Key Points:
- Bank of America launches BofA Rewards on May 27, 2026, replacing Preferred Rewards and opening membership to anyone with a personal checking account.
- New Member tier removes the previous $20,000 minimum balance requirement, allowing 30 million+ existing clients to qualify for rewards bonuses.
- Credit card earning rates remain the same, with bonuses ranging from 10% to 75% based on four tiers tied to account balances.
Bank of America just announced the biggest expansion of its rewards program in over a decade. Starting May 27, 2026, the bank's new BofA Rewards program will replace Preferred Rewards and open membership to any customer with a personal checking account, eliminating the previous $20,000 minimum balance requirement.
This change makes more than 30 million existing Bank of America customers newly eligible for rewards bonuses, credit card perks, and lifestyle benefits they couldn't access before.
What's Changing on May 27
BofA Rewards combines and expands Bank of America's previously separate loyalty programs into one unified system. The new structure includes four tiers instead of the current three, with a critical change at the entry level.
Current Preferred Rewards (until May 26):
- Gold: $20,000 minimum, 25% bonus
- Platinum: $50,000 minimum, 50% bonus
- Platinum Honors: $100,000 minimum, 75% bonus
New BofA Rewards (starting May 27):
- Member: Under $30,000, 10% bonus
- Preferred Plus: $30,000 to $99,999, 25% bonus
- Preferred Honors: $100,000 to $999,999, 50% bonus
- Premier: $1 million+, 75% bonus
The most significant change? That new Member tier with no minimum balance requirement. If you have an active Bank of America personal checking account, you're in.
Tier qualification works the same way as before, using your three-month combined average daily balance across qualifying Bank of America deposit accounts and Merrill investment accounts. Current Preferred Rewards members will automatically transition to BofA Rewards on May 26 or 27.
Credit Card Rewards Under BofA Rewards
The credit card earning structure you're used to continues, but now accessible to more people. Your BofA Rewards tier multiplies the base earning rate on eligible Bank of America credit cards.
For the Bank of America Customized Cash Rewards card earning 3% in your chosen category, the new tiers produce these effective rates:
- Member tier: 3.3% (10% bonus)
- Preferred Plus: 3.75% (25% bonus)
- Preferred Honors: 4.5% (50% bonus)
- Premier: 5.25% (75% bonus)
The Bank of America Unlimited Cash Rewards card earning a flat 1.5% becomes:
- Member tier: 1.65%
- Preferred Plus: 1.875%
- Preferred Honors: 2.25%
- Premier: 2.625%
These bonuses apply across all eligible Bank of America credit cards you hold, with no cap on total rewards earned. The multiplier effect makes no-annual-fee cards like Customized Cash and Unlimited Cash competitive with premium travel cards for Bank of America customers.
Notice the tier thresholds shifted slightly. The old Gold tier started at $20,000 and delivered a 25% bonus. The new Preferred Plus tier requires $30,000 for the same 25% bonus, while introducing a Member tier below that threshold offering a 10% bonus.
This means customers with $20,000 to $29,999 in combined balances will see their credit card rewards bonus drop from 25% to 10% after the transition. That's worth calculating if you're close to that threshold.
What Else BofA Rewards Includes
Beyond credit card earning bonuses, BofA Rewards members get access to benefits scaled by tier:
Available to all members:
- Cash back deals from 15,000+ national and local brands
- Discounts on home and auto loans
- Enhanced fraud monitoring including dark web and Social Security number monitoring
Preferred Honors and Premier tiers only:
- Subscription reimbursements up to $96/year (Preferred Honors) or $180/year (Premier)
- Lifestyle benefits including travel, automotive, dining, entertainment, and wellness offers
- Curated private events and tier-exclusive luxury partner offers
Bank of America says members can receive between $150 and $4,000 in annual value depending on their tier and how actively they use the benefits. That range reflects the difference between basic Member tier perks and Premier tier members who maximize credit card bonuses, subscription credits, and lifestyle offers.
The subscription reimbursement benefit is new. Preferred Honors members can get up to $8 monthly ($96 annually) credited back for subscriptions from a pre-selected list of streaming, entertainment, and news services. Premier members get up to $15 monthly ($180 annually). Bank of America hasn't released the full list of eligible services yet.
Who Benefits Most From This Change
The elimination of minimum balance requirements helps three groups of Bank of America customers:
Entry-level customers who maintain checking accounts but don't have $20,000 in combined balances can now access a 10% credit card rewards boost. For someone spending $30,000 annually across Bank of America cards, that's an extra $300 in rewards compared to earning base rates.
