Most credit card articles focus on 2% cash back here or travel points there, but there’s another layer of rewards that doesn’t get as much attention as loyalty incentives tied to your broader financial relationship with a bank or investment firm. In other words, if you already have bank accounts, savings, or investment assets with your credit card issuer, you may qualify for enhanced cash back rates, annual statement credits, waived fees, and other benefits simply for being a loyal customer.
- Bank of America Preferred Rewards: Boost Your Cash Back and Points
If you bank with Bank of America and hold qualifying deposit or investment balances, you can benefit from the Preferred Rewards program, one of the more generous tiered loyalty systems among big U.S. banks.
Members of this program receive a bonus on credit card rewards, meaning the base cash back or points you earn on qualifying Bank of America credit cards can be increased dramatically. Depending on your tier, that bonus can range up to 75% more value on every dollar you spend, effectively turning a standard 1.5% cash back into 2.6% or better.
Additionally, high-tier members of Preferred Rewards may enjoy benefits like:
- Enhanced reward rates on select Bank of America credit cards
- Discounts or fee waivers on banking and lending products
- Access to exclusive experiences and offers
To qualify, you need a minimum balance across Bank of America deposit accounts and/or Merrill investment accounts. While the exact threshold varies by tier, this structure rewards deeper engagement, the more you hold with Bank of America, the more credit card perks you unlock.
- U.S. Bank’s Relationship Rewards: Higher Cash Back With Bigger Balances
U.S. Bank’s credit cards also illustrate how loyalty can pay off, especially for customers with significant banking or investment relationships. Their Smartly Visa card, historically known for offering higher cash back tiers, could increase rewards based on the size of your balances with U.S. Bank or its investment arms.
While specific reward structures can change and individual products evolve, the general idea holds: customers with larger balances can earn elevated cash back rates, sometimes even on everyday spending categories. This type of tiered reward encourages customers to consolidate more of their financial life with a single institution and for heavy spenders or savers, the incremental value can be substantial.
If you’re already banking or investing with U.S. Bank, it’s worth asking whether the cards you’re considering have relationship-based reward multipliers tied to your balances.
Related: 0% APR Credit Cards: Are They Actually Worth It?”
- Brokerage-Linked American Express Cards: Credits and Perks for Investors
Several brokerage firms partner with major card issuers to provide investment-linked credit card perks. They can deliver real value if your investment balances meet qualifying thresholds.
A couple of examples:
- Charles Schwab and American Express: Schwab clients with qualifying investment assets can get annual statement credits on certain AmEx cards, such as up to $1,000 back on premium products, a meaningful sum that effectively reduces the card’s net annual cost.
- Morgan Stanley and American Express: Morgan Stanley investment clients may receive annual statement credits (e.g., around $100) on select American Express cards tied to their brokerage relationship.
These credits often function like bonus offsets for annual fees or high-value perks, giving long-term investors added incentive to synchronize their banking, investing, and credit card usage under one roof.
- Credit Union and Community Bank Offers: Fee Waivers and Enhanced Rewards
Not every loyalty benefit comes from big national banks. Many credit unions and community banks offer rewards structures that reward membership and account ownership.
For example, institutions such as PenFed Credit Union offer credit cards that can waive fees and improve reward rates for customers who hold qualifying checking or savings accounts. While the specifics vary by institution and membership type, members may see:
- Higher cash back percentages on everyday purchases
- Annual fee waivers or reduced rates
- Special bonus categories tied to account behavior
Because credit unions typically return earnings to members through better rates and lower fees, their loyalty-based credit card benefits can be particularly attractive, especially if you’re already part of the community or qualify for membership.
- SoFi’s Banking and Credit Integration: Extra Value When You Use Multiple Products
Beyond traditional banks and credit unions, fintech-focused platforms are also blending banking and credit card rewards with loyalty incentives.
For example, SoFi offers a credit card whose rewards have higher value when redeemed within the SoFi ecosystem toward SoFi banking, loan payments, or investment products. This doesn’t necessarily require huge asset balances, but it does reward consistent use of SoFi’s suite of financial services.
This type of structure reflects a broader trend, meaning financial service platforms want customers to aggregate more financial activity in one place. In exchange, they boost the utility of rewards when you use points or cash back in-ecosystem, such as toward:
- Loan principal reductions
- Investment contributions
- Savings or retirement accounts
While not as traditional as the bank loyalty programs above, SoFi and similar players show how credit card rewards can extend beyond travel points to tangible financial leverage when integrated with banking or investment products.
How to Decide if Loyalty-Based Cards Are Worth It
While loyalty rewards can be lucrative, they aren’t automatically the best fit for every cardholder. Here’s how to think about whether these programs are worth their weight:
Match Your Financial Habits: If you already keep substantial balances with a bank or invest heavily with a partner brokerage, loyalty-linked perks can dramatically increase your rewards without forcing behavioral changes.
Consider Seasonal or Tiered Benefits: Some programs only pay out significant bonuses at higher tiers of relationship — meaning you may need to hold six figures or more in assets before truly benefiting. Evaluate whether the incremental rewards justify keeping those deposits or investments where they are.
Evaluate Fee Offsets: Cards with high annual fees may only make sense if loyalty credits (example, annual statement credits tied to investment balances) offset the cost. A $300 or $400 credit on a card with a $450 annual fee can effectively nullify the expense if you use the benefits.
Compare With Standalone Reward Cards: Even without bank relationships, many cards offer strong rewards. Always compare “loyalty boosted” earnings with the best standalone cash back or travel rewards cards to ensure you’re getting true incremental value.
Make Loyalty Work for You
Credit card loyalty rewards such as bonus cash back, waived fees, elevated earning rates, and annual credits — are more than marketing language. When structured around your broader financial relationships, these perks can materially improve your total return on everyday spending.
What to focus on is alignment, don’t chase rewards blindly instead, look at your existing financial footprint. If you’re already banking or investing with an institution that offers loyalty rewards, optimizing your wallet around those products can unlock sustainable value year over year.
We believe the information in this material is reliable, but we cannot guarantee its accuracy or completeness. The opinions, estimates, and strategies shared reflect the author’s judgment based on current market conditions and may change without notice.
The views and strategies shared in this material represent the author’s personal judgment and may differ from those of other contributors at IntriguePages. This content does not constitute official IntriguePages research and should not be interpreted as such. Before making any financial decisions, carefully consider your personal goals and circumstances. For personalized guidance, please consult a qualified financial advisor.
