Bank of America is replacing its Preferred Rewards program with a redesigned program called BofA Rewards on May 27, 2026. If you currently hold a BofA card and qualify for Preferred Rewards, here is what is changing, what is not, and what you need to do before the transition.
What Is BofA Rewards?
BofA Rewards is the new name for Bank of America’s loyalty program that rewards customers for maintaining banking and investment relationships. The core concept is the same as Preferred Rewards: hold qualifying combined balances across Bank of America bank accounts and Merrill investment accounts, and earn bonus rewards on BofA credit cards plus other perks. The structural changes are what matter.
The Tier Changes
Preferred Rewards currently has five tiers: Gold, Platinum, Platinum Honors, Diamond, and Diamond Honors. BofA Rewards consolidates these to four:
| Old Tier (Preferred Rewards) | New Tier (BofA Rewards) |
|---|---|
| Gold + Platinum (combined) | Preferred Plus |
| Platinum Honors | Preferred Honors |
| Diamond | (Merged into Premier) |
| Diamond Honors | Premier |
The Biggest Change: Rewards Bonus Drop for $100K–$999K Tier
The most significant change for most Preferred Rewards members is the reduction in the credit card rewards bonus for the mid-tier range. Currently, Platinum Honors members (roughly $100,000–$999,999 in combined balances) earn a 75% bonus on credit card rewards. Under BofA Rewards, the equivalent tier (Preferred Honors) earns only a 50% bonus.
The 75% rate now requires $1 million or more in qualifying balances, placing it at the new Premier tier. For cardholders in the $100K–$999K range, this is a meaningful downgrade on the rewards multiplier.
To put it concretely: a BofA Customized Cash Rewards cardholder currently at Platinum Honors earns 3% on their chosen category with a 75% Preferred Rewards bonus, effectively reaching 5.25%. Under BofA Rewards at Preferred Honors with the 50% bonus, that same spend earns 4.5%. The difference is material for high spenders in that balance tier.
What Is Getting Better
Open enrollment: Preferred Rewards has always required a qualifying balance across BofA deposit and Merrill accounts. BofA Rewards opens the program to anyone with a Bank of America checking account, with no minimum balance required to enroll. The bonus tiers are still balance-gated, but the base program access expands.
New subscription credits: Two new tiers add annual subscription credits that did not exist in Preferred Rewards. Preferred Honors members receive a $96 annual subscription credit. Premier members receive a $180 annual credit. These credits offset program-eligible subscription services, though the full eligible service list will be confirmed at launch.
What Is Not Changing
Existing enrolled Preferred Rewards members are automatically transitioned to the equivalent BofA Rewards tier. No action is required to remain in the program. Bank of America has confirmed a six-month transition protection period for members whose benefits decrease as a result of the tier consolidation. The program’s core benefit of earning credit card rewards bonuses for maintaining balances remains in place.
Who Should Pay Attention
The change most likely to affect cardholders is the rewards bonus reduction for the $100K–$999K range. If you currently hold Platinum Honors status and actively earn credit card rewards, your effective rewards rate on BofA cards drops on May 27. The six-month protection period delays the impact but does not eliminate it.
If you have been considering whether to maintain your qualifying balance to sustain a specific tier, now is the time to run the math for BofA Rewards instead of Preferred Rewards. The new tier structure may change whether the balance requirement is worth the tradeoff at your specific balance level.
Timeline
- May 27, 2026: Preferred Rewards officially transitions to BofA Rewards
- Immediately after: Existing members auto-transitioned to equivalent BofA Rewards tier
- 6 months post-transition: Protection period ends for members with reduced benefits
Bottom Line
For most BofA cardholders, the transition to BofA Rewards is automatic and requires no action. The meaningful impact is on members in the $100K–$999K balance range, whose credit card rewards bonus drops from 75% to 50%. If that describes your situation, review your card strategy before the protection period ends later in 2026.