Rewards® credit card

Intro offer

50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening

Rewards

2 points per $1 spent on travel purchases. 2 points per $1 spent on dining purchases. 1.5 points per $1 spent on all other purchases.

On Bank of America's website

Bank of America® Premium Rewards® credit card

On Bank of America's website

Details

Rewards

2 points per $1 spent on travel purchases. 2 points per $1 spent on dining purchases. 1.5 points per $1 spent on all other purchases.

Intro offer

50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening

Recommended Credit

Good to Excellent

Regular Annual Percentage Rate (APR)

18.24% - 25.24% variable

Intro Annual Percentage Rate (APR)

N/A

Pros & Cons

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Statement credits can help you recoup the annual fee

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Earns 1.5 points per dollar on every purchase

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Good sign-up bonus

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To earn the highest rewards rate, you need to qualify for Bank of America's Preferred Rewards program, which requires a minimum of $20,000 in eligible accounts

Highlights

• The information related to the Bank of America® Premium Rewards® credit card has been collected by Business Insider and has not been reviewed by the issuer.
• Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening
• 2 points per $1 spent on travel purchases
• 2 points per $1 spent on dining purchases
• 1.5 points per $1 spent on all other purchases
• No blackout dates or restrictions and points do not expire.

Additional Reading

Also note that you can get some co-branded versions of credit cards above, including options like the Susan G. Komen® Cash Rewards Visa® credit card from Bank of America. These are simply "branded" options of other cards, so their reward structures are the same. 

Business credit cards eligible for Bank of America Preferred Rewards

Bank of America Business Advantage Customized Cash Rewards Credit Card

Intro offer

$300 statement credit after making $3,000 in purchases in the first 90 days of your account opening

Rewards

Earn 3% cash back in the category of your choice (gas stations is the default category) and 2% cash back on dining purchases on the first $50,000 spent in both categories combined each calendar year. Earn unlimited 1% cash back on all other purchases.

Bank of America Business Advantage Customized Cash Rewards Credit Card

Intro offer

$300 statement credit after making $3,000 in purchases in the first 90 days of your account opening

Rewards

Earn 3% cash back in the category of your choice (gas stations is the default category) and 2% cash back on dining purchases on the first $50,000 spent in both categories combined each calendar year. Earn unlimited 1% cash back on all other purchases.

On Bank of America's website

Bank of America Business Advantage Customized Cash Rewards Credit Card

On Bank of America's website

Details

Rewards

Earn 3% cash back in the category of your choice (gas stations is the default category) and 2% cash back on dining purchases on the first $50,000 spent in both categories combined each calendar year. Earn unlimited 1% cash back on all other purchases.

Intro offer

$300 statement credit after making $3,000 in purchases in the first 90 days of your account opening

Recommended Credit

Excellent

Regular Annual Percentage Rate (APR)

14.49% - 24.49% Variable

Intro Annual Percentage Rate (APR)

0% intro APR on purchases for the first 9 billing cycles

Pros & Cons

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Good welcome bonus for a no-annual-fee business card

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Cardholders can choose their own 3% cash-back category from a list

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Bank of America Preferred Rewards for Business customers can earn up to 75% more rewards

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3% and 2% cash back categories are capped at $50,000 in combined purchases per year (then 1%)

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Card only earns 1% back in non-bonus categories

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Foreign transaction fees

Highlights

• The information related to the Bank of America Business Advantage Customized Cash Rewards Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
• Earn a $300 statement credit online bonus after making $3,000 in net purchases in the first 90 days of your account opening
• No annual fee
• 3% cash back in the category of your choice (gas stations is the default category) and 2% cash back on dining purchases on the first $50,000 spent in both categories combined each calendar year
• Unlimited 1% cash back on all other purchases
• 0% intro APR on purchases for your first 9 billing cycles, then 12.99% to 22.99% variable APR
• Earn up to 75% more cash back on every purchase if you have a business checking account with Bank of America and qualify for the highest Preferred Rewards for Business tier

Additional Reading

Bank of America® Business Advantage Unlimited Cash Rewards Credit Card

Intro offer

$300 statement credit after you spend $3,000 in purchases in the first 90 days of your account opening

Rewards

Earn unlimited 1.5% cash back on all purchases

Bank of America® Business Advantage Unlimited Cash Rewards Credit Card

Intro offer

$300 statement credit after you spend $3,000 in purchases in the first 90 days of your account opening

Rewards

Earn unlimited 1.5% cash back on all purchases

On Bank of America®'s website

Bank of America® Business Advantage Unlimited Cash Rewards Credit Card

On Bank of America®'s website

Details

Rewards

Earn unlimited 1.5% cash back on all purchases

Intro offer

$300 statement credit after you spend $3,000 in purchases in the first 90 days of your account opening

Recommended Credit

Excellent

Regular Annual Percentage Rate (APR)

14.49% to 24.49% variable

Intro Annual Percentage Rate (APR)

0% intro APR on purchases for the first 9 months from account opening

Pros & Cons

Check mark iconA check mark. It indicates a confirmation of your intended interaction.

You can earn a $300 welcome bonus offer

Check mark iconA check mark. It indicates a confirmation of your intended interaction.

1.5% cash back on all purchases with no cap

Check mark iconA check mark. It indicates a confirmation of your intended interaction.

