The Bank of America Preferred Rewards program can get you bonus credit card rewards, waived fees, and more — here's how to qualify

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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.

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 and Virgin Atlantic World Elite Mastercard®), and secured or student versions of Bank of America rewards cards can't earn Preferred Rewards bonuses. 

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

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 Bank of America 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 (Bank of America'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 Bank of America® Premium Rewards® credit card 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.