{"id":244329,"date":"2026-02-23T16:10:02","date_gmt":"2026-02-23T16:10:02","guid":{"rendered":"https:\/\/awardwallet.com\/blog\/?p=244329\/"},"modified":"2026-04-08T14:35:01","modified_gmt":"2026-04-08T14:35:01","slug":"preferred-rewards-to-become-bofa-rewards","status":"publish","type":"post","link":"https:\/\/awardwallet.com\/news\/bank-of-america\/preferred-rewards-to-become-bofa-rewards\/","title":{"rendered":"Bank of America Releases More Details on the Preferred Rewards Changes \u2014 What to Know"},"content":{"rendered":"<p>The <a target=\"_blank\" href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/preferred-rewards-guide\/\" rel=\"noopener\">Bank of America Preferred Rewards program<\/a> may not grab headlines, but it\u2019s a popular way for customers to get more out of their banking products and credit cards. Simply put, the more you invest with Bank of America and Merrill Edge, the better the bonus rewards you can earn on eligible Bank of America credit cards. And who doesn't like extra rewards?<\/p>\n<p>But the program is about to undergo some changes starting in May 2026. And Bank of America just released additional details about what to expect with the revamped program.<\/p>\n<p>Here's what you need to know.<\/p>\n<div id=\"toc_container\" class=\"toc_light_blue no_bullets\"><p class=\"toc_title\">Page Contents<\/p><ul class=\"toc_list\"><li><a href=\"#Bank_of_America_Preferred_Rewards_What8217s_Changing\">Bank of America Preferred Rewards: What's Changing?<\/a><ul><li><a href=\"#Changes_to_credit_card_bonuses\">Changes to credit card bonuses<\/a><\/li><li><a href=\"#New_statement_credits\">New statement credits<\/a><\/li><li><a href=\"#New_lifestyle_offers\">New lifestyle offers<\/a><\/li><\/ul><\/li><li><a href=\"#Bottom_Line\">Bottom Line<\/a><\/li><\/ul><\/div>\n\n<h2><span id=\"Bank_of_America_Preferred_Rewards_What8217s_Changing\">Bank of America Preferred Rewards: What's Changing?<\/span><\/h2>\n<p>On <strong>May 27, 2026<\/strong>, Bank of America will rename its Preferred Rewards program to <a href=\"https:\/\/info.bankofamerica.com\/en\/bofa-rewards?cm_mmc=PRW-PreferredRewards-EnhancedBankingFeatures-_-vanity-_-PB01VN000C_bofarewards-_-N\/A\" target=\"_blank\" rel=\"noopener\">BofA Rewards<\/a>. While the program\u2019s tier structure will remain intact, both the tier names and balance thresholds are changing slightly.<\/p>\n<p>The table below outlines what\u2019s different.<\/p>\n\n<table id=\"tablepress-1195\" class=\"tablepress tablepress-id-1195 tablepress-responsive\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\">Old Tier Name<\/th><th class=\"column-2\">Old Balance Threshold <\/th><th class=\"column-3\">New Tier Name<\/th><th class=\"column-4\">New Balance Threshold <\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">Gold<\/td><td class=\"column-2\">$20k to < $50k<\/td><td class=\"column-3\">Member<\/td><td class=\"column-4\">Less than $30k<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\">Platinum<\/td><td class=\"column-2\">$50 to < $100k<\/td><td class=\"column-3\">Preferred Plus<\/td><td class=\"column-4\">$30k to < $100k<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\">Platinum Honors<\/td><td class=\"column-2\">$100k to < $1 million<\/td><td class=\"column-3\">Preferred Honors<\/td><td class=\"column-4\">$100k to < $1 million<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\">Diamond Honors<\/td><td class=\"column-2\">$1 million+<\/td><td class=\"column-3\">Premier<\/td><td class=\"column-4\">$1 million+<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p>Overall, the changes aren\u2019t especially drastic. Existing rewards members will be automatically mapped into the new tiers as follows:<\/p>\n<ul>\n<li>Gold and Platinum will become Preferred Plus<\/li>\n<li>Platinum Honors will become Premier Honors, keeping the same $100,000 balance threshold<\/li>\n<li>Diamond members will become Premier members<\/li>\n<\/ul>\n<p>The new naming structure doesn't change much, although now there is no minimum balance requirement to be a part of the rewards program. That means anyone with even a checking account at Bank of America can become a member.<\/p>\n<figure id=\"attachment_138887\" class=\"wp-caption aligncenter\"><img data-aspectratio=\"600\/480\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" class=\"wp-image-138887 lazyload\" data-src=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/12\/Hand-inserts-Bank-of-America-credit-card-featured.jpeg\" alt=\"Hand inserts Bank of America credit card into a payment terminal\" width=\"600\" height=\"480\" data-srcset=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/12\/Hand-inserts-Bank-of-America-credit-card-featured.jpeg 1000w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/12\/Hand-inserts-Bank-of-America-credit-card-featured-300x240.jpeg 300w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/12\/Hand-inserts-Bank-of-America-credit-card-featured-768x614.jpeg 768w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/12\/Hand-inserts-Bank-of-America-credit-card-featured-325x260.jpeg 325w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><center><em>Credit: Bank of America<\/em><\/enter><\/figure>\n<h3><span id=\"Changes_to_credit_card_bonuses\">Changes to credit card bonuses<\/span><\/h3>\n<p>When the changes were first announced, there weren\u2019t many details. Bank of America did say, though, that \u201cYour current benefits will change following conversion to BofA Rewards,\u201d which was concerning. Now that more information has come out, we can see why.