BofA Rewards™ Replaces Preferred Rewards: What Bank of America® Customers Need to Know
Bank of America®'s new BofA Rewards™ program replaces Preferred Rewards, expanding eligibility to more customers while changing tier benefits and credit card rewards bonuses.
Photo: big4credit.com
Bank of America® has officially launched a redesigned loyalty program called BofA Rewards™, replacing the long-running Preferred Rewards program that has been popular among credit card enthusiasts for years.
While the new program expands eligibility and makes rewards available to more customers, it also introduces significant changes to the credit card rewards bonus structure. Depending on your account balances, the update could be either a welcome improvement or a disappointing downgrade.
What Is Changing?
Beginning May 27, 2026, Bank of America®’s Preferred Rewards program was replaced by BofA Rewards™. Existing members were automatically transitioned to the new program, while new customers can join simply by having an eligible Bank of America® personal checking account. Enrollment in BofA Rewards™ is free, although monthly maintenance fees may still apply to certain checking accounts if waiver requirements are not met.
Previously, customers needed at least $20,000 in combined balances across eligible Bank of America® and Merrill® accounts to participate. Under the new program, there is no minimum balance requirement. Any customer with an eligible Bank of America® personal checking account can enroll and begin receiving program benefits.
This change significantly expands eligibility and allows millions of additional Bank of America® customers to earn enhanced rewards and banking benefits.
New BofA Rewards™ Tiers
The new program includes four membership tiers based on a customer’s three-month average combined balance across eligible Bank of America® and Merrill® accounts:
- Member: Less than $30,000
- Preferred Plus: $30,000 to $100,000
- Preferred Honors: $100,000 to $1 million
- Premier: More than $1 million
Credit Card Rewards Bonus Changes
One of the most valuable features of both the previous Preferred Rewards program and the new BofA Rewards™ program is the ability to boost credit card rewards through a tier-based bonus structure. Depending on their membership tier, eligible cardholders can increase their credit card rewards by up to 75%.
However, while the maximum bonus remains unchanged, the balance requirement to qualify for it has increased significantly. Under the previous Preferred Rewards program, customers with qualifying balances between $100,000 and $1 million could earn the maximum 75% rewards bonus through the Platinum Honors tier. Under the new BofA Rewards™ program, the 75% bonus is reserved for Premier members with more than $1 million in qualifying balances.
Eligible Bank of America® credit card holders enrolled in BofA Rewards™ receive the following rewards bonuses based on their membership tier:
- Member: 10%
- Preferred Plus: 25%
- Preferred Honors: 50%
- Premier: 75%
As a result, customers with qualifying balances between $100,000 and $1 million now receive a 50% rewards bonus instead of the 75% bonus available under the previous program.
Who Benefits From the New Program?
The biggest winners are everyday Bank of America® customers who previously did not qualify for Preferred Rewards. Customers with an eligible personal checking account and less than $30,000 in qualifying balances can now enroll and receive benefits, including:
- 10% credit card rewards bonus
- cashback deals on popular brands
- fraud and identity monitoring
- $100 off mortgage origination fees
- 0.10% interest rate discount on eligible Bank of America® auto loans
For customers who previously did not meet the $20,000 balance requirement, these benefits represent entirely new value that was unavailable under the former Preferred Rewards program.
The new program also introduces subscription statement credits for higher-tier members. Preferred Honors members can receive up to $8 per month in eligible subscription credits, while Premier members can receive up to $15 per month.
Preferred Honors and Premier members also receive access to lifestyle benefits. These benefits may include special offers from partners such as Regent Seven Seas Cruises®, Audi, BMW, Lexus, Volvo, Rhone, Backroads, Silver Oak, and others. Experiences may include sporting events, concerts, live shows, and other arts and entertainment offerings.
Who Loses?
Several groups of existing Preferred Rewards members may see a reduction in benefits under the new BofA Rewards™ program.
Customers with $20,000 to $30,000 in qualifying balances may be negatively affected. Under the previous Preferred Rewards program, these customers qualified for the Gold tier and received a 25% credit card rewards bonus, along with waived monthly maintenance fees on eligible checking accounts.
Under BofA Rewards™, customers with balances below $30,000 are placed in the Member tier. As a result, their credit card rewards bonus drops from 25% to 10%, and they may no longer qualify for waived monthly maintenance fees unless they satisfy the account’s standard waiver requirements.
Customers with $50,000 to $100,000 in qualifying balances may also experience a reduction in rewards. Under the previous Preferred Rewards program, these customers qualified for the Platinum tier and received a 50% credit card rewards bonus. Under BofA Rewards™, they are placed in the Preferred Plus tier, reducing their rewards bonus from 50% to 25%.
Customers with $100,000 to $1 million in qualifying balances are among the most affected. Under the previous program, these customers qualified for the Platinum Honors tier and received a 75% rewards bonus. Under BofA Rewards™, that same balance range now qualifies for the Preferred Honors tier, which offers only a 50% rewards bonus.
For popular cards such as the Bank of America® Customized Cash Rewards card, these changes can materially reduce annual rewards earnings.
For example:
- Previous Preferred Rewards - Gold: 3% category becomes 3.75%
- New BofA Rewards™ - Member: 3% category becomes 3.3%
- Previous Preferred Rewards - Platinum: 3% category becomes 4.5%
- New BofA Rewards™ - Preferred Plus: 3% category becomes 3.75%
- Previous Preferred Rewards - Platinum Honors: 3% category becomes 5.25%
- New BofA Rewards™ - Preferred Honors: 3% category becomes 4.5%
While these rewards rates remain competitive, they represent a noticeable reduction from some of the strongest cash back earning rates previously available.
The Bottom Line
BofA Rewards™ makes Bank of America®’s loyalty program available to far more customers and introduces several new perks, including subscription credits and lifestyle benefits.
The biggest beneficiaries are customers who previously did not qualify for Preferred Rewards. For the first time, eligible checking account holders can enroll in the program and receive banking and rewards benefits without meeting a minimum balance requirement.
However, the transition is not universally positive. Many existing Preferred Rewards members may see a reduction in benefits, including lower credit card rewards bonuses. Customers with qualifying balances between $20,000 and $30,000, as well as those with balances between $50,000 and $1 million, are among those most likely to be affected.
If you currently hold Bank of America® credit cards and maintain significant balances with Bank of America® or Merrill®, it is worth reviewing your expected tier under the new program and calculating how the changes may affect your long-term rewards earnings.
For new customers, BofA Rewards™ is a welcome expansion. For many longtime Preferred Rewards members, the changes may be harder to celebrate.
Popular Bank of America® Credit Cards: