What is the BofA Rewards program?

BofA Rewards is Bank of America’s loyalty program, which launched on May 27, 2026, and replaced Preferred Rewards. It offers benefits on everyday banking, credit card spending, and investing, and those benefits grow as your qualifying Bank of America deposit and Merrill investment balances grow. There’s no fee to join and no minimum balance to become a member.

How do I enroll in BofA Rewards?

You need an eligible Bank of America personal checking account. Current customers can enroll in the BofA Rewards section of online banking or the mobile app, and there’s no minimum balance required. If you’re new to Bank of America, you can open an eligible checking account to get started. Existing Preferred Rewards members were automatically enrolled at launch.

What happened to Bank of America Preferred Rewards?

Bank of America replaced Preferred Rewards with BofA Rewards on May 27, 2026. The program dropped from 5 tiers to 4, removed the $20,000 minimum balance to enroll, and added benefits such as fraud and identity monitoring at every tier, plus subscription credits and lifestyle benefits at the higher tiers. Existing members were automatically enrolled in the new program.

Is there a fee to join BofA Rewards, and is a minimum balance required?

No. There’s no fee to join or maintain membership, and no minimum balance is required to become a member. You only need an eligible Bank of America personal checking account, though that account may carry a monthly maintenance fee if you don’t meet its waiver requirements.

What happens to my BofA Rewards tier if my average balance drops?

You keep your tier until your next anniversary date, so a temporary dip won’t affect your status. If you no longer meet the balance requirement at your annual review, Bank of America provides a 3-month grace period to rebuild your balance. If you still don’t meet the requirement after those 3 months, you move to a lower tier.

How are BofA Rewards and Preferred Rewards different?

BofA Rewards replaced Preferred Rewards on May 27, 2026. The program dropped from 5 tiers to 4, removed the $20,000 minimum balance to enroll, and added benefits such as fraud and identity monitoring at every tier, plus subscription credits and lifestyle benefits at the higher tiers. It also shifted where the tier thresholds sit and reorganized the balance ranges tied to each credit card rewards bonus. Customers with smaller balances benefited most. Anyone with an eligible checking account can now join with no minimum balance and earn a 10% credit card rewards bonus, where the old program required $20,000 just to reach the entry Gold tier. Everyday banking customers also gained fraud and identity monitoring across all tiers. Higher-balance customers came out worse in one respect. Under Preferred Rewards, the top 75% credit card rewards bonus was available at Platinum Honors with a $100,000 balance. Under BofA Rewards, the 75% bonus is reserved for the Premier tier at $1 million, so customers in the $100,000 to $999,999 range now earn a 50% bonus instead of 75%. On a card like the Bank of America Premium Rewards card, that lowers the effective return on travel and dining from 3.5% to 3% for that group.

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BofA Rewards: Benefits, Statuses, and Maximizing Your Earnings

Updated: August 3, 2026, 6:31am CDT

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Table of Contents

What Is BofA Rewards?
BofA Rewards Benefits: Quick Overview
How To Enroll
Membership Benefits
All 4 BofA Rewards Tiers
Subscription Credits and Lifestyle Benefits
Optimize Your Earnings With BofA Rewards
What Existing Members Should Know
Final Thoughts

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Transferable rewards such as Chase Ultimate Rewards and Amex Membership Rewards can help make international first and business class trips possible, but cash-back rewards can offset virtually any expense.

The BofA Rewards program takes a different approach, offering relationship-based rewards built around cash-back. You can increase your cash-back potential by combining your banking, credit cards, and investment accounts with Bank of America. In May 2026, Bank of America replaced its long-running Preferred Rewards program with BofA Rewards, dropping the old balance requirement so that any customer with an eligible checking account can join.

What Is BofA Rewards?

BofA Rewards launched on May 27, 2026, replacing Preferred Rewards. The program has 4 tiers:

Member
Preferred Plus
Preferred Honors
Premier

Each tier carries its own benefits and qualification criteria, which you’ll find detailed below.

Bank of America rewards customers based on their deposit and investment balances. Your tier is determined by qualifying Bank of America deposit accounts and your Merrill Edge and Merrill Lynch investment balances, based on a 3-month average combined balance.

The biggest change from the old program is access. Under Preferred Rewards, you needed a 3-month average combined balance of at least $20,000 to enroll. Under BofA Rewards, there is no minimum balance to join and no fee to participate. All you need is an eligible Bank of America personal checking account (Source: Bank of America). Bank of America has said it expects the change to grow enrollment from about 11 million to 30 million members.

Bank of America branch at an angle — Anyone with a Bank of America personal checking account can participate in BofA Rewards. Image Credit: Ryan Smith

Tiers above the entry level are based on your 3-month average combined balance, and Bank of America reviews balances monthly. If your balance qualifies you for a higher tier, you’re upgraded automatically, though new benefits can take up to 30 days to activate. For first-time enrollees, balances are reviewed daily for the first 30 days to help you move up sooner.

