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 automobile leases, practice tickets, fuel and campsite charges. Fortunately, utilizing cash-back rewards together together 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 straightforward banking advantages members can count on, consolidating your funds with Financial institution of America also can increase your money again earnings with a number of the finest Financial institution of America bank cards.
That is as a result of Financial institution of America designed its Most popular Rewards program to incentivize shoppers to maneuver their checking, financial savings, funding and retirement accounts to Financial institution of America and Merrill. The upper your stability of whole property 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 seeking to accumulate, it may be 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 start out, here is a basic overview of this system:
The way to qualify for Financial institution of America’s Most popular Rewards Program
To qualify for the Financial institution of America Most popular Rewards program, you have to have each of the next:
- An energetic, 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 will qualify for every primarily based in your mixed common day by day stability:
- Gold: $20,000 or extra in whole property
- Platinum: $50,000 or extra in whole property
- Platinum Honors: $100,000 or extra in whole property
- Diamond: $1,000,000 or extra in whole property
- Diamond Honors: $10,000,000 or extra in whole property
Each day E-newsletter
Reward your inbox with the TPG Each day e-newsletter
Be a part of over 700,000 readers for breaking information, in-depth guides and unique offers from TPG’s consultants
Whereas not exorbitant, even the bottom stage requires some fairly excessive figures. However do not throw within the towel immediately. If in case you 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, you could even discover that the Platinum or Platinum Honors tiers are inside attain.
Your stability does not must originate with Merrill or Financial institution of America to rely towards every threshold. You may roll current 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 will have to contemplate different issues like account administration charges and out there funding choices to determine whether or not doing so is an efficient choice.
Associated: The way to maximize your incomes with the Financial institution of America Premium Rewards card
The way to transfer amongst Most popular Rewards tiers
You may rise from one rung to the following any month after your common day by day stability for the three earlier months reaches the edge for the next tier. When you attain a selected standing stage, you will not must hold all of your money within the Financial institution of America basket.
As an alternative, you will preserve your Most popular Rewards tier standing for a full 12 months. When you not meet the qualification necessities after that 12 months, you might have a three-month grace interval to take action. When you nonetheless do not meet the factors after the three-month grace interval, you will 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 definitely 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% |
| Dwelling 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 change fee low cost (for cellular and on-line orders solely, consists of free normal transport) | 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 better have a look at every of those advantages.
Financial savings Curiosity Fee Booster
You’ll want to have a Financial institution of America Benefit Financial savings account and be an enrolled Most popular Rewards member to take pleasure in this profit. If in case you have an current financial savings account, it is not going to mechanically 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 increase 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 share yield on a Financial institution of America Benefit Financial savings account as of January 2025 to offer you some perspective:
You may examine how this increase would have an effect on the present annual share yield on a Financial institution of America Benefit Financial savings account in your area right here.
Associated: One of the best methods to economize & earn journey rewards for teenagers
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 is predicated 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 under.
You may 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 lower down on charges for purchasing or refinancing a house, it’s best to. Most popular Rewards members are eligible to obtain a hard and fast discount in certainly one of two methods, relying in your membership tier:
- A greenback quantity off of your origination price (to not exceed its value)
- A share off your mortgage APR
The Most popular Rewards price discount is not transferable. And you could not be capable to mix this price discount with different reductions.
Associated: Bank card methods for mortgage and residential mortgage candidates
Auto mortgage rate of interest low cost
You have to full an auto buy finance or refinancing mortgage by Financial institution of America to qualify for a fee low cost. This profit will not be transferable, so solely the Most popular Rewards member can make the most of this perk.
After all, you will must ensure that Financial institution of America presents essentially the most aggressive fee after the low cost. In any other case, it won’t be price pursuing. Even 1 / 4 of a p.c may save or value you hundreds of {dollars} over the lifetime of the mortgage.
Associated: What is an efficient credit score rating?
Dwelling 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 could possibly mix this perk with different house fairness rate of interest reductions. And even co-borrowers are eligible so long as at the very least one applicant is enrolled or eligible to enroll.
Associated: Bank card vs. line of credit score: What is the distinction?
