Stephen is an established voice in the credit card space, with over 70 to his name. His work has been in publications like The Washington Post, and his Au Points and Awards Consulting Services is used...
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10 comments
Cristeta B Abellera
November 15, 2019
The Platinum Preferred Rewards card, I’ll try to use and earn max benefits.
Tobi Shaffer
February 17, 2020
Do you get any interest on the $100,000 minimum balance to be eligible for the Platinum Honors status? Yes you get the 75% bonus cash for leaving that much money in your checking account. But couldn’t you do better with a high interest checking account?
Jarrod West
February 20, 2020
Hi Tobi,
You will receive a 20% bonus to whatever the interest rate on your account is (visit here for Bank of America savings rates for your zip code.
More likely than not, yes the rate for a high-interest checking account would be better. However, you have to keep in mind that this is not the only benefit you receive as a Platinum Honors member. Platinum Honors members also get a 75% reward bonus on their BOA Preferred Rewards card, unlimited no-fee ATM transactions, a 0.15% discount on Merill Investing, a 0.50% interest rate discount on auto loans, among other things.
So examine how much value you’d receive from all of the benefits before deciding which is the best option.
Thanks for reading!
Ryan Aditya
March 01, 2020
For a new bofa customer, do we have to wait for 3 months to get the benefit tier? or if I deposit 200k upfront, that means I only have to wait 2 months for the platinum tier because the 3 month average is 0, 200, 200? Thanks and awesome article.
Jarrod West
March 04, 2020
Hi Ryan,
Yes, you should need to wait 3 months to reach your benefit tier – which will be determined based on your average balance over those 3 months.
Z-Money
May 20, 2020
0, 200, 200 averages to 133 which qualifies for platinum honors.
Philip Gunia
July 09, 2020
what is the phone number for the preferred rewards center? I have a platinum honors account.
Jarrod West
July 13, 2020
Hi Philip,
Here is the contact number for the Preferred Rewards program: 1-888-888-7937
Dan Wilson
January 18, 2022
Is travel insurance with the Platinum honors program?
Jarrod West
January 19, 2022
Hi Dan,
Travel insurance is not offered with the Platinum Honors program.
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