09 Mar
Maximize Savings with Bank of America Canada Cashback
March 09, 2024
Looking for a smart way to maximize your savings and earn cashback rewards in Canada? Look no further than Bank of America Canada. With their range of credit cards, savings accounts, and banking services, you can enjoy the benefits of online banking, low interest rates, and exciting cashback offers.
Bank of America Canada offers a cash-back rewards program called BankAmeriDeals for eligible credit cardholders. By making qualified purchases with participating merchants, you can earn cash back in addition to the points, miles, or cash back you already earn on your card. BankAmeriDeals is available for most Bank of America debit and credit accounts, ensuring that you can start maximizing your savings right away.
Not only does Bank of America Canada provide cash-back rewards, but they also offer the Preferred Rewards program. By increasing your banking relationship with Bank of America and Merrill, you can qualify for enhanced benefits. Earn increased interest rates on deposit accounts, credit card rewards multipliers, and reduced fees on various banking services. The specific benefits depend on the customer’s Preferred Rewards tier, which is determined by the combined balance in eligible accounts.
Ready to take advantage of Bank of America Canada’s cashback offers and Preferred Rewards program? Read on to learn more about how you can maximize your savings and earnings.
Key Takeaways:
- Earn cashback rewards with Bank of America Canada through their cash-back rewards program called BankAmeriDeals.
- BankAmeriDeals is available for most Bank of America debit and credit accounts.
- Qualify for enhanced benefits with Bank of America Preferred Rewards by increasing your banking relationship with Bank of America and Merrill.
- Preferred Rewards offer increased interest rates on deposit accounts, credit card rewards multipliers, and reduced fees on various banking services.
- Bank of America Canada provides you with a smart way to save and enhance your financial game.
BankAmeriDeals: Bank of America’s Cash-back Rewards Program
BankAmeriDeals is Bank of America’s cash-back rewards program. It offers eligible cardholders targeted cash-back offers for making qualified purchases with participating merchants. Cardholders are automatically enrolled in BankAmeriDeals when they register an eligible card online or through mobile banking. The program does not have any fees, and cardholders can start receiving offers within 30 days of enrollment. Most Bank of America debit and credit accounts, as well as Merrill Lynch credit cards, are eligible for BankAmeriDeals.
Qualifying for Bank of America Preferred Rewards
To take advantage of Bank of America Preferred Rewards, you need to meet certain qualifying requirements. This program is designed to reward customers who deepen their banking relationship with Bank of America and Merrill. By meeting these requirements, you can unlock a range of benefits and maximize your savings.
The first step to qualifying for Bank of America Preferred Rewards is to have an eligible Bank of America checking account. This account serves as the foundation for your Preferred Rewards membership. To be eligible, your checking account needs to meet the following criteria:
- Must be a Bank of America checking account
- Must have a three-month combined average daily balance of $20,000 or more
The combined balance can be calculated based on your Bank of America deposit accounts and/or Merrill investment accounts. It’s important to note that this three-month combined average daily balance can be met in one of two ways:
- By maintaining a three-month combined average daily balance of $20,000 or more
- By having a current combined balance of $20,000 or more within the first 30 days of opening an eligible checking account
Meeting these qualifying requirements will grant you access to the Bank of America Preferred Rewards program, where you can enjoy a range of benefits and rewards tailored to your membership tier.
Membership Tiers
Bank of America Preferred Rewards has different membership tiers based on your combined balance. The membership tiers are as follows:
| Tier | Combined Balance Range |
|---|---|
| Gold | $20,000 – $49,999 |
| Platinum | $50,000 – $99,999 |
| Platinum Honors | $100,000 – $499,999 |
| Diamond | $500,000 – $999,999 |
| Diamond Honors | $1,000,000+ |
The benefits and rewards associated with Bank of America Preferred Rewards increase as you move up the membership tiers. With each tier, you can unlock higher interest rates on deposit accounts, credit card rewards multipliers, and reduced fees on various Bank of America and Merrill services.
By qualifying for Bank of America Preferred Rewards, you can enhance your banking experience and make the most of your financial relationship with Bank of America Canada.
Benefits of Bank of America Preferred Rewards
Bank of America Preferred Rewards offers a wide range of benefits to qualified customers, allowing them to maximize their financial gains and save on various services. The program rewards customers with increased interest rates on their deposit accounts, credit card rewards multipliers, and reduced fees on different Bank of America and Merrill services.