No-fee banking companies
Most popular Rewards members additionally take pleasure in 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 may open a small protected deposit field at no cost at a Financial institution of America department.
Associated: The way to keep away from ATM charges
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 haven’t any cap. In the meantime, Diamond and Diamond Honors members have limitless no-fee transactions each within the U.S. and internationally.
Associated: 7 methods to avoid wasting on abroad ATM withdrawals
Merrill Guided Investing price low cost
Most popular Rewards members take pleasure in 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 sometimes costs a price of 0.45% of property underneath administration, and Merrill Guided Investing with an advisor sometimes costs a price of 0.85% of property underneath administration.
Whereas these charges might sound small, they add up over time. As such, these costs can turn into a compound drain in your investments as they improve. So, it might be finest to search for a monetary advisor that costs a hard and fast price as an alternative of a share of your property.
Associated: One of the best apps for cash administration
Overseas foreign money change fee low cost
All Most popular Rewards members will get some type of low cost for international foreign money orders by on-line banking or the cellular banking app.
Relying in your standing tier, you will obtain a reduction between 1% and a pair of%.
Associated: Every little thing you want to find out about international transaction charges
Entry to unique way of life advantages
Prime-tier Diamond and Diamond Honors members will take pleasure in personalized and distinctive way of life experiences, equivalent to journey, wellness, occasions, food and drinks or different private companies. You may preview a few of these curated presents right here.
Associated: One of the best bank cards out there now
The way to 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 will need to qualify for at the very least Platinum Honors and be eligible for the 75% bonus in your bank card rewards.
After all, it is not an incredible concept to make massive funding and banking choices primarily based solely on bank card bonuses. Nonetheless, it might be worthwhile if you happen to already plan to put money into Merrill and have an current banking relationship with Financial institution of America. When you do, listed here are a number of the financial institution’s rewards playing cards to contemplate 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 superb rewards bank card in its personal proper. But it surely 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 presents a modest collection of advantages. For instance, cardholders get an up-to-$100 annual airline incidental price assertion credit score, a International Entry or TSA PreCheck software price credit score each 4 years (as much as $100) and a few first rate 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 contemplate 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 little thing 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 power to get at the very least 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 finest bank cards for on a regular basis spending.
Associated: Financial institution of America Premium Rewards bank card full evaluate
Financial institution of America Journey Rewards bank card
If you wish to keep away from paying bank card annual charges, you may 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 little 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 implausible 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 evaluate
Financial institution of America Limitless Money Rewards bank card
The Financial institution of America Limitless Money Rewards bank card is nice for people who do not need to hold monitor of a number of bonus classes however who nonetheless need to earn at a powerful fastened 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 presents for nonbonus on a regular basis purchases.
Associated: One of the best Financial institution of America playing cards
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 selection every calendar month:
- Eating
- Drugstores and pharmacies
- Gasoline and electrical automobile charging stations
- Dwelling enchancment and furnishings
- On-line purchasing (together with cable, streaming, web and telephone companies)
- Journey
It additionally earns 2% again at grocery shops and wholesale golf equipment and 1% again on every little thing else. Simply observe that you could solely earn 3% and a pair of% on as much as $2,500 in mixed purchases every quarter (then 1%).
So, if you happen to’re at the very least a Platinum Honors member, you will 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 evaluate
The way to 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 will discover a “money” choice inside your on-line account. This lets you request a press release 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. Observe that you could additionally redeem right into a 529 Faculty Financial savings Plan.
Moreover, the Journey Rewards card earns a barely totally different rewards foreign money. You may 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 will normally get a paltry worth of 0.6 cents per level. You will solely obtain a price of 1 cent per level when offsetting a travel-related transaction in your card.
Associated: The way to 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 until you qualify for at the very least Platinum Honors to maximise the 75% bonus on bank card earnings.
That stated, this system’s perks imply that if you happen to already do enterprise with Financial institution of America or Merrill, it’s best to contemplate consolidating your banking and investing to spice up your rewards and advantages.
It’d even be price switching to Financial institution of America if doing so will not value you something further. 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 vital reductions on different banking companies like mortgage and auto loans.
Associated: The last word information to bank card software restrictions