Bank of America Announces Changes to Loyalty Program

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Here is a list of our partners.Bank of America® is relaunching its loyalty program. While the update makes it easier for customers to join, some credit cardholders may see reduced rewards bonuses.Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.How is this page expert verified?NerdWallet's content is fact-checked for accuracy, timeliness and relevance. It undergoes a thorough review process involving writers and editors to ensure the information is as clear and complete as possible.Lead Writer & Content StrategistFunto Omojola is a lead writer and content strategist on the credit cards team. Funto started writing for NerdWallet in 2020 and also has writing featured in MarketWatch, Yahoo Finance, Realtor.com, New York Post and Nasdaq, among others. Funto lives in Brooklyn, New York. Managing EditorKenley Young directs daily credit cards coverage for NerdWallet. Previously, he was a homepage editor and digital content producer for Fox Sports, and before that a front page editor for Yahoo. He has decades of experience in digital and print media, including stints as a copy desk chief, a wire editor and a metro editor for the McClatchy newspaper chain. Bank of America® is making changes to its loyalty program, including a new name, new program tiers and a shift in credit card rewards bonuses for some cardholders, among others. In short, while it'll be much easier to qualify for the program, it may be harder for some existing members to maintain their current status tiers.The program, previously called Bank of America® Preferred Rewards, is dropping the “Preferred” from its name and will be called the BofA Rewards® program. The new program will launch on May 27, 2026, and customers who are Preferred Rewards members will be automatically changed to BofA Rewards® on or around that date. Here's what to know. » MORE: NerdWallet's best Bank of America® credit cardsPreviously, to qualify for the bank’s loyalty program, customers needed to have a three-month average balance of $20,000 or more across qualifying Bank of America® and eligible Merrill investment accounts.Now, all Bank of America® customers with a personal checking account with the bank will be able to join BofA Rewards® and get access to benefits like a credit card rewards boost. While there will no longer be a balance requirement to join the program, customers will still need to keep a considerable amount of money with Bank of America® to qualify for the next-highest rewards tier. Currently, the Preferred Rewards program has four tiers: Gold, Platinum, Platinum Honors and Diamond Honors. Your combined balances with Bank of America® determine which tier you're in, and that tier determines how much of a boost you get in your credit card rewards.Program tierRequired balanceRelationship bonusGold$20,000 to $49,999.25%.Platinum$50,000 to $99,999.50%.Platinum Honors$100,000 to $999,999.75%.Diamond Honors$1 million or more.75%.The program’s new rewards tiers will be labeled as follows:Member.Preferred Plus. (Current Gold and Platinum tier members will move to this tier.)Preferred Honors. (Current Platinum Honors members will move to this tier.)Premier. (Current Diamond Honors members move to this tier.)Like the previous program, your combined balances will determine the tier you're in, and the tier determines how much of a boost you get in your credit card rewards, plus which perks and lifestyle benefits you’re eligible for (see below).Program tierRequired balanceRewards bonusMemberNone.10%.Preferred Plus$30,000 to $99,999.25%.Preferred Honors$100,000 to $999,999.50%.Premier$1 million or more.75%.Notably, cardholders who had a balance of $100,000 to $999,999 and were members of the tier formerly called Platinum Honors could previously get a 75% rewards boost. That rate has been reduced to 50% for Preferred Honors cardholders under the new program. According to Bank of America®, any customers that may have a change in benefits will be given at least six months to transition and increase their balances to get to a higher tier.Note that if you’re enrolling in the bank’s loyalty program for the first time, Bank of America® will review your balance daily during the first 30 days of enrollment. You’ll automatically be upgraded to the appropriate higher tier when your qualifying balance increases.The loyalty program relaunch will also feature an updated app where users can engage with program benefits. Additionally, BofA Rewards® customers will get access to the following new benefits: Cash-back deals from more than 15,000 popular brands, including exclusive deals for members. Enhanced fraud and identity monitoring, including a new credit monitoring tool.Preferred Honors and Premier tier members will get reimbursed for popular streaming, entertainment and news subscriptions. Preferred Honors members can receive up to $93 per year ($15 per month maximum), and Premier tier members can receive up to $180 per year ($8 per month maximum). Customers with balances of $100,000 or more will have access to lifestyle benefits across travel, food, home, fitness, entertainment, health, personal services and more. (Previously, those benefits were offered only to those with balances of $1 million or more.)Plus, all BofA Rewards® customers will have continued access to benefits like auto loan and mortgage fee discounts.

All Preferred Plus, Preferred Honors and Premier tier accounts will also get perks like no-fee ATM transactions and no fees on select banking transactions. All rewards credit cards under the Bank of America® brand qualify for BofA Rewards® and are eligible for rewards bonuses, including the Bank of America® Travel Rewards credit card, the Bank of America® Customized Cash Rewards credit card, the Bank of America® Premium Rewards® credit card and the Bank of America® Unlimited Cash Rewards credit card.Helpful resourcesFind the right credit card for you.Whether you want to pay less interest or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow the search for you.Download the app Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product's site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution's Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. NerdWallet Compare, Inc. NMLS ID# 1617539 NMLS Consumer Access | Licenses and Disclosures California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812 Insurance Services offered through NerdWallet Insurance Services, Inc. (CA resident license no.OK92033) Insurance Licenses Fundera, Inc. NMLS ID# 1240038 NMLS Consumer Access California: California Finance Lender loans arranged pursuant to the Department of Financial Protection and Innovation Finance Lenders License #603L288 NerdWallet has engaged Atomic Invest LLC (“Atomic”), an SEC-registered investment adviser, to bring you the opportunity to open investment advisory accounts (Automated Investing Account and/or Treasury Account) with Atomic. NerdWallet receives compensation of 0% to 0.85% of assets under management annualized, payable monthly, for each referred client who opens an Atomic account and a percentage of free cash interest earned by clients, which creates a conflict of interest. Brokerage services for Atomic are provided by Atomic Brokerage LLC ("Atomic Brokerage"), member of FINRA/SIPC and an affiliate of Atomic, which creates a conflict of interest. See details about Atomic, in their Form CRS, Form ADV Part 2A and Privacy Policy. See details about Atomic Brokerage in their Form CRS, General Disclosures, fee schedule, and FINRA’s BrokerCheck. You also can open a Cash Account offered by Atomic Brokerage which allows you to earn interest on your cash through a cash sweep program.

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