The specific benefits and discounts available to customers depend on their Preferred Rewards tier, which is determined by the combined balance held across their eligible accounts. Let’s take a closer look at some of the key benefits offered:
Earn Higher Rewards on Eligible Bank of America Credit Cards
Preferred Rewards members enjoy higher rewards earnings on their eligible Bank of America credit cards. This means that for every qualified purchase made with their card, they can earn more cash back, points, or miles depending on their Preferred Rewards tier.
Reduced Fees on Mortgages, Savings Accounts, and More
Qualified customers also benefit from reduced fees on various Bank of America and Merrill services. This includes mortgages, savings accounts, home equity lines of credit, and more. By being a Preferred Rewards member, customers can enjoy savings on important financial products and services, making their banking experience more cost-effective.
| Preferred Rewards Tier | Increased Credit Card Rewards Multiplier | Reduced Fees on Bank of America and Merrill Services |
|---|---|---|
| Gold Tier | x1.25 | – |
| Platinum Tier | x1.5 | Reduced fees on mortgages and savings accounts. |
| Platinum Honors Tier | x1.75 | Reduced fees on mortgages, savings accounts, home equity lines of credit, and more. |
| Diamond Tier | x2.5 | Reduced fees on mortgages, savings accounts, home equity lines of credit, investment advisory fees, and more. |
| Diamond Honors Tier | x3.5 | Reduced fees on mortgages, savings accounts, home equity lines of credit, investment advisory fees, and more. |
Note: The benefits and rewards increase with each Preferred Rewards tier, providing customers with greater advantages and cost savings.
Bank of America Preferred Rewards is designed to enhance the overall banking experience for qualified customers, ensuring that they receive additional value from their accounts. By taking advantage of increased credit card rewards multipliers and reduced fees, customers can make the most of their financial resources.
Bank of America Preferred Rewards Tiers
Bank of America Preferred Rewards offers customers the opportunity to earn cashback and enjoy various benefits based on their account balances. The program has five tiers: Gold, Platinum, Platinum Honors, Diamond, and Diamond Honors. The tiers are determined by the three-month combined average daily balance held in qualifying Bank of America deposit and/or Merrill investment accounts. As customers’ balances increase, they can qualify for higher tiers, unlocking additional benefits and rewards.
Gold Tier
At the Gold tier, customers need to maintain a three-month combined average daily balance of $20,000 to $49,999. This is the base tier and provides customers with access to exclusive benefits and rewards.
Platinum Tier
The Platinum tier requires a three-month combined average daily balance of $50,000 to $99,999. Customers at this tier enjoy enhanced benefits and rewards, offering even greater opportunities to save and earn.
Platinum Honors Tier
The Platinum Honors tier is achieved with a three-month combined average daily balance of $100,000 to $249,999. Customers in this tier enjoy an elevated level of benefits and rewards, maximizing their savings potential.
Diamond Tier
Customers in the Diamond tier have a three-month combined average daily balance of $250,000 to $999,999. This tier offers enhanced benefits and rewards, providing customers with significant advantages in their financial journey.
Diamond Honors Tier
The highest tier in Bank of America Preferred Rewards is the Diamond Honors tier, which requires a three-month combined average daily balance of $1,000,000 or more. Customers in this tier enjoy the most exclusive benefits and rewards, allowing them to truly maximize their savings and earnings.
As customers progress through the tiers, the benefits and rewards increase, providing more opportunities to optimize their financial strategy. Whether you’re aiming to save for the short-term or long-term, Bank of America Preferred Rewards offers a tiered system that caters to your financial goals and rewards your loyalty.
Bank of America Preferred Rewards Credit Card Bonuses
Bank of America Preferred Rewards members with eligible Bank of America credit cards have the opportunity to earn tier-based rewards bonuses. These bonuses are designed to enhance the cashback rewards earned by cardholders and provide even more value for their loyalty and banking relationship with Bank of America. Let’s take a closer look at the tier-based rewards bonuses available:
Gold Tier Bonus
Gold Tier Bonus: 25% Cashback Boost
At the Gold tier, Bank of America Preferred Rewards members receive a 25% bonus on their cashback rewards. This means that for every qualified purchase made with their eligible credit card, cardholders receive an additional 25% cashback on top of their regular earnings. It’s a great way to maximize savings and earn more with every swipe.
Platinum Tier Bonus
Platinum Tier Bonus: 50% Cashback Boost
Cardholders who have reached the Platinum tier in Bank of America Preferred Rewards enjoy a 50% bonus on their cashback rewards. This generous boost adds significant value to their everyday purchases, helping them accumulate cashback rewards at an even faster rate. It’s a rewarding benefit for those who have established a solid banking relationship with Bank of America.
