Whereas it is fantastic to redeem your factors and miles for journey preparations, equivalent to lodging and flights, there may be many different bills concerned in planning a visit, equivalent to automotive leases, prepare tickets, fuel and campsite charges. Fortunately, utilizing cash-back rewards together along with your factors and miles can prevent much more cash in your subsequent trip.
With that in thoughts, let’s study the often-overlooked Financial institution of America Most popular Rewards® program. On high of the easy banking advantages members can anticipate, consolidating your funds with Financial institution of America also can enhance your money again earnings with among the greatest Financial institution of America bank cards.
That is as a result of Financial institution of America designed its Most popular Rewards program to incentivize customers to maneuver their checking, financial savings, funding and retirement accounts to Financial institution of America and Merrill. The upper your stability of whole belongings with the financial institution, the extra perks you possibly can unlock, together with with its bank cards. Relying in your holdings and the kind of rewards you are trying to accumulate, it is perhaps time to cease ignoring Financial institution of America Most popular Rewards.
Associated: 5 causes to get the Financial institution of America Premium Rewards bank card
Financial institution of America Most popular Rewards Program overview
To begin, this is a common overview of this system:
qualify for Financial institution of America’s Most popular Rewards Program
To qualify for the Financial institution of America Most popular Rewards program, you need to have each of the next:
- An lively, eligible Financial institution of America checking account
- A 3-month mixed common day by day stability of $20,000 or extra in qualifying Financial institution of America deposit accounts and/or Merrill funding accounts
There are 5 Most popular Rewards tiers. You may qualify for every based mostly in your mixed common day by day stability:
- Gold: $20,000 or extra in whole belongings
- Platinum: $50,000 or extra in whole belongings
- Platinum Honors: $100,000 or extra in whole belongings
- Diamond: $1,000,000 or extra in whole belongings
- Diamond Honors: $10,000,000 or extra in whole belongings
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Whereas not exorbitant, even the bottom stage requires some fairly excessive figures. However do not throw within the towel right away. You probably have an emergency fund, a vacation account, a financial savings account and a checking account, combining all these balances could qualify you for a Most popular Rewards tier. When you add in funding accounts, equivalent to IRAs, it’s possible you’ll even discover that the Platinum or Platinum Honors tiers are inside attain.
Your stability would not have to originate with Merrill or Financial institution of America to rely towards every threshold. You possibly can roll present IRAs and funding accounts over to Merrill or Financial institution of America and instantly use these balances to start establishing a three-month common to spice up your tier. After all, you may have to think about different issues like account administration charges and accessible funding choices to determine whether or not doing so is an efficient possibility.
Associated: maximize your incomes with the Financial institution of America Premium Rewards card
transfer amongst Most popular Rewards tiers
You possibly can rise from one rung to the following any month after your common day by day stability for the three earlier months reaches the brink for the next tier. When you attain a selected standing stage, you will not have to preserve all of your money within the Financial institution of America basket.
As a substitute, you may preserve your Most popular Rewards tier standing for a full 12 months. In the event you now not meet the qualification necessities after that 12 months, you’ve a three-month grace interval to take action. In the event you nonetheless do not meet the factors after the three-month grace interval, you may both be moved to a decrease tier or utterly lose your Most popular Rewards advantages.
Associated: Is the Financial institution of America Premium Rewards Card well worth the $95 annual price?
