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3 Tips to Get a Bigger Kick out of Your Rewards Programs
66% of Americans Don’t Have a Rewards Strategy in Place - Here’s How You Can
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Do you get a kick out of seeing your financial rewards, discounts and perks add up? Well, you’re not alone. According to a recent Bank of America survey, the top three emotions Americans feel when earning financial rewards are happiness (49%), eagerness to redeem (28%), and gratitude (27%).
However, our survey also shows that two-thirds of Americans don’t have a strategy in place for maximizing their financial rewards. These facts illustrate a key way you can get more out of your rewards programs and feel the pride that comes with it: plan out a strategy to earn more.
The results of the survey also point out that 37% say they don’t know how a rewards program fits into their lifestyle, 23% don’t know which rewards to redeem, and 14% can’t keep up with tracking their rewards. Creating a financial rewards strategy doesn’t have to be difficult. With a few easy steps, you can develop and manage an earnings approach that works for your lifestyle and spending habits.
Pick the Right Rewards Programs for You
Building your financial rewards strategy begins with thinking through a few simple questions to lay the right foundation. Consider these questions to help you get started:
1. What are your top monthly spending categories?
For example, do travel and dining dominate your purchases? The answer can help you select the types of loyalty programs and credit cards to sign up for and prioritize.
2. Does it make sense to consolidate your spending with the companies you use most often?
Once you’ve identified your top spending categories, take it one step further and think about your favorite companies. Be sure to sign up for their rewards programs and try to consolidate most of your spending to those specific companies. For example, if you fly often, max out your earning potential by booking most of your flights with the same airline. The same principle can apply to everything from hotels to department stores, restaurants, warehouse clubs, and even banking.
3. Could consolidating your savings and investments with an affiliated bank and broker help you qualify for even more rewards and benefits?
For example, when you combine your finances at Bank of America and Merrill, you may qualify to enroll in Preferred Rewards – our loyalty program that offers a wide array of benefits including $0 online stock and ETF trades with Merrill, and credit card rewards bonuses, home and auto loan discounts, and no fees on select banking services with Bank of America. As your balances grow across your Bank of America and Merrill accounts, so do the level of your rewards. And, it’s easy to become a member through the Bank of America mobile app, online banking or by speaking with a banker. Through the mobile app, Erica, our virtual assistant, will notify you when you qualify and guide you through enrollment with just a few clicks if you are already a client.
Layer Your Rewards Programs Together
Once you’ve enrolled in the no-fee rewards programs that fit your spending and lifestyle, another effective strategy is to layer your rewards programs together, so you’re earning rewards in as many places as possible with one transaction. For example, include your frequent flier number (layer #1) when you book flights with the Bank of America Premium Rewards credit card (layer #2). If you’re a Bank of America Preferred Rewards member (layer #3), you get a credit card rewards bonus that boosts your earnings for every dollar spent on travel and dining.
Use Digital Tools to Track, Manage and Discover Rewards
Digital tools such as the Bank of America My Rewards dashboard, available in our mobile banking app, can help you track the rewards, deals and benefits you earn across multiple financial rewards programs. With My Rewards, you can easily see the total value of your rewards, redeem your existing earnings and access new benefits you may be missing.
With a little strategizing, you can easily maximize the savings, discounts, offers and perks that you get through rewards programs that are part of your everyday life. By selecting the programs that are right for your spending, layering them together and consistently tracking your earnings, you’ll be sure to enjoy the great feelings you get from maximizing your rewards.