There’s also fine print on downgrades. You keep your tier until your next anniversary date, even if your balance dips. If you no longer meet the balance requirement for your tier at your annual review, you get a 3-month grace period to rebuild your balance. If you still don’t meet the requirement after 3 months, you move to a lower tier.

Hot Tip:

Small business accounts aren’t part of BofA Rewards. Business banking customers may instead be eligible for the separately structured Preferred Rewards for Business program. Bank of America has said there’s no change to the business program at this time.

BofA Rewards Benefits: Quick Overview

Here are the top benefits available in each of the program’s tiers, which are discussed in detail below:

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Benefit	Member	Preferred Plus	Preferred Honors	Premier
Minimum 3-month average balance	None	$30,000	$100,000	$1,000,000
Credit card rewards bonus	10%	25%	50%	75%
Waived monthly maintenance fees	No	Yes	Yes	Yes
Mortgage origination fee discount	$100	$300	$600	0.375% rate discount
HELOC interest rate discount	None	0.250%	0.375%	0.625%
Auto loan interest rate discount	0.10%	0.25%	0.35%	0.5%
Non-Bank of America ATM fee waivers	None	1 per statement (U.S. only)	Unlimited (U.S. only)	Unlimited (worldwide)
Foreign currency exchange discount	None	0.5%	1%	2%
Merrill Guided Investing fee discount	None	0.1%	0.15%	0.15%
Subscription credits	None	None	Up to $96 per year	Up to $180 per year
Lifestyle benefits	No	No	Yes	Yes

How To Enroll

If you’re a current Bank of America customer, you only need an eligible personal checking account. You can enroll in the BofA Rewards section of online banking or the mobile app. Existing Preferred Rewards members were automatically enrolled when the program launched.

BofA Rewards enrollment page — The enrollment page within a checking account profile. Screenshot: Bank of America

If you’re new to Bank of America, open an eligible personal checking account to get started. There’s no fee to join and no minimum balance to become a member. Keep in mind that checking accounts may carry a monthly maintenance fee if you don’t meet the waiver requirements.

Merrill investment balances count toward your tier alongside your Bank of America deposit balances, since Merrill and Bank of America are both subsidiaries of Bank of America Corporation.

Membership Benefits

There are 4 tiers of BofA Rewards. Some benefits appear at every tier, while others unlock as your balance grows. Here are the benefits available across the program.

Fraud and Identity Monitoring

Every tier includes access to fraud and identity monitoring through My Credit, including dark web and Social Security number monitoring for you and your family, lost wallet assistance, and access to your FICO Score and credit report. This is new to the program under BofA Rewards.

Cash-Back Deals

All members have access to BankAmeriDeals, which offers cash-back from popular brands across categories such as dining, entertainment, and travel.

Credit Card Rewards Bonus

You earn a bonus on eligible Bank of America credit cards, earning cash-back, points, and travel rewards. The bonus applies when you redeem to a Bank of America account or at the time of purchase, depending on the card. This is the most useful aspect of the program for points and travel enthusiasts.

Bank Of America Premium Rewards Travel Rewards Customized Cash Rewrads Cards — BofA Rewards status can give you a bonus earning on your credit cards. Image Credit: Africa Studio via Adobe Stock, modified by Upgraded Points LLC

The bonus applies to Bank of America’s own cash-back and proprietary rewards cards, such as the Bank of America^® Customized Cash Rewards credit card, the Bank of America^® Travel Rewards Credit Card, and the Bank of America^® Premium Rewards^® credit card. It does not apply to co-branded cards from partners such as Alaska Airlines or cruise lines.

Banking Services

At the Preferred Plus tier and above, monthly maintenance fees are waived on checking and savings accounts, and there are no additional fees for services such as debit card rush delivery, cashier’s checks, standard check orders, stop payments, and incoming domestic and international wire transfers. Higher tiers add more waivers, including outgoing wire transfers and overdraft item fees at the Premier tier.

Discounts on Loans

Every tier includes a mortgage origination fee reduction and an automobile loan interest rate discount. Preferred Plus and above add a HELOC interest rate discount. The size of each discount grows with your tier.

ATM Fee Waivers

Preferred Plus members get 1 fee-free transaction per statement cycle at non-Bank of America ATMs in the U.S. Preferred Honors members get unlimited fee-free U.S. transactions, and Premier members get unlimited fee-free transactions worldwide.

Merrill Guided Investing Discount

Preferred Plus and above receive a discount on the annual Merrill Guided Investing program fee.

Foreign Currency Exchange Discount

Preferred Plus and above receive a discount on foreign currency exchange rates for mobile and online banking orders, plus free standard shipping.