Advantages of Financial institution of America’s Most popular Rewards Program
Here is a chart of the 5 Most popular Rewards tiers, together with the related advantages of every:
| Profit | Gold | Platinum | Platinum Honors | Diamond | Diamond Honors |
|---|---|---|---|---|---|
| Bank card rewards bonus | 25% | 50% | 75% | 75% | 75% |
| Financial savings rate of interest booster | 5% | 10% | 20% | 20% | 20% |
| Mortgage perks | $200 origination price discount | $400 origination price discount | $600 origination price discount | 0.250% rate of interest discount (when PayPlan is established) | 0.375% rate of interest discount (when PayPlan is established) |
| Auto mortgage rate of interest low cost | 0.25% | 0.35% | 0.50% | 0.50% | 0.50% |
| Residence fairness rate of interest low cost | 0.125% | 0.250% | 0.375% | 0.625% | 0.750% |
| No-fee banking companies | Included | Included | Included | Included | Included |
| Free non-Financial institution of America ATM transactions | N/A | 12 per 12 months | Limitless within the U.S. | Limitless within the U.S. and internationally | Limitless within the U.S. and internationally |
| Merrill Guided Investing price low cost | 0.05% | 0.10% | 0.15% | 0.15% | 0.15% |
| Overseas foreign money trade fee low cost (for cellular and on-line orders solely, consists of free commonplace delivery) | 1% | 1.5% | 2% | 2% | 2% |
| Entry to unique way of life advantages | N/A | N/A | N/A | Sure | Sure |
Now, let’s take a more in-depth have a look at every of those advantages.
Financial savings Curiosity Charge Booster
It’s good to have a Financial institution of America Benefit Financial savings account and be an enrolled Most popular Rewards member to get pleasure from this profit. You probably have an present financial savings account, it won’t routinely convert to a Financial institution of America Benefit Financial savings account whenever you enroll in Most popular Rewards. Make sure to request the conversion when becoming a member of Most popular Rewards.
At Gold, the rate of interest enhance is 5%. That possible sounds higher than it’s. In case your rate of interest is 1.00%, a 5% fee booster would improve it to 1.05%.
Here is the annual proportion yield on a Financial institution of America Benefit Financial savings account as of January 2025 to provide you some perspective:
You possibly can verify how this enhance would have an effect on the present annual proportion yield on a Financial institution of America Benefit Financial savings account in your area right here.
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Bank card rewards bonus
Most popular Rewards members earn a 25%, 50% or 75% rewards bonus on choose Financial institution of America playing cards. For bank cards that earn factors or money rewards, you’ll obtain a rewards bonus on each buy.
Your incomes fee relies in your Most popular Rewards tier when the acquisition is posted to your account. We’ll get into how this performs out with particular playing cards beneath.
You possibly can earn the Most popular Rewards bonus on most Financial institution of America consumer-branded bank cards, together with the Financial institution of America® Premium Rewards® bank card, the Financial institution of America® Journey Rewards bank card, the Financial institution of America® Limitless Money Rewards bank card and the Financial institution of America® Custom-made Money Rewards bank card, amongst others.
Mortgage origination price discount
Any time you possibly can minimize down on charges for getting or refinancing a house, it is best to. Most popular Rewards members are eligible to obtain a set discount in one among two methods, relying in your membership tier:
- A greenback quantity off of your origination price (to not exceed its worth)
- A proportion off your mortgage APR
The Most popular Rewards price discount is not transferable. And it’s possible you’ll not be capable of mix this price discount with different reductions.
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Auto mortgage rate of interest low cost
You have to full an auto buy finance or refinancing mortgage by means of Financial institution of America to qualify for a fee low cost. This profit isn’t transferable, so solely the Most popular Rewards member can benefit from this perk.
After all, you may have to guarantee that Financial institution of America gives essentially the most aggressive fee after the low cost. In any other case, it may not be price pursuing. Even 1 / 4 of a p.c may save or price you hundreds of {dollars} over the lifetime of the mortgage.
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Residence fairness rate of interest low cost
You will get a house fairness line of credit score rate of interest low cost of as much as 0.75%, relying in your Most popular Rewards standing stage.
This profit is non-transferable, however you might be able to mix this perk with different residence fairness rate of interest reductions. And even co-borrowers are eligible so long as no less than one applicant is enrolled or eligible to enroll.
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No-fee banking companies
Most popular Rewards members additionally get pleasure from a number of banking companies for no price.
