Update 11/13/21: The new tiers are now live and are as rumored. You can see the new lifestyle experience rewards here.
Update 11/4/21: Some images have been uploaded to Flyertalk regarding the new tiers, unsure how reliable these are but they seem legitimate. Existing tiers are the same deposit requirement and same bonus for credit card rewards. Those in the Diamond & Diamond Honors tier will get access to the new Premium Rewards Elite Card.
Update 10/30/21: This has now been confirmed by a mailer being sent out as well. The mailer is pretty clear that there are some changes coming to existing Preferred Rewards tiers, as it states: “making changes to our program, including realigning our tiers and adding two new tiers…” We don’t know what this ‘realignment’ will look like. Hat tip to nnapper
Original Post 8/15/21:
Details are yet unknown, but Bank of America’s Preferred Rewards client relationship program is adding two new tiers to their program for those with $1,000,000 or more in assets (source). They are being transferred over from another Wealth Management program to be part of an upgraded tier in the Preferred Rewards program.
We have no information on any of the existing Preferred Rewards tiers changing, and hopefully those with $100,000 in assets will continue to enjoy their 75% credit card rewards boost, as prior.
As of November 12, 2021, or such later date as we may provide you notice of, the Preferred Rewards for Wealth Management program will be discontinued. If you are enrolled in the program on that day, your enrollment will be automatically transferred to the new Bank of America Preferred Rewards program. The new program will be expanded by adding two new tiers for clients with a qualifying balance of $1,000,000 or more. If your three month combined average daily balance is below $1,000,000 on the third business day of the month in which Preferred Rewards for Wealth Management discontinues, you will transition to the Preferred Rewards Platinum Honors tier.
Hat tip to reader Andrew
Not sure if related but this is in the terms now:
Important Information: As of May 19, 2025, or a later date we may provide you notice of, the Preferred Rewards Diamond and Diamond Honors tiers will be consolidated into a single tier called the Diamond Honors tier. The balance requirement for the new Diamond Honors tier after that date will be a three-month combined average balance of $1,000,000. Bank of America Private Bank clients with a Bank of America eligible personal checking account will qualify for the new Diamond Honors tier. If you are enrolled in the Diamond or Diamond Honors tier on that date, your membership in Preferred Rewards will be auto∂matically set at the new Diamond Honors tier. No action is required of you. Your benefits will generally remain unchanged or in some cases enhanced, however for home equity line of credit (HELOC) applications received after the consolidation date the rate discount will be the rate discount of the current Diamond tier.
New benefits as of Feb. 18 for Diamond and Diamond Honors tier:
– Free outgoing domestic/international wires (2 for Diamond; unlimited for Diamond Honors)
– Waiver of wire foreign exchange fees (2 for Diamond; unlimited for Diamond Honors)
BoA still being the stingiest bank I see
Anyone try doing a wire transfer? Seems like online still shows the fee so not sure if you have to call to waive or if it will adjust automatically.
benefits are here: https://www.privatebank.bankofamerica.com/preferred-rewards.html
Does any Preferred Rewards tier waive the ridiculous BoA-initiated ACH fees or bypass their limits? $3 per $1000 in ACH is ridiculous, even if it can be avoided by doing ACH pull from another institution. I don’t know how they still charge this fee in 2021, especially when none of their competitors do.
It looks like the Foreign Transaction Fee charges are waived for foreign DEBIT card purchases and ATM withdrawals:
“For Preferred Rewards Diamond and Diamond Honors clients, the Foreign Transaction Fee is waived when you use your debit card to purchase goods or services in a foreign currency or in U.S. dollars with a foreign merchant (a “Foreign Transaction”). Foreign Transactions include internet transactions made in the U.S. but with a merchant who processes the transaction in a foreign country. Fee also waived if you use your card to obtain foreign currency from an ATM. VISA or MasterCard converts the transaction into a U.S. dollar amount, and the Foreign Transaction fee is applied to that converted U.S. dollar amount.”
Too bad it doesn’t also cover BofA credit cards too. Still need Travel Rewards, Premium Rewards or Premium Rewards Elite card to get the same benefit on the CC side.
However seems like if you go to a foreign ATM though and you get charged a fee, then they won’t refund it.
So just to clarify some of these “exclusive” Lifestyle benefits with the Diamond Tier, is B of A just bestowing the privilege of being able to purchase these trips/vacations, etc?
So net/net if I invest $9 million with Merrill, I can maybe get 10% off a trip which allows me to mingle exclusively with other elite, like-minded Diamond Tier B of A members?
Or am I missing something?
did I just check that out to see that diamond only gets you .25% discount (vs $600) on mortgages, and a 0.625% discount on a HELOC (vs .375) and that’s all you get for maintaining a 1M relationship vs 100k.
That virtual tour of the Sphinx looks awesome. Can anyone spare 9mm? 🙂
I need to use the private banking to be eligible for the new diamond tiers?
And…it’s garbage.