<\/p>\n<p>The new program is reducing the boost for members in the Preferred Honors tier. This biggest boost previously required a $100,000 minimum balance, but will now only be reserved for those in the $1 million+ balance tier. Preferred Honors (previously Platinum Honors) will now only get a 50% bump.<\/p>\n<p>Here's how the new credit card bonus shakes out starting May 27:<\/p>\n<ul>\n<li><strong>Member \u2014<\/strong>10% bonus<\/li>\n<li><strong>Preferred Plus \u2014 <\/strong>25% bonus<\/li>\n<li><strong>Preferred Honors \u2014<\/strong>\u00a050% bonus<\/li>\n<li><strong>Premier \u2014<\/strong>\u00a075% bonus<\/li>\n<\/ul>\n<p>It\u2019s not all bad news, though. <a target=\"_blank\" href=\"https:\/\/www.doctorofcredit.com\/existing-bank-of-america-relationship-customers-will-keep-status-longer-than-expected-into-2028-for-some\/\" rel=\"noopener\">According to Doctor of Credit<\/a>, current rewards members won\u2019t see a change in benefits until three months <strong>after their next anniversary following November 2026<\/strong>. That means if your anniversary falls before November, the changes likely won\u2019t take effect until late 2027.<\/p>\n<p>This is good news for those who would see a reduction in the credit card boost. Now they still have time to take advantage of the perk before the change.<\/p>\n<h3><span id=\"New_statement_credits\">New statement credits<\/span><\/h3>\n<p>An addition to the new program is (surprise, surprise) statement credits.<\/p>\n<p>Preferred Honors tier members can now get reimbursed for popular subscriptions from top streaming, entertainment, and news services. This benefit provides credits of up to $96 per year, or a max of $8 per month. Premier tier members get up to $180 per year, or $15 per month.<\/p>\n<figure id=\"attachment_145455\" class=\"wp-caption aligncenter\"><img data-aspectratio=\"600\/480\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" class=\"wp-image-145455 lazyload\" data-src=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/01\/Streaming-television-featured.jpg\" alt=\"A photo of a television with several streaming service apps on the screen. The TV is on a credenza with plant to the left and a camera and books to the right.\" width=\"600\" height=\"480\" data-srcset=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/01\/Streaming-television-featured.jpg 1000w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/01\/Streaming-television-featured-300x240.jpg 300w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/01\/Streaming-television-featured-768x614.jpg 768w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/01\/Streaming-television-featured-325x260.jpg 325w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><center><em>Credit: Oscar Nord\/Unsplash<\/em><\/enter><\/figure>\n<h3><span id=\"New_lifestyle_offers\">New lifestyle offers<\/span><\/h3>\n<p>The top two tiers will also receive curated offers from a range of luxury brands across lifestyle categories. Preferred Honors members will see brands like BMW, Lexus, Audi, and Volvo, plus access to Broadway shows and more. Premier members add brands like Backroads, The Eden Residence Club, Mercedes, Sollis Health, and Blacklane to the mix.<\/p>\n<p>While we don\u2019t yet know what these offers will look like in practice, they\u2019re a nice added perk on paper.<\/p>\n<h2><span id=\"Bottom_Line\">Bottom Line<\/span><\/h2>\n<p>Although the updates to the new BofA rewards program are relatively minor, it\u2019s still important to understand the new tiers and what they offer. Raising the investment threshold for the coveted 75% earning boost by tenfold really hurts.<\/p>\n<p>But the good news is that current customers will have some time under the existing structure before the changes take effect. If Bank of America Preferred Rewards plays a key role in your banking and credit card strategy, it\u2019s worth reviewing what\u2019s changing and how it could affect you once the new program launches.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank of America is tweaking its Preferred Rewards program. The name, tiers, and asset thresholds are changing, as well as some of the important benefits. If you use this valuable program, here are the changes to make note of.<\/p>\n","protected":false},"author":94,"featured_media":144233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_wpscppro_dont_share_socialmedia":null,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"default","_twitter_share_type":"default","_linkedin_share_type":"default","_pinterest_share_type":"default","_linkedin_share_type_page":"","_instagram_share_type":"default","_medium_share_type":"default","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[12069],"tags":[12789,12621],"coauthors":[36490],"class_list":["post-244329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bank-of-america","tag-earning-strategy"],"acf":[],"_links":{"self":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/244329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/users\/94"}],"replies":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/comments?post=244329"}],"version-history":[{"count":16,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/244329\/revisions"}],"predecessor-version":[{"id":248546,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/244329\/revisions\/248546"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/media\/144233"}],"wp:attachment":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/media?parent=244329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/categories?post=244329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/tags?post=244329"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/coauthors?post=244329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}