No annual fee

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Some cards offer longer intro APR and higher rewards rates

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You need to be a Preferred Rewards member to earn higher rewards

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3% foreign transaction fee

Highlights

• The information related to the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
• No annual fee
• Earn unlimited 1.5% cash back on all purchases

Additional Reading

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

Intro offer

30,000 bonus points after you spend $3,000 in purchases in the first 90 days of your account opening

Rewards

Earn 3x points when you book your travel (car, hotel, airline) through the Bank of America® Travel Center. Earn 1.5x points on all other purchases

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

Intro offer

30,000 bonus points after you spend $3,000 in purchases in the first 90 days of your account opening

Rewards

Earn 3x points when you book your travel (car, hotel, airline) through the Bank of America® Travel Center. Earn 1.5x points on all other purchases

On Bank of America's website

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

On Bank of America's website

Details

Rewards

Earn 3x points when you book your travel (car, hotel, airline) through the Bank of America® Travel Center. Earn 1.5x points on all other purchases

Intro offer

30,000 bonus points after you spend $3,000 in purchases in the first 90 days of your account opening

Recommended Credit

Good to Excellent

Regular Annual Percentage Rate (APR)

14.49% - 24.49% variable

Intro Annual Percentage Rate (APR)

0% intro APR on purchases for the first 9 months from account opening

Pros & Cons

Check mark iconA check mark. It indicates a confirmation of your intended interaction.

You can earn 30,000 welcome bonus points

Check mark iconA check mark. It indicates a confirmation of your intended interaction.

1.5 points per dollar on every purchase with no cap

Check mark iconA check mark. It indicates a confirmation of your intended interaction.

No annual fee/foreign transaction fee

Dash iconA dash. It often indicates an interaction to shrink a section.

Some cards offer longer intro APR

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There are no airline or hotel partners to transfer points to

Highlights

• The information related to the Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
• Earn 30,000 bonus points after you spend $3,000 in purchases in the first 90 days of your account opening
• Earn 3x points when you book your travel (car, hotel, airline) through the Bank of America® Travel Center. Earn 1.5x points on all other purchases
• No annual fee

Additional Reading

It's important to note that Bank of America business cards technically have their own program: Bank of America Preferred Rewards for Business. However, eligibility for the business program, as well as bonuses rewards and benefits, are essentially the same as the regular Preferred Rewards program. 

Personal Bank of America accounts cannot receive Preferred Rewards for Business benefits and vice versa.

How to qualify for the BofA Preferred Rewards program

The Bank of America Preferred Rewards program is offered in three major "tiers," with each tier offering a greater level of benefit than the one before based on your deposits. Your balance is reviewed monthly, so you'll automatically move to the next tier level if applicable.

Here's a basic rundown of how you can qualify for each tier – and what you'll receive in return.

Bank of America Preferred Rewards Gold

To achieve Gold status in the Bank of America Preferred Rewards program, you'll need a three-month average combined balance of $20,000 to $50,000 in your Bank of America banking and/or Merrill (BofA's wealth management division) investment accounts. 

Bank of America Preferred Rewards Platinum

To achieve Platinum status, you'll need a three-month average combined balance of $50,000 to $100,000 in your Bank of America accounts. 

Bank of America Preferred Rewards Platinum Honors

To achieve the highest tier of status in the Bank of America Preferred Rewards program, you'll need a three-month average combined balance of at least $100,000 in your Bank of America accounts. This tier of status comes with the following benefits:

While many of the perks this program offers could help you save money, the bulk of them can only be utilized a few times over your lifetime. For example, how often will you take advantage of savings on an origination fee for a new mortgage? And how often do you take out a car loan? Maybe once or twice for every decade you're alive?

This is why the additional rewards you can earn in this program with a Bank of America credit card are so intriguing. Unlike other Bank of America Preferred Rewards perks, the credit card benefit can help you earn considerably more travel rewards or cash back on everything you buy all year long. 

If you're already enrolled in the Preferred Rewards program, and your balance temporarily drops below the eligible minimum, there's no need to worry. You can keep your current Preferred Rewards status for a full year. After that, if your balance is still too low, you could be in danger of losing your current program status. 

How to earn more credit card rewards by joining Bank of America Preferred Rewards

At this point, you're probably wondering how much more you'll earn in rewards by becoming a Bank of America Preferred Rewards member. Not surprisingly, this all depends on the card you sign up for, how much you spend each year, and the tier of Preferred Rewards you qualify for based on your deposits.

Let's imagine you sign up for the Bank of America® Premium Rewards® credit card instead and spent the following amounts the first year:

• $10,000 each year on travel and dining to earn 2x points
• $16,000 per year on other purchases to earn 1.5x points

In that case, you would rack up 20,000 points, worth $200, on travel and dining during year one, as well as 24,000 points worth $240 on other purchases for a total of $440. If you were a Bank of America Preferred Rewards member, however, your rewards would grow to these amounts during year one:

• Preferred Rewards Gold (25% bonus): $550
• Preferred Rewards Platinum (50% bonus): $660
• Preferred Rewards Platinum Honors (75% bonus): $770

If you add in the initial 50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening you can earn with this card, your first-year rewards haul would be at least $1,050, but could run as high as $1,320 depending on your rewards tier in this program.

Bottom line

If you're a Bank of America customer or thinking of switching over, it's hard to deny the power of the Preferred Rewards program. Considering you could move just $20,000 of your savings over to the bank to qualify, you may want to consider it.

Before you do, however, it makes sense to compare all the best Bank of America credit cards to see which one might fit your needs. Bonus rewards from the Bank of America Preferred Rewards program will be nice, but you should strive to pick a card that makes the most sense for your normal spending patterns, too. 

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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