What are Bank of America status tiers?
Bank of America is a unicorn in the world of points & miles. Their credit cards offer the highest rate of return if you are looking for cashback. They don’t offer any transfer program or any sort of partnership with airlines. What they offer is straight-up cash. Cash is king!
Bank of America values your relationship more than anything and hence they want everyone to bank with them by keeping all their accounts with them. They do this by luring everyone with their rewards program. IF done properly, you can earn a 2.62% return on EVERY purchase with no limits. But first, we must understand the status tiers.
Bank of America calls its system: Preferred Rewards. There are 3 tiers within the program: Gold, Platinum, and Platinum Honors. You need to have a certain amount of money in all Bank of America accounts. So, what are the benefits at each tier?
Each tier offers various benefits, but what I am going to focus on is the “credit card rewards bonus.” Gold offers a 25% bonus, Platinum offers a 50% bonus, and Platinum Honors offers a 75% bonus. So you may ask how you can get to the Platinum Honors level. 100K may sound a lot of money, but when you add in the fact that it includes stock holdings, retirement plans, etc., it sounds a lot more feasible. Basically, any money you hold with Bank of America counts towards your balance. Bank of America calculates the average on a 3-month rolling average.
The benefits become sweet at 75% bonus levels. One example is the Bank of America Premium Rewards Credit Card. This card offers 1.5 points per dollar spent. This DOESN’T include the 75% bonus. After factoring that in, you are earning 2.625 points per dollar, or a 2.625% return. Bank of America allows you to use the points as a statement credit against your credit card statement or deposit it into your checking/savings account.
If points are not your cup of tea, this is the best credit card for everyday spend. The high rewards rate has caused Bank of America to earn my business.