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BofA Rewards — formerly known as Bank of America Preferred Rewards — is rolling out a handful of new benefits as part of its rebrand. One of the more practical additions is a new monthly subscription credit for higher-tier members.
This won’t be useful for everyone. For starters, you’ll need to qualify for one of BofA Rewards’ upper tiers, which requires a meaningful amount of eligible assets with Bank of America or Merrill. And even then, the benefit comes with a few hoops: You’ll need to enroll, use the right debit card, and pay for one of a limited number of eligible subscriptions.
Still, if you already qualify for Preferred Honors or Premier status, this is an easy way to offset up to $180 per year in subscription costs. Here’s what you need to know.
How the BofA Rewards Subscription Credit Works
BofA Rewards is Bank of America’s relationship rewards program for customers with qualifying assets at Bank of America or Merrill. The program can be particularly valuable for those who also use a Bank of America cash-back credit card, as eligible members can boost their credit card rewards by as much as 75%.
But credit card earning bonuses aren’t the only benefits. As part of the refreshed BofA Rewards program, higher-tier members can now receive monthly statement credits toward select subscription services.
The new subscription credit is available to members in these two tiers:
- Preferred Honors: Members with at least $100,000 in qualifying assets receive up to $96 per year in credits, issued as up to $8 per month.
- Premier: Members with at least $1 million in total assets receive up to $180 per year in credits, issued as up to $15 per month.
- 6% cash back for the first year in the category of your choice: gas and EV charging stations, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy purchase, or home improvement/furnishing purchases, then 3% after the first year of card membership*
- 2% cash back at grocery stores and wholesale clubs*
- 1% cash back on all other purchases
- * You'll earn 6% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
Which subscriptions are eligible?
Eligible subscription services currently include:
- Paramount+
- SiriusXM
- The Wall Street Journal
- The Economist
That list is fairly limited, but it does cover a mix of entertainment, audio, and news subscriptions. If you already pay for one of these services, the benefit could be close to automatic savings once you set it up correctly.
How to Use the BofA Rewards Subscription Credit
To receive the subscription credit, BofA Rewards members must first accept the full terms of the benefit. This needs to be done through the dedicated subscription credit page inside the BofA Rewards portal.
After enrolling, members must pay for eligible subscriptions using a Bank of America debit card tied to the checking account designated on the subscription credit benefit page. That detail is important: Paying with a Bank of America credit card — or any other rewards card — won’t trigger the credit.
That makes the benefit less straightforward than some credit card subscription credits. You’ll need to give up the rewards, purchase protections, or category bonuses you might otherwise earn by paying with a credit card. For a small monthly subscription, that tradeoff may not matter much. But it’s still worth noting before you update your payment method.
Our Take
The new BofA Rewards subscription credit is a nice incremental perk, but it probably won’t be the reason anyone moves assets to Bank of America or Merrill. The real value of BofA Rewards still comes from the elevated earning rates on eligible Bank of America credit cards — especially for those who can qualify for the 75% rewards bonus.
That said, the subscription credit is worth using if you already qualify. Preferred Honors members can save up to $96 per year, while Premier members can save up to $180 per year. If you already subscribe to Paramount+, SiriusXM, The Wall Street Journal, or The Economist, this can put a small amount of money back in your pocket each month.
The main downside is that you must enroll and pay with an eligible Bank of America debit card. That’s less convenient than simply receiving a credit on a rewards credit card, and it means giving up any credit card rewards you’d otherwise earn on the purchase.
