Bank of America sent out an email to Preferred Rewards members that they are temporarily postponing the review process on Preferred Rewards status. Until further notice, all current Preferred Rewards members will maintain their status, and won’t lose benefits due to their balances dropping below the required minimum.
Not everyone got the email – they might be sending slowly or only sending to those otherwise would not qualify – but it should be true for anyone. I’d guess they’re sending out the same thing for business Preferred Rewards members, let us know if you got an email about that.
Hat tip to @HH_Cash
if you have a personal account that includes Merrill edge, can you link the merril edge account to the business side for a sole owner LLC or does the SS#/EIN# need to be the same for both
if you have a personal account that includes Merrill edge, can you link the merril edge account to the business side for a sole owner LLC or does the SS#/EIN# need to be the same for both
Received a letter in the mail a couple of weeks ago saying that I need to bring my balance back up above $100,000 by 12/31 otherwise my status will drop to the next tier. I’ve had Platinum Honors since the program started. I moved $50,000 over to Capital One back in June for the $450 bonus they offered.
I deposited $20,000 on 12/31/20 to bring me back above $100,000 however I was still downgraded. Called and spoke to two people who were clueless why this happened. Wasn’t worth anymore of my time trying to get it resolved. I’ll be back to Platinum Honors status at the end of this month.
My status just got downgraded. They are not budging at all.
So I think what happened was they are only postponing reviews in a short window. If you didn’t receive the email, don’t assume you would get the same treatment. Absolutely no.
Can someone please help me understand the program?
I deposited the $50K in the BofA business account pursuant to the $750 bonus offer. Although I am bummed because it didn’t code properly and I am still “waiting” for customer service to get back to me about it.
In the meantime, I got an email saying I qualified for Preferred Rewards FOR BUSINESS. Okay great. I thought that meant bonus cash on personal and business credit cards. As a sole proprietor, the line between the personal and business finances is often blurred.
Okay. but now I’m confused. Are these two entirely separate programs where you are supposed to have $50K+ in BOTH personal and business accounts to qualify for two separate Preferred rewards programs? cuz when I used the email address of my original personal account, they said I don’t qualify for preferred rewards. and the preferred rewards notification came in under the business email.
Please help. I don’t want to lose valuable boosts to credit card cash back by not understanding the program(s) ??
Thanks Avi! so yea wow I didn’t understand that when I applied for the personal card.
Do you know if I can redeem the situation by at some point doing the Merrill offer on the personal side? example, if I meet the bonus qualifications for the $200 + 3% on the personal cash rewards card soon when I am not a Preferred Rewards on the personal side, can I qualify later, redeem later and still get the bonus? seems like it’s the status at time of redemption rather than earning that matters? or is this wishful thinking?
Are you enrolled in Preferred Rewards for both personal & business? I had it for personal before, and I just enrolled it for business as part of the business checking bonus, but in my online account I only see my status for personal, not business.
I wonder if it’s because I used the same email address for the business checking account as for my personal accounts; in my existing online account for personal, the business checking account automatically appeared. Do I need to make a separate online account for business to see Preferred Rewards for Business? And as a more general question, are there other advantages/disadvantages of having separate vs. combined personal/business online accounts at BoFA?
(Or possibly I just need to wait longer for their website to show my Preferred Rewards for Business info; I got an email two days ago saying I’m enrolled.)
I figured this out. To get full access to the business checking account I needed to use a separate online ID. The website wouldn’t let me make another online ID; maybe they mailed the info to me but I haven’t received it (yet?). I called BofA business technical support and they told me my business online ID and temporary password. When I login with that ID, I see my Preferred Rewards for Business info, and various other things like managing debit card settings for the business account.
Darn it! This is not good news universally.
For someone who is supposed to qualify for one of their tiers maintaining the balance Feb-April as I am
You are right. I recently qualified in the first week of May.
Although I don’t know why the app says I am enrolled from June 2020. Does it mean my preferred rewards benefits will only start in June ? In other words extra cashback for purchases made with eligible credit cards won’t qualify for bonus cashback rate ?
Also I am wondering if I have to leave all the money in there to continue the status. Do they review at the beginning of every month ? If Annually when exactly do they review ?
“You’ll maintain your Preferred Rewards tier status for 12 months following your enrollment. If after 12 months you no longer meet the checking account or balance requirement, you’ll have a three-month grace period. If you haven’t met the checking account requirement after three months, you’ll lose your Preferred Rewards benefits. If you haven’t met the checking account or balance requirement after three months, depending on your balances you’ll either be moved to a lower tier or lose your Preferred Rewards benefits.”
https://www.bankofamerica.com/preferred-rewards/faq/
I saw it too what you quoted from their website. However I also saw below language in my app – every month we will review your 3 month average combined balance and move you to the next tier if you qualify.
Is this then to determine upgrade eligibility only and doesn’t apply for downgrade ?
Can I pull the money out for now and stay on my preferred rewards tier and bring the money back toward the end of 15 months to keep the status I wonder.
P.S. I didn’t know BofA has SM option. How do you secure message them ?
I’m pretty certain the monthly evaluation is only to upgrade you, and the annual evaluation is to downgrade you. And of course the annual evaluation is an average of the previous 3 months, so if you’re being precise with your deposits/investments, you’d want them in there from month 12 through month 15 to avoid losing your status. At least that’s my understanding.
This is great news but I wonder how long it will be in effect. My anniversary date is October. Usually I move money out to Discover because of the higher interest rate and then back again to renew my status for another year.
Is this for real? No email confirming. This BOA decision is exactly what I need.
Oops. Please remove this reply. Sorry, thanks!
Also on a side note, I was just targeted for BoA Business Travel Rewards card, with elevated SUB and unlimited 1.87% regardless of (I think?) Business Preferred Status.
Business rewards made simple
50,000 Bonus Points: Earn 50,000 bonus points when you make at least $5,000 in net purchases within 90 days of your account opening which can be redeemed for a $500 statement credit towards travel purchases.
Redeem points for travel with no blackout dates, cash back or gift cards
0%†introductory APR on purchases for the first 9 billing cycles
Earn unlimited 1.87 points for every $1 you spend on all purchases
Earn 3.37 points per every $1 spent on travel purchases booked through Bank of America® Travel Center
No blackout dates and no travel restrictions when booking your trip
No annual fee and no international transaction feesâ€