These companies embody:
- ATM/Debit card rush charges
- ATM worldwide transaction price
- Month-to-month upkeep charges on as much as 4 eligible checking and 4 financial savings accounts from Financial institution of America
- Non-Financial institution of America ATM charges for withdrawals, transfers or stability inquiries
- One overdraft safety switch price waived per billing cycle
Moreover, Platinum and above incur no charges for incoming worldwide wire transfers and might open a small secure deposit field totally free at a Financial institution of America department.
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Free non-Financial institution of America ATM transactions
Within the U.S. and U.S. territories, Platinum and Platinum Honors members:
- Will not be charged non-Financial institution of America ATM charges
- Will obtain a refund of the ATM operator or community price for withdrawals, stability inquiries and stability transfers
Platinum members obtain one free transaction per assertion cycle (as much as 12 yearly), and Platinum Honors members don’t have any cap. In the meantime, Diamond and Diamond Honors members have limitless no-fee transactions each within the U.S. and internationally.
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Merrill Guided Investing price low cost
Most popular Rewards members get pleasure from a price low cost when using Merrill Guided Investing companies. You will get began with as little as $1,000 for Merrill Guided Investing or $20,000 for Merrill Guided Investing with an adviser.
Merrill Guided Investing usually costs a price of 0.45% of belongings beneath administration, and Merrill Guided Investing with an advisor usually costs a price of 0.85% of belongings beneath administration.
Whereas these charges might sound small, they add up over time. As such, these costs can develop into a compound drain in your investments as they improve. So, it could be greatest to search for a monetary advisor that costs a set price as an alternative of a proportion of your belongings.
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Overseas foreign money trade fee low cost
All Most popular Rewards members will get some type of low cost for international foreign money orders by means of on-line banking or the cellular banking app.
Relying in your standing tier, you may obtain a reduction between 1% and a pair of%.
Associated: Every part it’s worthwhile to learn about international transaction charges
Entry to unique way of life advantages
High-tier Diamond and Diamond Honors members will get pleasure from personalized and distinctive way of life experiences, equivalent to journey, wellness, occasions, food and drinks or different private companies. You possibly can preview a few of these curated gives right here.
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maximize money reward earnings with Financial institution of America bank cards and Most popular Rewards
To maximise the Financial institution of America Most popular Rewards program, you may need to qualify for no less than Platinum Honors and be eligible for the 75% bonus in your bank card rewards.
After all, it isn’t an incredible concept to make massive funding and banking selections based mostly solely on bank card bonuses. Nonetheless, it could be worthwhile for those who already plan to spend money on Merrill and have an present banking relationship with Financial institution of America. In the event you do, listed here are among the financial institution’s rewards playing cards to think about and how one can maximize your cash-back earnings.
Associated: How to decide on the perfect bank card for you
Financial institution of America Premium Rewards bank card
The Financial institution of America Premium Rewards bank card is a wonderful rewards bank card in its personal proper. Nevertheless it will get much more aggressive whenever you add within the bonuses from the Most popular Rewards program.
The cardboard costs a $95 annual price and gives a modest collection of advantages. For instance, cardholders get an up-to-$100 annual airline incidental price assertion credit score, a World Entry or TSA PreCheck software price credit score each 4 years (as much as $100) and a few respectable journey protections.
Nonetheless, this card shines with its incomes charges on on a regular basis spending in addition to journey and eating purchases. Here is how the incomes charges stack up when you think about the Most popular Rewards bank card rewards bonus:
| Spending classes | Common cardholder | Most popular Rewards Gold (25% bonus) | Most popular Rewards Platinum (50% bonus) | Most popular Rewards Platinum Honors, Diamond and Diamond Honors (75% bonus) |
|---|---|---|---|---|
| Journey and eating | 2 factors per greenback spent | 2.5 factors per greenback spent | 3 factors per greenback spent | 3.5 factors per greenback spent |
| Every part else | 1.5 factors per greenback spent | 1.875 factors per greenback spent | 2.25 factors per greenback spent | 2.625 factors per greenback spent |
The flexibility to get no less than 2.625% on all purchases with this card (for high-tier Most popular Rewards members) is unbelievable. This return makes the Financial institution of America Premium Rewards bank card one of many greatest bank cards for on a regular basis spending.
