In regards to reward programs, Bank of America’s probably tops the field when it comes to cash back cards. While it does take a lot of money to get those extra rewards points, it can truly be worth it for the right person. If you happen to be a Preferred Award member, and you would have negatively been impacted by the coronavirus, you may be in luck.
Every so often, Bank of America checks your accounts to see if you still qualify for certain tiers inside of the Preferred Reward program. If you have too low of a balance, you would typically be knocked down to the appropriate tier, generally a lower level.
For the time being though, if you would have been knocked down to a lower level, your status will be safe. Even better news, if you would have earned enough to move on to the next level, it should automatically update. So, only the bad news is prevented.
I’m at the point in life where having 100,000 sitting in a bank account (or even a retirement account) is a ton of money. I can’t imagine that amount of cash just sitting there! Regardless, if you do happen to be a preferred reward member, this news all seems good to me. If you would have dropped a tier, you wont. If you would have increased by a tier, you’ll still be upgraded. Seems like a win-win to me!
Are you a Preferred Rewards member at Bank of America? Tell us about your tier level and your experience with the program in the comment section below.