Loyalty programs often reward you for a single type of activity. Airline programs reward flights. Hotel programs reward stays. Credit card rewards programs reward spending.

Bank of America’s BofA Rewards™ program rewards you for your entire financial relationship with the bank, whether you’re making everyday purchases, saving for a big goal or financing major life milestones.

Even better: The program is now more accessible than ever before. Anyone with a Bank of America personal checking account can join — with no minimum balance or enrollment fee required. Your tier is determined by a three-month combined average of daily balances across qualifying Bank of America and Merrill accounts.

Depending on your tier and how you use the program, you can receive between $150 and $4,000 in annual value as a BofA Rewards member, thanks to benefits like credit card rewards bonuses, cash-back deals, loan discounts and enhanced identity monitoring.

Here are five ways the program can help you get more value from the financial decisions you’re already making.

Making a large credit card purchase

Big purchases can be a great opportunity to earn extra rewards.

As a BofA Rewards member, you can earn an additional credit card rewards bonus of 10% to 75% on eligible credit card purchases, depending on your member tier.

Imagine you’re buying a new refrigerator online for $2,000 with your Bank of America® Customized Cash Rewards credit card and qualify for the BofA Rewards Preferred Honors tier.

If you’ve selected “online shopping” as your 3% cash-back category of choice, the card would normally earn you $60 cash back on the purchase. But your Preferred Honors tier adds a 50% credit card rewards bonus, boosting your total cash back to $90 for that single purchase. This combination turns your 3% category into an effective 4.5% cash-back rate — a powerful return on a purchase you were already making.

That means the rewards you earn on your purchase could increase significantly simply by being enrolled in the program.

If you regularly put larger purchases on your credit card — whether they’re home appliances, electronics or travel — those extra rewards bonuses can add up over time.

Shopping online and in-store

Many people already use shopping portals or loyalty programs to stretch their spending a bit further.

As a BofA Rewards member, you’ll have another way to do that through cash-back deals and other discounts available from more than 15,000 popular national and local brands.

These deals allow you to save money when shopping with participating merchants. Plus, if you’re paying with a Bank of America credit card, you can still earn your everyday card rewards.

For regular purchases like clothing, dining, travel and household items, stacking these deals with credit card rewards can make everyday spending more rewarding.

Buying a car

Buying a car is one of the largest purchases many people make. Even a small reduction in a loan rate can make a noticeable difference over time.

As a BofA Rewards member, you’ll receive an interest rate discount on Bank of America auto loans ranging from 0.10% to 0.50%, depending on your tier.

To see how that can add up, imagine financing a $40,000 vehicle with a five-year loan. For example, if your Premier member tier qualifies you for the maximum 0.50% interest rate discount, that could lower a 6% loan rate to 5.5%.

On a loan of that size and length, that half-percentage-point reduction would save over $550 in interest over the life of the loan.

For members already planning to finance a vehicle through Bank of America, that discount can help lower the overall cost of the purchase while rewarding their broader banking relationship.

Purchasing or renovating a home

Homeownership often comes with major financial decisions, from purchasing the property itself to renovating and maintaining it over time.

As a BofA Rewards member, you can receive discounts on mortgage origination fees, saving between $100 and $600 at the Member through Preferred Honors tiers and up to a 0.375% interest rate reduction on a mortgage loan at the Premier tier.

Those savings can help offset some of the upfront costs associated with buying a home.

Eligible clients may also find value when tapping into a home equity line of credit for renovations or other projects. As with the mortgage benefit, these savings are designed to reward customers who deepen their relationship with the bank over time. This benefit becomes particularly valuable for larger projects.

Monitoring for fraud

Financial benefits are important, but peace of mind can be just as valuable.

Unlike fraud alerts tied to a single credit card, BofA Rewards members receive access to newly enhanced fraud and identity monitoring, including features like dark web monitoring, Social Security number monitoring and full-service identity restoration.

Identity theft can be costly and stressful to resolve. Tools like these can help members detect suspicious activity early and respond quickly if an issue arises.

For many customers, having these monitoring tools included as part of a broader rewards program adds another layer of holistic value.

Think of it as the foundation that comes with consolidating your finances. While rewards bonuses help you build value, these integrated tools are there to help safeguard them.

Bottom line

The BofA Rewards program is designed to reward customers for their entire relationship with Bank of America, not just a single financial product.

Members can earn extra credit card rewards, access cash-back deals with thousands of brands, receive loan discounts and take advantage of identity monitoring tools. As your financial relationship with the bank grows, you’ll unlock additional benefits — like streaming subscription credits and exclusive entertainment access.

But perhaps the most exciting aspect of the program is its accessibility. Anyone with a Bank of America personal checking account can join the program at no cost, making it easier for more customers to start benefiting right away.

If you want to learn more about how the program works and what benefits you may qualify for, visit the BofA Rewards website.

Banking services provided by Bank of America, N.A., Member FDIC. For full terms and conditions, visit bofa.com/bofarewards.

BofA Rewards™ Eligibility. Customers can enroll and maintain their membership in BofA Rewards™ if they have an open, qualifying Bank of America® checking account. BofA Rewards tiers are based on each customer’s combined average balance in qualifying deposit and investment accounts. The minimum balance for each tier is: Member, no minimum balance; Preferred Plus, $30,000; Preferred Honors, $100,000; and Premier, $1,000,000. When you enroll, you’ll be placed in the appropriate tier for your combined average balance and then moved to the highest tier you’re eligible for based on one of the following:

1. For the 30 calendar days following your first enrollment, the combined end-of-day collected balance of your qualifying accounts (“Daily Balance”), provided that your Daily Balance remains above the required amount for a minimum of three business days; or
2. Subsequently, the combined average balance of your qualifying accounts calculated on the third business day of each month.

Eligible customers will be moved to the higher tier within 3 business days. New tier benefits may take up to 30 days to become effective. For full terms, including qualifying accounts and the method of calculation of average balances, refer to your Personal Schedule of Fees.

To participate, you just need an eligible Bank of America checking account. Checking accounts may have a monthly maintenance fee if waiver requirements are not met.

Credit Card BofA Rewards™ Bonus. Certain credit cards are eligible to receive a BofA Rewards™ bonus. Enrolled BofA Rewards members with eligible Bank of America® credit cards can receive a BofA Rewards bonus of 10% for the Member tier, 25% for the Preferred Plus tier, 50% for the Preferred Honors tier, or 75% for the Premier tier. If your card receives the 10% customer bonus, the BofA Rewards bonus will replace the 10% customer bonus. The BofA Rewards bonus for eligible cash rewards credit cards will be applied after all base and bonus cash rewards have been calculated on a purchase. For example, a $100 purchase that earns 3% ($3.00) will actually earn $3.30, $3.75, $4.50 or $5.25 based on your tier when the purchase posts to your account. For all other eligible card types, a purchase that earns 100 base points will actually earn 110, 125, 150, or 175 points, based on your tier when the purchase posts to your account. The BofA Rewards bonus also does not apply to the bonus earn for certain programs and is not applied to any account opening bonus or non-standard rewards that are part of a special offer, unless we indicate otherwise. This information can be found in the Program Rules associated with those credit cards. Other terms and conditions apply. Please refer to your card’s Program Rules for details about how you will receive the BofA Rewards bonus. Program Rules are mailed upon account opening and are accessible through the rewards redemption site via Online Banking or by calling the number on the back of your card. View a complete list of eligible cards.