Bank of America-related content was last updated on March 10, 2022.
Bank of America credit cards offer a host of premium rewards that appeal to all types of consumers, including travel benefits and protection. Also notable is that most Bank of America cards have no annual fees, so you can enjoy the benefits without having to worry about offsetting additional annual costs.
Loyal cardholders can also potentially take advantage of Bank of America’s Preferred Rewards program, which makes their cards even more valuable through additional rewards, customer service, and more.
What benefits are available to Bank of America cardholders?
Bank of America continues to be the best choice for consumers looking for a combination of bonuses, unique offers and value-added services. If you have a Bank of America credit card in your wallet, here are some benefits you can start enjoying today.
Travel Protection
If you’re planning to travel, you’ll probably want to use your Bank of America Rewards card to take advantage of the travel protection benefits that save you the cost and hassle of booking additional travel insurance.
Protections vary depending on your particular Bank of America card, but benefits may include trip cancellation or interruption insurance, trip delay insurance, luggage insurance, and car rental protection. You can find specific terms of your protection in the Bank of America Benefits Guide. That Bank of America® Premium Rewards® Credit Cardin particular, offers the most extensive benefits.
Bank of America premium cardholders will be reimbursed for delays, interrupted or canceled trips. For example, if you pay for a trip with an eligible card, you will receive up to $500 per ticket if the covered trip is delayed by more than 12 hours.
In addition, if you book flights with a Bank of America Premium Rewards card, you are eligible for baggage coverage. This benefit offers $100 per day for up to five days, which will help cover extra clothing or toiletries needed until you collect your luggage. In addition, if emergency transportation is required, the related services are covered for both you and your next of kin.
Rental car protection and roadside assistance
Bank of America Rewards Card and Bank of America® Travel Rewards Credit Card both come with car rental protection. When renting a car, you may opt out of certain protections offered by the car rental company because your qualifying Bank of America credit card offers a rental car collision damage exemption. This privilege provides compensation for damage caused by the theft or collision of your rental car, which will save you more money in the long run.
Buy protection bonuses
Bank of America retail customer protection benefits also vary by card. Again, the best choice among all the options in the Bank of America card portfolio is the Bank of America Premium Rewards card.
This card offers a noteworthy shopping security benefit. You will be refunded the cost of the eligible item if you are not satisfied with it within 90 days of purchase and the seller or seller will not accept your return. This coverage is limited to $250 per item and $1,000 per year.
Preferred Reward Program
Take advantage of the Bank of America Preferred Rewards program to take your rewards to the next level. To qualify for this invitation-only program, consumers must have an eligible checking account with Bank of America with a minimum three-month cumulative average daily balance of $20,000 or more across all accounts. Through the program, you can earn bonus credit card rewards based on your combined qualifying balances in Bank of America bank accounts and Merrill investment accounts.
There are now five levels in the Preferred Rewards program:
- Gold – $20,000 to $49,999
- Platinum – $50,000 to $99,999.
- Platinum Awards – $100,000.
- Diamond – $1 million – $9,999,999.
- Diamond awards – more than 10 million dollars.
These thresholds are quite lucrative: Gold members receive a 25% bonus on rewards, and the bonus rate increases to 50% for the Platinum tier and 75% for the Platinum Honors tier. Diamond and Diamond Honors members also receive a 75% bonus on rewards.
In short, cardholders have the opportunity to earn 25-75% more rewards on every purchase.
Currently accepted credit cards are Bank of America Premium Rewards, Bank of America® Customized Cash Rewards Credit Card, Bank of America® Premium Rewards® Credit Card and a Bank of America Travel Rewards credit card. (Please note that business credit cards, Bank of America co-branded credit cards, and no-reward credit cards are not included in Preferred Rewards.)
Bank of America Museums on Us Program
Offering free admission to more than 225 participating museums and cultural attractions across the US during the first full weekend of every month, the Bank of America Museums on Us program offers cardholders huge benefits. Venues include museums, botanical gardens, aquariums, zoos and science centers in dozens of cities across the country.
Bank of America’s 2022 membership list includes the Metropolitan Museum of Art in New York, the San Diego Museum of Art, and the Reginald F. Lewis Museum of Maryland African American History and Culture in Baltimore, among others.
Cardholders simply need to present their credit card and a valid photo ID to receive one free general admission to any participating establishment. Entrance is limited to the cardholder only, guests are not allowed.
Get the Most Out of Your Bank of America Card
The first step to taking full advantage of your Bank of America Reward Card is to download the Bank of America app, which will describe your benefits in a dashboard. Travel and retail protection benchmarks are easily accessible on your membership page (where you can also track your rewards). It is important to understand that benefits vary from card to card and some benefits, such as access to the Preferred Rewards program, have specific requirements and are asset tier dependent.
How Preferred Rewards can increase your earnings
As discussed above, you can increase your income and get the most out of your Bank of America Reward Card through Bank of America’s Preferred Rewards program.
For example, on average, Gold members shopping with a Bank of America Customized Cash Rewards card can increase their cash back by up to 2.04%, outperforming similar cards in the market. Depending on your status level in the Preferred Rewards program, the cash back received in a specific category of your choice using Customized Cash will increase from 3% to 3.75-5.25%, and 2% earned in grocery stores will jump up to 2.5%. % and 3.5%. (Note, of course, that the Customized Cash card limit is up to $2,500 on combined purchase categories of 3% and 2% each quarter, then 1%.)
bottom line
Regardless of which card you carry with you, your Bank of America card likely has valuable benefits, including perks such as travel protection, retail protection, and free entry to participating museums, zoos, and more.
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