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The Bank of America Preferred Rewards program may not grab headlines, but it’s 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?
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.
Here's what you need to know.
Page Contents
Bank of America Preferred Rewards: What's Changing?
On May 27, 2026, Bank of America will rename its Preferred Rewards program to BofA Rewards. While the program’s tier structure will remain intact, both the tier names and balance thresholds are changing slightly.
The table below outlines what’s different.
| Old Tier Name | Old Balance Threshold | New Tier Name | New Balance Threshold |
|---|---|---|---|
| Gold | $20k to < $50k | Member | Less than $30k |
| Platinum | $50 to < $100k | Preferred Plus | $30k to < $100k |
| Platinum Honors | $100k to < $1 million | Preferred Honors | $100k to < $1 million |
| Diamond Honors | $1 million+ | Premier | $1 million+ |
Overall, the changes aren’t especially drastic. Existing rewards members will be automatically mapped into the new tiers as follows:
- Gold and Platinum will become Preferred Plus
- Platinum Honors will become Premier Honors, keeping the same $100,000 balance threshold
- Diamond members will become Premier members
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.
Changes to credit card bonuses
When the changes were first announced, there weren’t many details. Bank of America did say, though, that “Your current benefits will change following conversion to BofA Rewards,” which was concerning. Now that more information has come out, we can see why.
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.
Here's how the new credit card bonus shakes out starting May 27:
- Member —10% bonus
- Preferred Plus — 25% bonus
- Preferred Honors — 50% bonus
- Premier — 75% bonus
It’s not all bad news, though. According to Doctor of Credit, current rewards members won’t see a change in benefits until three months after their next anniversary following November 2026. That means if your anniversary falls before November, the changes likely won’t take effect until late 2027.
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.
New statement credits
An addition to the new program is (surprise, surprise) statement credits.
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.
New lifestyle offers
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.
While we don’t yet know what these offers will look like in practice, they’re a nice added perk on paper.
Bottom Line
Although the updates to the new BofA rewards program are relatively minor, it’s 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.
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’s worth reviewing what’s changing and how it could affect you once the new program launches.
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