Associated: Financial institution of America Premium Rewards bank card full evaluation
Financial institution of America Journey Rewards bank card
If you wish to keep away from paying bank card annual charges, you possibly can go for the Financial institution of America Journey Rewards bank card. The cardboard earns 1.5 factors per greenback spent on all purchases. Factors may be redeemed to cowl journey bills at a fee of 1 cent per level.
By incomes 1.5 factors per greenback spent on every thing plus a 75% Most popular Rewards bonus as a Platinum Honors (or increased) Most popular Rewards member, you successfully earn 2.625% money rewards towards journey purchases made with the cardboard. That is a unbelievable money reward fee to earn on all spending — particularly for a card with no annual price.
Associated: Financial institution of America Journey Rewards card full evaluation
Financial institution of America Limitless Money Rewards bank card
The Financial institution of America Limitless Money Rewards bank card is nice for folk who do not need to preserve observe of a number of bonus classes however who nonetheless need to earn at a robust mounted fee on all their purchases. This no-annual-fee bank card earns limitless 1.5% money rewards on all purchases with no restrict.
Platinum Honors and better members would get again 2.625% on all of your purchases — top-of-the-line rewards charges any card gives for nonbonus on a regular basis purchases.
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Financial institution of America Custom-made Money Rewards bank card
One other no-annual-fee card is the Financial institution of America Custom-made Money Rewards bank card. It earns 3% in one of many following classes of your alternative every calendar month:
- Eating
- Drugstores and pharmacies
- Fuel and electrical car charging stations
- Residence enchancment and furnishings
- On-line buying (together with cable, streaming, web and cellphone companies)
- Journey
It additionally earns 2% again at grocery shops and wholesale golf equipment and 1% again on every thing else. Simply word that you would be able to solely earn 3% and a pair of% on as much as $2,500 in mixed purchases every quarter (then 1%).
So, for those who’re no less than a Platinum Honors member, you may earn as much as a whopping 5.25% again in your 3% class. You’d additionally earn as much as 3.5% again at grocery shops and wholesale golf equipment and 1.75% again on all different purchases. That is fairly phenomenal for a no-annual-fee money rewards card.
Associated: Financial institution of America Custom-made Money Rewards full evaluation
convert your Financial institution of America factors to money
A number of Financial institution of America bank cards earn straight-up money. However some earn “factors,” which you’ll commerce for money.
To redeem your Financial institution of America factors with a card such because the Premium Rewards card, you may discover a “money” possibility inside your on-line account. This lets you request an announcement credit score or a money deposit into your Financial institution of America checking or financial savings account (or eligible Merrill Edge and Merrill Lynch accounts) at a fee of 1 cent per level. Be aware that you would be able to additionally redeem right into a 529 School Financial savings Plan.
Moreover, the Journey Rewards card earns a barely totally different rewards foreign money. You possibly can redeem them as a direct deposit into your Financial institution of America checking or financial savings account or as a credit score into an eligible Merrill Money Administration Account — however you may often get a paltry worth of 0.6 cents per level. You may solely obtain a worth of 1 cent per level when offsetting a travel-related transaction in your card.
Associated: redeem factors utilizing the Financial institution of America Premium Rewards card
Backside line
The Financial institution of America Most popular Rewards program might be not price pursuing except you qualify for no less than Platinum Honors to maximise the 75% bonus on bank card earnings.
That mentioned, this system’s perks imply that for those who already do enterprise with Financial institution of America or Merrill, it is best to think about consolidating your banking and investing to spice up your rewards and advantages.
It would even be price switching to Financial institution of America if doing so will not price you something additional. In any case, the Most popular Rewards program can tip the dimensions on a few of Financial institution of America’s high card choices and reward you with important reductions on different banking companies like mortgage and auto loans.
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