Cash Rewards earnings are based on the Net Purchases charged to the Card during each Billing Cycle. Cash Rewards are calculated at each transaction. You earn Base Cash Rewards of 1% (equal to $0.01 for every $1) on all Net Purchases.

Bank of America Preferred Banking, which launched in 2012, has added more than 2,100 specialists in more than 1,150 banking branches to work on the Preferred Rewards program.

Earning points on the Sapphire Preferred vs. BofA Travel Rewards. Once again, the Chase Sapphire Preferred comes out ahead in the earning department. You'll earn 3 points per dollar on dining and 2 points per dollar on travel purchases, plus 5 points per dollar on Lyft purchases (through March 2025).

If you spend a lot on general purchases or have a lot of travel spending, Bank of America Preferred Rewards paired with a Bank of America credit card can absolutely be worth it. Earning 2.62% cash back on general purchases and 3.5% cash back on travel purchases are some of the highest cash-back earning rates available.

The Cash Rewards cash value will be deposited within five business days via electronic transfer into the Bank of America checking or savings account or qualifying Cash Management Account® with Merrill that you selected as long as your account is open and has active charging privileges.

The Bank of America Preferred Rewards program offers five tiers: Gold, Platinum, Platinum Honors, Diamond and Diamond Honors.

If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means you could earn 2.5-3.5 points on travel and dining purchases and 1.87-2.62 points on all other purchases, for every $1 you spend.

The Bank of America Preferred Rewards program is available to select banking customers with at least $20,000 in an eligible Bank of America account. With five different tiers, program members receive various perks, such as credit card rewards bonuses and interest rate discounts.

The Bank of America Preferred Rewards program is available to select banking customers with at least $20,000 in an eligible Bank of America account. With five different tiers, program members receive various perks, such as credit card rewards bonuses and interest rate discounts.

Bank of America® Premium Rewards® Elite credit card. Preferred Rewards members earn 25%-75% more points on every purchase. That means you could earn 2.5 to 3.5 points on travel and dining purchases and 1.87 to 2.62 points on all other purchases, for every $1 you spend.

If you spend a lot on general purchases or have a lot of travel spending, Bank of America Preferred Rewards paired with a Bank of America credit card can absolutely be worth it. Earning 2.62% cash back on general purchases and 3.5% cash back on travel purchases are some of the highest cash-back earning rates available.

Credit cards generally offer one of three reward structures: cash back, points or miles. The type of rewards you earn depends on the card you have.

The Preferred Rewards program is worth it for eligible Bank of America customers since there are no fees or charges for enrolling, and the program can help you earn more interest on savings and more rewards on credit card spending, not to mention providing discounts on other financial products from the bank.