(Update: Bank of America has informed that current members with a Preferred Rewards bonus on their credit cards will retain this benefit at least until their anniversary with BofA after November 2026. For example, if your anniversary month is April, you can maintain this bonus until April 2027. New cardholders will start receiving this benefit from May 2026. Additionally, monthly debit card credits will now be applicable for select “streaming and news subscription services.”)
Bank of America announced that its “Preferred Rewards” program will transition to “BofA Rewards” on May 27, 2026 (thanks to Bogleheads for the heads-up). This change involves updated tier names, required balances, and increased criteria for credit card rewards enhancements. Below is a comparison of the previous and new tiers.
Preferred Rewards Tiers (OLD; Current)
- Gold – $20,000 to less than $50,000 combined balance
- Platinum – $50,000 to less than $100,000 combined balance
- Platinum Honors – $100,000 to less than $1,000,000 combined balance
- Diamond – $1,000,000 or more combined balance
BofA Rewards Tiers (NEW; Effective May 2026)
- Member – Less than $30,000 combined balance
- Preferred Plus – $30,000 to less than $100,000 combined balance
- Preferred Honors – $100,000 to less than $1,000,000 combined balance
- Premier – $1,000,000 or more combined balance
“Combined balances” refer to the average account balance over three months, taking into account qualifying Bank of America and Merrill accounts, including:
- Bank of America deposit accounts: Advantage Banking, savings, money market savings, CD, and IRA accounts
- Merrill® investment accounts, such as the Cash Management Account (CMA) and IRA accounts
- 529 plans listed on your Merrill statement
- Revocable grantor trust accounts
A significant drawback is that now the Premier tier ($1,000,000+) is required to earn the maximum 75% boost in credit card rewards. This represents a tenfold increase in the required balance.
New BofA Rewards Tiers and Credit Card Rewards Boosts
- Member – Credit card rewards boost: 10%
- Preferred Plus ($30k+) – Credit card rewards boost: 25%
- Preferred Honors ($100k+) – Credit card rewards boost: 50%
- Premier ($1M+) – Credit card rewards boost: 75%
Many individuals have shifted stock investments to self-directed brokerage accounts at Merrill Edge to qualify for these rewards. Transitioning from a 75% to a 50% boost could reduce cash back from 2.6% to 2.25%, unless your combined balances reach $1 million—definitely a disappointing change.
On the brighter side, there are new monthly credits for higher tiers when making specific purchases with your BofA debit card linked to your checking account.
New BofA Rewards Tiers and Monthly Debit Card Credits
- Member – No subscription credits available
- Preferred Plus ($30k+) – No subscription credits available
- Preferred Honors ($100k+) – Up to $8 per month in statement credits for “specific pre-determined subscription services” (up to $96/year).
- Premier ($1M+) – Up to $15 per month in statement credits for “specific pre-determined subscription services” (up to $180/year).
BofA has yet to disclose what qualifies as eligible subscriptions, but it is hoped that this category will provide some flexibility. This detail will be crucial and could offset some of the lost cash back rewards for those who spend less on credit cards.
Existing Preferred Rewards members will be automatically transitioned to BofA Rewards. Per the new terms, current Gold and Platinum tier members will initially be assigned to the Preferred Plus tier, despite any discrepancies in balance requirements.
