Tiers
What are the dollar amounts needed for a client to be a "Member"?
$0 to <$30k
What is the percentage of credit card bonuses does a "Member" receive?
10%
Which tiers get free checking or savings accounts?
Preferred Plus, Preferred Honors, Premier
True or False: Members can apply the subscription credit benefit to any subscription they choose
False
Business accounts are a part of BofA Rewards
False - business and commercial accounts are not part of BofA Rewards
What are the dollar amounts needed for a client to be "Preferred Plus"?
$30k to <100k
What is the percentage of credit card bonuses does a "Preferred Plus" client receive?
25%
Which tiers get "Deals"?
All tiers
What discount does each tier receive for mortgages?
Member - $100 origination fee discount
Preferred Plus - $300 origination fee discount
Preferred Honors - $600 origination fee discount
Premier - 0.375% interest rate reduction
Members are moved to a higher tier on their anniversary date
False - During a member's monthly review on the third business day of the month, if their combined daily average balances qualify for a higher tier, the tier update takes effect within a week
What are the dollar amounts needed for a client to be "Preferred Honors"?
$100k to <1M
What is the percentage of credit card bonuses does a "Preferred Plus" client receive?
50%
Which tiers receive "Lifestyle Benefits"?
Preferred Honors & Premier
What discount does each tier receive for a HELOC?
Member - N/A
Preferred Plus - 0.250% interest rate discount
Preferred Honors - 0.375% interest rate discount
Premier - 0.50% interest rate discount
Members can apply the subscription credit benefit to any subscription they choose
False - The subscription credit is applicable only to select subscription services
What are the dollar amounts needed for a client to be "Premier"?
$1m+
What is the percentage of credit card bonuses does a "Premier" client receive?
75%
Which tiers get "Fraud and ID Monitoring"?
All tiers
What discount does each tier receive for an auto loan?
Member - 0.10% interest rate discount
Preferred Plus - 0.25% interest rate discount
Preferred Honors - 0.35% interest rate discount
Premier - 0.50% interest rate discount
You can use DAS to enroll a client in BofA Rewards
True - enrollment can be placed in the client's shopping cart
The three-month average daily balances are reviewed monthly. If balances have increased to a higher tier minimum, eligible members will be moved to the higher tier within three business days.
What credit cards will be eligible for the BofA Rewards card bonus?
All credit cards that are currently eligible for the Preferred Rewards bonus will be eligible for BofA Rewards bonus
Which tiers get subscription credits and how much are they?
Preferred Honors - $8 per month
Premier - $15 per month
Which tier(s) do(es) NOT receive a Safe Deposit Box discount?
Member & Preferred Plus
Consent Capture is required to become a BofA Rewards member
True - You must ensure consent is captured to proceed with the process to enroll a client in BofA Rewards