Bank of America Duo: Credit Cards For High Net Worth Individuals

We've talked about the Chase Trifecta and the Amex Trifecta, but if you have assets with Bank of America, there might be better credit card options for you. 

One of the main benefits being a high net worth individual with Bank of America is that you can earn preferred bonuses on credit card rewards.

As long as you have $100,000 in Bank of America banking and Merrill Edge investment accounts, you'll qualify for the respective bonuses. 

You can view credit card offers by going to the "Credit Card Offers" tab. Find offers for the respective cards in "Travel Rewards Credit Cards" and "Cash Back Credit Cards." You don't have to use our links, but we're grateful when you do. Thank you for supporting AskSebby!

Bank of America Preferred Reward Tiers

  • No account = 0% bonus
  • $0 to $19,999 (any account) = 10% bonus
  • $20,000 to $49,999 (Gold status) = 25% bonus
  • $50,000 to $99,999 (Platinum status) = 50% bonus
  • $100,000+ (Platinum Honors status) = 75% bonus

Source: https://www.bankofamerica.com/preferred-rewards/#benefits

The Bank of America Duo

The Bank of America Duo consists of the BofA Cash Rewards card and either the BofA Travel Rewards or the BofA Premium Rewards card. 

The BofA Cash Rewards is the go-to card for gas, groceries, and wholesale clubs. For most people, the second card for the duo will be the BofA Premium Rewards card to earn more on travel, dining, and everything else. 

With the BofA Premium Rewards card, points can be redeemed at a value of 1 cents per point (CPP), regardless of how you use them. 

The CPP valuation varies when you use the BofA Travel Rewards card. 

BofA Premium Rewards

  • 1.0 CPP = cash back into checking or Merrill Lynch
  • 1.0 CPP = gift cards
  • 1.0 CPP = travel

BofA Travel Rewards

  • 0.6 CPP = cash back
  • 0.8 CPP = gift cards
  • 1.0 CPP = travel

Bank of America Cash Reward

  • Annual fee: $0
  • Sign-up bonus: $150 after $500 in spend within the first three months 
  • 1% on all purchases
  • 2% at grocery stores and wholesale
  • 3% on gas 

Bank of America Travel Rewards

  • No annual fee
  • Signup bonus: 20,000 signup bonus = $200 towards travel
  • No foreign transaction fees
  • Earn 1.5 points for every $1 you spend

Bank of America Premium Rewards

  • $95 annual fee
  • Signup bonus: 50,000 points after $3,000 in spend within the first three months
  • $100 airline incidental credit (baggage, fees, food/drinks)
  • Earn 2% on travel and dining
  • Earn 1.5% on everything else
  • No foreign transaction fees