Priority Service

Preferred Plus and above get access to dedicated specialists through a priority service line.

All 4 BofA Rewards Tiers

Here’s a look at each tier, from the entry-level member tier up to Premier.

Member

Member is the entry tier, and it requires no minimum balance. Anyone with an eligible Bank of America personal checking account qualifies. Member benefits include a 10% credit card rewards bonus, $100 off mortgage origination fees, a 0.10% discount on automobile loan interest rates, cash-back deals through BankAmeriDeals, and fraud and identity monitoring.

Preferred Plus

Preferred Plus requires a 3-month average combined balance of $30,000 or more. It carries a 25% credit card rewards bonus, waived monthly maintenance fees on checking and savings accounts, $300 off mortgage origination fees, a 0.25% HELOC interest rate discount, a 0.25% automobile loan discount, 1 fee-free non-Bank of America ATM transaction per statement cycle in the U.S., a 0.5% foreign currency exchange discount, priority service, and a 0.10% Merrill Guided Investing fee discount.

Preferred Honors

Preferred Honors requires a 3-month average combined balance of $100,000 or more. It carries a 50% credit card rewards bonus, $600 off mortgage origination fees, a 0.375% HELOC interest rate discount, a 0.35% auto loan discount, unlimited fee-free non-Bank of America ATM transactions in the U.S., a 1% foreign currency exchange discount, a 0.15% Merrill Guided Investing fee discount, plus lifestyle benefits and up to $96 in annual subscription credits.

Premier

Premier is the top tier and requires a 3-month average combined balance of $1 million or more. There is no tier above it. Premier carries a 75% credit card rewards bonus, a 0.375% mortgage interest rate discount, a 0.625% HELOC interest rate discount, a 0.50% automobile loan discount, all service fees waived, unlimited fee-free non-Bank of America ATM transactions in the U.S. and internationally, a 2% foreign currency exchange discount, no international transaction fees on debit card purchases, a 0.15% Merrill Guided Investing fee discount, plus lifestyle benefits and up to $180 in annual subscription credits.

Subscription Credits and Lifestyle Benefits

Two of the newer benefits under BofA Rewards are subscription credits and lifestyle benefits, both available at the Preferred Honors and Premier tiers.

Subscription credits reimburse you for streaming and news services. Preferred Honors members receive up to $8 per month, or $96 per year, and Premier members receive up to $15 per month, or $180 per year. To use the benefit, you must enroll in subscription credits and pay for the subscription with an eligible Bank of America card.

Lifestyle benefits provide premium offers, private events, and curated experiences. Preferred Honors members have access to more than 60 offers from brands such as BMW, Lexus, Audi, and Virgin Hotels. Premier members have access to more than 100 premium offers, with additional partners including Mercedes, Sollis Health, and Blacklane.

Optimize Your Earnings With BofA Rewards

The main draw of the program is the bonus on credit card earnings. Using the Bank of America Premium Rewards card as an example, earning 2 points per $1 on travel and dining and 1.5 points per $1 on all other purchases, here’s how each tier’s bonus changes your effective earning rate:

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Spending Category	No Bonus	Member (10%)	Preferred Plus ($30,000+, 25%)	Preferred Honors ($100,000+, 50%)	Premier ($1 Million+, 75%)
Travel and dining	2x points	2.2x points	2.5x points	3x points	3.5x points
All other spending	1.5x points	1.65x points	1.875x points	2.25x points	2.625x points

At the Premier tier, a 75% bonus brings the Premium Rewards card up to an effective 3.5% return on travel and dining. However, that top rate now requires a $1 million balance. Under the old Preferred Rewards program, the 75% bonus was available at the Platinum Honors tier with a $100,000 balance, so customers in the $100,000 to $999,999 range now earn a 50% bonus rather than 75%.

That’s the main downside of the change for higher-balance customers.

What Existing Members Should Know

Existing Preferred Rewards members were automatically enrolled in BofA Rewards at launch. Bank of America mapped the old tiers to the new ones as follows: Gold and Platinum members moved to Preferred Plus, Platinum Honors members moved to Preferred Honors, and Diamond and Diamond Honors members moved to Premier (Source: Bank of America).

If the transition changed your tier and, therefore, your benefits, Bank of America has said you can keep your prior benefits and tier status for at least 6 months.

Final Thoughts

BofA Rewards is best suited for customers who want cash-back and keep their banking, credit cards, and investments with Bank of America. The credit card rewards bonus remains the most useful feature, and combining that bonus with your everyday spending is where most of the value comes from.

The removal of the $20,000 minimum means far more people can now participate, even if the largest benefits are still reserved for higher balances. The 75% bonus now sits at the $1 million Premier tier rather than the old $100,000 Platinum Honors threshold, which is a notable reduction for customers in that middle range. New members can enroll with a Bank of America personal checking account, and existing members were automatically moved over.