Bank Of America Credit Card Abroad – Richard Kerr is a veteran and founder of the Travel Rewards 101 Facebook community. He is one of the top experts on the points and miles strategy and has been featured in Forbes, US News, Money Magazine, Kiplinger Personal Finance and featured at #SXSW 2017. Richard has visited over 45 countries, lived in England and Japan and enjoys Take your time reviewing loyalty program rewards charts to maximize the value of your points and miles. Richard has a Bachelor of Business Administration in International Business and his wife and two young children take the tug boats on trips as often as possible.
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Bank Of America Credit Card Abroad
It’s great to redeem points and miles for travel programs like accommodation and flights. But there can be many other expenses when planning a trip, such as car rental, train tickets, gas, and camping fees, among others. Fortunately, using cash rewards combined with points and miles can save you some money on your next vacation.
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With that in mind, we’re taking a look at the Bank of America Preferred Rewards program that’s often overlooked. In addition to the convenient banking benefits that members can expect, consolidating your finances with Bank of America can also increase your earnings on some of the Bank of America credit cards.
That’s because Bank of America created its Preferred Rewards program to encourage customers to transfer checks, cash, cash, and retirement savings to Bank of America and Merrill.
The higher your balance for all things with the bank, the more bonuses you can get, including with its credit cards. Depending on your holdings and the type of rewards you want to receive, it may be time to stop ignoring Bank of America Preferred Rewards.
There are currently five categories of Preferred Rewards that you are eligible for based on your average daily rating. They are listed as follows:
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Although these are not huge numbers, they are still high numbers. However, you may have more opportunities to do so than you think.
If you have an emergency fund, vacation account, savings account, and checking account, combining all of these bonuses can easily qualify you for the first tier of Preferred Rewards. Once you add investment accounts like IRAs, you can even see if Platinum or Platinum Honors levels are available.
You don’t have to start with Merrill or Bank of America to read the ratings. In particular, you can roll over your existing Merrill or Bank of America IRAs and investment accounts and immediately use those balances to start building a three-month average to increase your level. Of course, you need to consider other factors such as account management fees and available investment options to decide if this is a good option.
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You can move up from one level to the next in any month after your daily average for the previous three months has reached the threshold of the next level. However, once you get to that point, you may not need to keep all your money in your Bank of America basket. Instead, you will keep your Preferred Rewards status for 12 months. If you no longer meet the eligibility requirements after 12 months, you have a grace period of three months to do so. If you still do not meet the criteria after three months of grace, you may be reduced or lose your preferred benefits altogether.
This means that if you reach an average daily balance of $100,000 within three months, Bank of America will upgrade you to Platinum Honors. Now, even if your daily balance drops below $100,000, you’ll keep Platinum Honors for 15 months before going down.
Bank of America launched Diamond and Diamond Honors levels in late 2021. Here is a table of the five levels of Required Rewards and the benefits associated with each level:
You must have a Bank of America Advantage Savings account and be an enrolled member of the Preferred Rewards program to enjoy this benefit. If you have a savings account, it will not automatically convert to a Bank of America Advantage savings account when you enroll in Preferred Rewards. So, don’t forget to request a change when you join Preferred Rewards.
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Gold has a 5% interest charge, but don’t worry too much. For example, if your interest rate is 1.00%, an increase of 5% increases your interest rate to 1.05%. Here is the current annual interest rate on a Bank of America Advantage Savings Account for a sample Florida resident to give you some perspective:
You can check how this increase will affect the annual interest rate on a Bank of America Advantage Savings Account in your area here.
Preferred Rewards members receive a 25%, 50% or 75% bonus when choosing Bank of America cards. For credit cards that earn points or cash rewards, you’ll get a bonus on every purchase. Your reward level is based on your Preferred Rewards level when purchases are posted to your account. Below, we will learn how this happens with real cards.
You can earn bonus Preferred Rewards on many Bank of America credit cards, including Bank of America® Premium Rewards® Credit Card, Bank of America® Travel Rewards Credit Card, Bank of America® Unlimited Cash Rewards Credit Card. and the Bank of America® Designed for Cash Rewards Credit Card, among others.
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Information about Bank Americard Better Balance Rewards, Bank of America Private Bank Octave, AAA Gas Rebate, Air France KLM World Elite Mastercard, Allegiant World Mastercard, Amtrak Guest Rewards, Free Spirit Travel More World Elite Mastercard and Free Spirit Travel Mastercard and Virgin Card The The Atlantic World Elite Mastercard was developed independently by The Points Guy. The card information on this page has not been reviewed or provided by the card issuer.
Any time you can lower your down payment when buying a home or renovating, you should. Preferred Rewards members are eligible to receive this special discount beginning three business days after the end of the calendar month in which you meet the Required Rewards level eligibility requirements.
The reduction of the initial payment cannot exceed the amount of the borrower’s income. Preferred Rewards discount rates are not subject to change. And you can’t combine the fee reduction with other discounts.
You must take out a car loan or refinance loan through Bank of America to qualify for this tax. This benefit is non-transferable, so only Preferred Rewards members can take advantage of this benefit.
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Of course, you will need to make sure that Bank of America is offering the most competitive rate after the discount, otherwise it may not be worth it. Even a small difference of one percent can save or cost you thousands of dollars over the life of the loan.
You can receive a reward on the line of your home loan balance three business days after the end of the calendar month in which you qualify for the Special Rewards tier. This benefit is not transferable, but you can combine this benefit with other mortgage interest reductions. And even joint borrowers have rights.
Your discount will be based on the level of Preferred Rewards you have at the time of use and is not subject to change. So if you’re gold when you apply but later upgrade to platinum, unfortunately you’ll no longer benefit from the discount.
Additionally, Platinum, Platinum Honors, Diamond and Diamond Honors members are exempt from international wire transfers and can open a mini safe at a Bank of America branch for free.
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Platinum members receive one free transaction per statement cycle (up to 12 per year), and Platinum Honors members have no limit.
Preferred Rewards members enjoy discounts when using Merrill Guided Investing services. You can start with as little as $1,000 in Merrill Managed Investing or $20,000 in Merrill Managed Investing with Advisor.
Merrill Guided Investing typically charges 0.45% of assets under the manager, and Merrill Guided Investing with an Adviser typically charges a fee of 0.85% of assets under the manager. Although these costs may seem small, they add up over time. Actually, these costs can turn into a loss of your investment as they increase. Therefore, it may be better to find a financial advisor who charges a fixed amount rather than a percentage of your assets.
Bank of America Diamond and Diamond Honors members can order foreign currency through online banking or the mobile banking app and receive a 2% discount on the exchange rate. You’ll also get free standard shipping.
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Diamond and Diamond Honors members at the highest level enjoy exclusive lifestyle options, whether travel, wellness,
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