Loyalty programs typically reward you for a single type of activity. Airline programs reward flights. Hotel programs reward stays. Credit card rewards programs reward spending.
Bank of America BofA Rewards™ Program rewards you for your entire financial relationship with the bank, whether you’re making everyday purchases, saving for a big goal, or financing important milestones in your life.
Even better: the program is now more accessible than ever. Anyone with a Bank of America personal checking account can join, with no minimum balance or sign-up fee required. Your level is determined by a combined three-month average of daily balances in qualified Bank of America and Merrill accounts.
Depending on your tier and how you use the program, you can receive between $150 and $4,000 in annual value as a BofA Rewards member, thanks to benefits like credit card rewards bonuses, cash back offers, loan discounts, and enhanced identity monitoring.
Here are five ways the program can help you get more value from the financial decisions you’re already making.
Make a major purchase with a credit card
Large purchases can be a great opportunity to earn additional rewards.
As a BofA Rewards member, you can earn an additional 10% to 75% credit card rewards bonus on eligible credit card purchases, depending on your member level.
Imagine you’re purchasing a new refrigerator online for $2,000 with your Bank of America® Customized Cash Rewards credit card and you qualify for the BofA Rewards Preferred Honors tier.
If you’ve selected “online shopping” as your preferred 3% cash back category, the card will typically give you $60 cash back on the purchase. But your Preferred Honors tier adds a 50% credit card rewards bonus, bringing your total cash back to $90 for that single purchase. This combination turns your 3% category into a 4.5% effective refund rate – a powerful return on a purchase you were already making.
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That means the rewards you earn for your purchase could increase significantly simply by being enrolled in the program.
If you regularly make larger purchases with your credit card, whether it’s appliances, electronics, or travel, those extra rewards bonuses can add up over time.
Online and in-store shopping
Many people already use shopping portals or loyalty programs to stretch their expenses a little further.
As a BofA Rewards member, you’ll have another way to do this through cash back offers and other discounts available at more than 15,000 popular national and local brands.
These offers allow you to save money when shopping at participating merchants. Plus, if you pay with a Bank of America credit card, you can still earn your card’s daily rewards.
For regular purchases like clothing, food, travel, and household items, combining these offers with credit card rewards can make everyday spending more rewarding.
buying a car
Buying a car is one of the most important purchases many people make. Even a small reduction in a loan rate can make a noticeable difference over time.
As a BofA Rewards member, you’ll receive an interest rate discount on Bank of America auto loans ranging from 0.10% to 0.50%, depending on your tier.
To see how that might add up, imagine financing a $40,000 vehicle with a five-year loan. For example, if your Premier member level qualifies you for the maximum 0.50% interest rate discount, that could reduce your loan rate from 6% to 5.5%.
On a loan of that size and duration, that half-percentage point reduction would save more than $550 in interest over the life of the loan.
For members already planning to finance a vehicle through Bank of America, that discount can help reduce the overall cost of the purchase while rewarding their broader banking relationship.
Buy or renovate a house
Home ownership often involves important financial decisions, from purchasing the property to renovating and maintaining it over time.
As a BofA Rewards member, you can receive discounts on mortgage origination fees, saving between $100 and $600 as a member through Preferred Honors tiers and up to a 0.375% interest rate reduction on a home loan at the Premier tier.
Those savings can help offset some of the upfront costs associated with buying a home.
Eligible customers can also find value by taking advantage of a home equity line of credit for renovations or other projects. As with the mortgage benefit, these savings are designed to reward customers who deepen their relationship with the bank over time. This benefit becomes particularly valuable for larger projects.
Fraud monitoring
The financial benefits are important, but the peace of mind can be just as valuable.
Unlike fraud alerts tied to a single credit card, BofA Rewards members receive access to newly enhanced identity and fraud monitoring, including features like dark web monitoring, Social Security number monitoring, and full-service identity restoration.
Identity theft can be expensive and stressful to resolve. Tools like these can help members detect suspicious activity early and respond quickly if an issue arises.
For many clients, including these tracking tools as part of a broader rewards program adds another layer of holistic value.
Think of it as the foundation that goes into consolidating your finances. While reward bonds help you build value, these built-in tools are there to help you protect them.
In a nutshell
The BofA Rewards program is designed to reward customers for their entire relationship with Bank of America, not just a single financial product.
Members can earn extra rewards on credit cards, access cash back offers with thousands of brands, receive discounts on loans, and take advantage of identity monitoring tools. As your financial relationship with the bank grows, you’ll unlock additional benefits such as streaming subscription credits and exclusive access to entertainment.
But perhaps the most interesting aspect of the program is its accessibility. Anyone with a Bank of America personal checking account can join the program at no cost, making it easy for more customers to start benefiting immediately.
If you would like more information about how the program works and what benefits you may qualify for, visit the BofA Rewards Website.
Banking services provided by Bank of America, NA, Member FDIC. For full terms and conditions, please visit bofa.com/bofarewards.
BofA Rewards™ Eligibility. Customers can enroll and maintain their membership in BofA Rewards™ if they have an open and qualified Bank of America® checking account. BofA Rewards tiers are based on each customer’s combined average balance in qualifying deposit and investment accounts. The minimum balance for each level is: Member, no minimum balance; Preferred Plus, $30,000; Preferred honors, $100,000; and Premier, $1,000,000. When you enroll, you will be placed in the appropriate tier for your combined average balance and then moved to the highest tier for which you are eligible based on one of the following:
- For 30 calendar days after your first enrollment, the combined balance collected at the end of the day from your qualified accounts (“Daily Balance”), as long as your Daily Balance remains above the required amount for a minimum of three business days; either
- The combined average balance of your qualified accounts is then calculated on the third business day of each month.
Eligible customers will be upgraded within 3 business days. New tier benefits may take up to 30 days to take effect. For complete terms, including qualifying accounts and method of calculating average balances, see your Personal fee schedule.
To participate, you only need an eligible Bank of America checking account. Checking accounts may have a monthly maintenance fee if exemption requirements are not met.
BofA Rewards™ Credit Card Bonus. Select credit cards are eligible to receive a BofA Rewards™ bonus. Enrolled BofA Rewards members with eligible Bank of America® credit cards can receive a BofA Rewards bonus of 10% for Member level, 25% for Preferred Plus level, 50% for Preferred Honors level or 75% for Premier level. If your card receives the 10% customer bonus, the BofA Rewards bonus will replace the 10% customer bonus. The BofA Rewards bonus for eligible cash rewards credit cards will be applied after all base and bonus cash rewards have been calculated on a purchase. For example, a $100 purchase that earns 3% ($3.00) will actually earn $3.30, $3.75, $4.50, or $5.25 depending on your tier when the purchase posts to your account. For all other eligible card types, a purchase that earns 100 base points will actually earn you 110, 125, 150, or 175 points, depending on your tier when the purchase posts to your account. The BofA Rewards bonus also does not apply to the bonus earned for certain programs and does not apply to any account opening bonus or non-standard rewards that are part of a special offer, unless we indicate otherwise. This information can be found in the Program Rules associated with those credit cards. Other terms and conditions apply. Please see your card Program Rules for details on how you will receive the BofA Rewards bonus. Program rules are mailed upon account opening and can be accessed through the rewards redemption site through online banking or by calling the number on the back of your card. See a full list of eligible cards.
