Reminder: Bank of America Overhauling Preferred Rewards — BofA Rewards Program Launches Tomorrow

Updated: May 26, 2026, 7:59am CDT

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Table of Contents

Overview of the New BofA Rewards Program
What Are the Positives and Negatives?
What if Your Status Changes?
Final Thoughts

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Bank of America’ new BofA Rewards program is set to launch tomorrow, May 27, 2026, and replace the Preferred Rewards program.

This is more than just a new name and logo.

While much of the program will remain intact, it’s getting new benefits, reducing from 5 tiers to 4, and will be open to anyone with a Bank of America checking account — dropping the old program’s financial requirement.

On top of these shifts in status tiers and entry requirements, the new program is adding lifestyle perks and monthly statement credits. Spokespeople for Bank of America believe these changes will increase enrollment from the current 11 million to 30 million members.

Here’s what’s changing.

Overview of the New BofA Rewards Program

After confirming it would revamp the program earlier this year, we didn’t have full details on what BofA Rewards would look like, but we knew it would replace the current Preferred Rewards program.

Now, we have the full details, and the BofA Rewards program will go into effect on May 27. Existing members will be automatically enrolled in the new program, and members should have received communication about the changes at this point.

Previously, customers needed at least $20,000 in their eligible Bank of America or Merrill accounts to qualify. Now, anyone with a checking account can enroll with no minimum balance required to start participating.

Representatives for the program said new perks came from customer feedback, and BofA Rewards will launch with 4 tiers. Here’s how they stack up against the current tiers:

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Old Preferred Rewards Program			New BofA Rewards Program
Tier	Required Minimum Balance	Credit Card Bonus	Tier	Required Minimum Balance	Credit Card Bonus
Gold	$20,000	25%	Member	none	10%
Platinum	$50,000	50%	Preferred Plus	$30,000	25%
Platinum Honors	$100,000	75%	Preferred Honors	$100,000	50%
Diamond	$1 million	75%	Premier	$1 million	75%
Diamond Honors	$10 million	75%	–

The top tier will start at $1,000,000 now, with no tier above that. Entry status begins with having a Bank of America account and enrolling in the program.

Benefits will continue to grow and evolve as you move up the tiers, including the addition of fraud and identity monitoring at all tiers, as well as the following:

Member: 10% credit card rewards boost, $100 mortgage fee discount, 0.1% auto loan discount, and access to BankAmeriDeals
Preferred Plus: 25% credit card rewards boost, $300 mortgage fee discount, 0.25% HELOC rate discount, 0.25% auto loan discount, unlimited fee-free checking and savings accounts, 7 no-fee services, 1 fee waiver for non-Bank of America ATMs monthly (U.S. only), 0.5% foreign currency exchange discount, priority service, and 0.1% Merrill Guided Investing fee discount
Preferred Honors: 50% credit card rewards boost, $600 mortgage fee discount, 0.375% HELOC rate discount, 0.35% auto loan discount, unlimited non-Bank of America ATM fee waivers (U.S. only), 1% foreign currency exchange discount, 0.15% Merrill Guided Investing fee discount, lifestyle benefits, and up to $96 in annual subscription credits
Premier: 75% credit card rewards boost, 0.375% mortgage fee discount, 0.625% HELOC rate discount, 0.5% auto loan discount, all service fees waived, unlimited non-Bank of America ATM fee waivers (U.S. and international), 2% foreign currency exchange discount, 0.15% Merrill Guided Investing fee discount, lifestyle benefits, and up to $180 in annual subscription credits

Hot Tip:

Getting up to a 75% boost on your credit card rewards multiplies the earning rates on Bank of America credit cards handsomely. The rewards boost only applies to cash-back and proprietary rewards cards — such as the Bank of America^® Customized Cash Rewards credit card and Bank of America^® Premium Rewards^® Elite Credit Card — and not co-branded credit cards from partners such as Alaska Airlines or Spirit Airlines.

What Are the Subscription Credits and Lifestyle Benefits?

At the Preferred Honors tier, subscription credits are available as up to $96 annually toward streaming and news services. Preferred Honors members also have access to more than 60 curated lifestyle benefits with offers from brands like BMW, Lexus, Audi, Virgin Hotels, and more.

BofARewards Enrolled — Image Credit: Bank of America

Premier members get up to $180 in annual credits for streaming and news services and over 100 premium offers for lifestyle benefits. Additional partners for these include Mercedes, Sollis Health, and Blacklane.

What Are the Positives and Negatives?

The main positive is that you can participate in the rewards program with no minimum balance requirements, get discounts on some banking services, and earn 10% extra rewards on eligible credit cards.

The main negative comes for those with over $100,000 in eligible accounts. Previously, they enjoyed a 75% credit card rewards boost, meaning a card earning 2% cash-back effectively earned 3.5% cash-back. Now, these customers will get a 50% earnings boost, as the 75% boost now requires $1 million or more in their accounts at Bank of America or Merrill.

Hot Tip:

Bank of America says there’s no change to the business version of Preferred Rewards currently in progress, but there’s no guarantee that it won’t also change in the future.

What if Your Status Changes?

If your tier will change on May 27, meaning your benefits will change, you’ll keep your current benefits and tier status for at least 6 months.

Final Thoughts

Tomorrow, Bank of America’s Preferred Rewards will transition to the BofA Rewards program.

Going forward, you won’t need at least $20,000 in a Bank of America or Merrill account to participate in BofA Rewards, which means many more people will have access. The best benefits will still be reserved for those with larger account balances, and many of the perks customers love about the program — fee waivers and credit card rewards boosts among them — will stick around.

In addition to those perks, new benefits will include lifestyle offerings and credits for subscription services. The new program will go live on May 27, 2026. New members can enroll with a Bank of America checking account, and existing program members will be automatically enrolled.