Platinum Honors, Diamond, and Diamond Honors Tier Bonuses
Platinum Honors, Diamond, and Diamond Honors Tier Bonuses: 75% Cashback Boost
For Bank of America Preferred Rewards members who have reached the highest tiers – Platinum Honors, Diamond, and Diamond Honors – there’s an impressive 75% bonus on their cashback rewards. With this substantial boost, cardholders can enjoy unparalleled earnings potential on their eligible credit card purchases. It’s a fantastic way to make the most of their banking relationship and maximize the value of every transaction.
It’s important to note that these tier-based rewards bonuses are applied to each purchase made with the eligible credit card. The bonuses are not applied to redeemed cash rewards or points, but rather, they enhance the cashback rewards earned on eligible transactions. The specific bonus calculations depend on the customer’s tier and the type of eligible credit card they hold. The higher the tier, the greater the bonus, and the more rewarding the cardholder’s experience becomes.
Conclusion
Bank of America Canada offers customers the opportunity to maximize their savings and earnings through cash-back rewards and the Preferred Rewards program. By enrolling in BankAmeriDeals and qualifying for Preferred Rewards, customers can earn cash back on eligible purchases and enjoy various benefits and bonuses. Whether it’s through cash-back offers or credit card rewards, Bank of America Canada provides customers with a smart way to save and enhance their financial game.
BankAmeriDeals allows eligible cardholders to earn cash back on qualified purchases with participating merchants. This program is available for most Bank of America debit and credit accounts, excluding certain co-branded and specialty cards. Customers can start receiving offers within 30 days of enrollment, and there are no fees to join the program.
Qualifying for Bank of America Preferred Rewards opens up even more opportunities for customers to maximize their savings. By maintaining a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit and/or Merrill investment accounts, customers can enjoy increased interest rates on deposit accounts, credit card rewards multipliers, and reduced fees on various Bank of America and Merrill services.
With Bank of America Canada, customers have a comprehensive banking solution that not only provides financial services but also rewards and benefits. By taking advantage of cash-back rewards and the Preferred Rewards program, customers can build their savings and make the most of their banking relationship. Start maximizing your savings today with Bank of America Canada!
FAQ
What is BankAmeriDeals?
BankAmeriDeals is Bank of America’s cash-back rewards program. It offers eligible cardholders targeted cash-back offers for making qualified purchases with participating merchants.
How do I enroll in BankAmeriDeals?
Cardholders are automatically enrolled in BankAmeriDeals when they register an eligible card online or through mobile banking.
Are there any fees to participate in BankAmeriDeals?
No, BankAmeriDeals does not have any fees.
When can I start receiving offers from BankAmeriDeals?
Cardholders can start receiving offers within 30 days of enrollment.
Who is eligible for BankAmeriDeals?
BankAmeriDeals is available for most Bank of America debit and credit accounts, excluding certain co-branded and specialty cards.
What is Bank of America Preferred Rewards?
Bank of America Preferred Rewards is a program that rewards customers for increasing their banking relationship with Bank of America and Merrill.
How do I qualify for Bank of America Preferred Rewards?
To qualify for Preferred Rewards, customers need to have an eligible Bank of America checking account with a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit and/or Merrill investment accounts.
What are the benefits of Bank of America Preferred Rewards?
Benefits of Bank of America Preferred Rewards include increased interest rates on deposit accounts, credit card rewards multipliers, and reduced fees on various Bank of America and Merrill services.
What are the tiers of Bank of America Preferred Rewards?
Bank of America Preferred Rewards has five tiers: Gold, Platinum, Platinum Honors, Diamond, and Diamond Honors.
How do I earn tier-based rewards bonuses with Bank of America Preferred Rewards?
Bank of America Preferred Rewards members with eligible Bank of America credit cards can earn tier-based rewards bonuses. The bonuses range from 25% for the Gold tier to 75% for the Platinum Honors, Diamond, and Diamond Honors tiers.
Are the tier-based rewards bonuses applied to redeemed cash rewards or points?
No, the tier-based rewards bonuses are not applied to redeemed cash rewards or points. They are only applied to each purchase made with the eligible credit card.
Source Links
- https://www.privatebank.bankofamerica.com/solutions/credit-cards.html
- https://www.forbes.com/advisor/credit-cards/bank-of-america-preferred-rewards-program-review/
- https://www.forbes.com/advisor/credit-cards/bankamerideals/
