Bank of America Preferred Rewards: Maximize Your Cashback
00:00:00.000 | Next on the list is Bank of America.
00:00:02.040 | Bank of America's lineup is pretty interesting
00:00:04.700 | and it was incredibly interesting before the launch
00:00:07.480 | of the US Bank Smartly card and the Robinhood card.
00:00:09.760 | And I'll say for a couple reasons,
00:00:11.180 | it's maybe still interesting.
00:00:12.600 | And if you look at any Bank of America card on face value,
00:00:15.520 | it's probably not gonna be that exciting.
00:00:17.060 | And it becomes exciting with their preferred rewards program.
00:00:20.360 | They have a gold tier, a platinum tier,
00:00:22.300 | a platinum honors tier, and a diamond tier.
00:00:24.640 | And the reason that gets interesting
00:00:26.160 | is because whatever you earn on your credit card
00:00:27.940 | gets multiplied based on the tier you have.
00:00:30.680 | And so if you have $20,000 of combined balance
00:00:33.600 | across your accounts at Bank of America,
00:00:35.660 | which includes any accounts you have at Merrill,
00:00:39.280 | their partner brokerage firm,
00:00:40.880 | you get a increase of 25% of the points.
00:00:44.320 | If you have over $50,000,
00:00:46.120 | then you qualify for the platinum tier
00:00:48.280 | and you get a 50% boost.
00:00:49.720 | And then at platinum honors, you get a 75% boost.
00:00:52.720 | And then at the diamond tier,
00:00:53.800 | you actually get no extra benefits on your credit card.
00:00:56.480 | So I don't know why that tier
00:00:58.940 | would be interesting to anyone.
00:01:00.300 | I've never heard of anyone in the points world talk about it.