Customers near tier thresholds who were slightly below qualification under Preferred Rewards now have a path to some benefits. The Member tier functions as a gateway that didn't exist before.
Customers building their banking relationship can start earning enhanced rewards immediately rather than waiting until they accumulate $20,000 in balances.
However, customers currently holding Gold tier status ($20,000-$49,999) need to be aware their rewards bonus drops from 25% to 10% unless they increase their balances to $30,000 for Preferred Plus status. That's a meaningful decrease for active credit card users.
The new Premier tier at $1 million+ creates differentiation at the top end that wasn't present before. Previously, customers with $100,000 and customers with $5 million received identical benefits through Platinum Honors status.
How This Stacks Up Against Chase and Amex
Bank of America's approach differs fundamentally from Chase's Ultimate Rewards and American Express's Membership Rewards programs. Chase credit cards focus on transfer partners and category bonuses, while American Express cards emphasize premium benefits and diverse transfer options.
BofA Rewards instead boosts your earning rates based on your banking relationship. This makes it particularly valuable for customers who already maintain substantial balances with the bank, while Chase and Amex deliver value regardless of where you bank.
For cash back credit cards, the 75% bonus at Premier tier transforms Bank of America's cards into some of the highest-earning options available. That 5.25% in a chosen category with the Customized Cash card beats virtually every competitor.
What You Should Do Before May 27
Current Preferred Rewards members don't need to take any action. Bank of America will automatically enroll you in BofA Rewards and map you to the corresponding tier:
- Current Gold and Platinum → Preferred Plus
- Current Platinum Honors → Preferred Honors
- Current Diamond Honors (business tier) → Premier
If you're a Gold tier member with $20,000-$29,999 in combined balances, consider whether consolidating additional assets with Bank of America to reach $30,000 makes sense before May 27. The difference between a 10% and 25% credit card bonus adds up quickly for high spenders.
Check which accounts count toward tier qualification. Eligible accounts include Bank of America checking, savings, money market accounts, CDs, IRAs, Merrill investment accounts including IRAs, 529 plans on your Merrill statement, and revocable grantor trust accounts. HSAs and other specialty accounts don't qualify.
New BofA Rewards members will have their balances reviewed daily during the first 30 days after enrollment, then quarterly after that. Benefits activate within 30 days of enrollment. You'll automatically move up to higher tiers when your qualifying balances increase.
Should You Get a Bank of America Card?
If you're new to Bank of America's credit card ecosystem, this program expansion creates compelling reasons to consider their offerings, especially if you maintain checking or savings accounts with them.
The Bank of America Premium Rewards card earning 2x on travel and dining becomes particularly attractive with BofA Rewards. At Preferred Honors tier, you're earning 3x on those categories for just a $95 annual fee. That rivals premium cards like the Chase Sapphire Preferred but without the $95 fee burden thanks to travel credits.
For straightforward cash back earning, the combination of Customized Cash and Unlimited Cash cards creates a powerful duo when enhanced by BofA Rewards tiers.
The Bigger Picture for Bank of America Cardholders
This program expansion positions Bank of America more competitively against other banks offering relationship bonuses. By removing the minimum balance requirement, they're now competing for customers at all asset levels rather than focusing exclusively on affluent banking clients.
The credit card rewards multiplication effect remains one of Bank of America's strongest value propositions. A 75% bonus at Premier tier transforms a standard 1.5% cash back card into a 2.625% unlimited card and a 3% category card into 5.25%. Those rates compete with premium cards charging annual fees.
For cardholders who already maintain substantial Bank of America relationships, nothing changes except better lifestyle benefits and subscription credits. For everyone else, the question becomes whether consolidating banking relationships with Bank of America makes sense to unlock higher rewards tiers.
The program launches with a redesigned mobile app experience on May 27. Bank of America promises personalized offers, easier benefit activation, and tier-specific features to help members maximize value.
Current Preferred Rewards for Business members remain in their existing program for now, with Bank of America indicating additional details will come soon. Business customers should watch for separate announcements about how BofA Rewards affects business banking relationships.
Bank of America has operated its Preferred Rewards program since 2014, growing to more than 11 million members. The expansion to BofA Rewards potentially triples the eligible customer base to 30+ million, making it one of the largest bank loyalty programs in the United States.
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