Bank of America just announced a major overhaul to its loyalty program. Starting May 27, 2026, Bank of America will replace its Preferred Rewards program with the BofA Rewards program, and the changes go beyond a simple name swap. The headline? Anyone with a BofA checking account can now join for free. No $20,000 minimum and no hoops to jump through. That opens the door to over 30 million new members.
But before you celebrate, there’s a catch. Some existing members are actually losing benefits they’ve relied on for years.
Here is what changes with the new BofA Rewards.
What is the BofA Rewards Program?
BofA Rewards is Bank of America’s new no-fee loyalty program. It rewards you based on your total banking relationship, not just credit card spending.
It includes your checking account, savings, Merrill investment accounts, and eligible credit cards in one place. In turn, the bank reviews your combined balances. Consequently, keeping more money with Bank of America and Merrill leads to stronger perks.
The BofA Rewards program launches May 27, 2026. It replaces the Preferred Rewards program that has operated since 2014. If you are already a Preferred Rewards member, Bank of America will automatically transition you, and you do not need to take any action.
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Who Can Join the BofA Rewards Program?
This is the biggest change. Previously, you needed at least $20,000 across your Bank of America and Merrill accounts to even qualify for Preferred Rewards. That locked out a huge chunk of everyday customers.
Now, all you need is a Bank of America personal checking account. In fact, that is it. Furthermore, no minimum balance is required.
Bank of America expects this change alone will make roughly 30 million additional customers eligible, nearly tripling the program’s current 11 million members.
Pro Tip – If you are relocating to a new city and setting up fresh banking, this deserves attention. BofA operates more than 3,700 branches nationwide, so you can begin earning rewards from day one. Even if you are still building savings in a new location, you can start qualifying right away.
How the New BofA Rewards Tiers Work
The BofA Rewards program has four tiers. These tiers are based on your three-month average balance. Specifically, the balance is calculated across qualifying Bank of America and Merrill accounts –
- Member – No minimum balance. Just enroll with a checking account.
- Preferred Plus – $20,000 or more.
- Preferred Honors – $100,000 or more.
- Premier – $1,000,000 or more.
That is down from five tiers in the old program. Meanwhile, the old Gold and Platinum tiers are being merged into Preferred Plus, and Diamond Honors now becomes Premier.
BofA Rewards vs Preferred Rewards – What’s Actually Changing
The update reshapes how tier benefits are structured and who gains the most value. Consequently, the shift influences entry-level access, middle-tier boosts, and long-standing loyalty perks.
Here’s a side-by-side look at how the old program maps to the new one, and where the credit card rewards boost changes –
- No previous tier → Member (new) – No balance is needed. Therefore, you receive a 10% credit card boost. Until now, this tier did not exist.
- Gold → Preferred Plus – The balance stays at $20,000 or more. Likewise, the boost remains at 25%. Therefore, there is no change here.
- Platinum → Preferred Plus – However, this is where it hurts. Previously, your balance ranged from $50,000 to $99,999, yet you are now being merged into the same tier as Gold members. As a result, the boost drops from 50% to 25%.
- Platinum Honors → Preferred Honors – The balance stays at $100,000 or more. However, your boost drops from 75% to 50%.
- Diamond Honors → Premier – Balance threshold moves to $1,000,000 or more. Meanwhile, the boost stays at 75%.
The pattern is clear. Overall, the top and bottom remain fine. Meanwhile, the middle is getting squeezed.
The Credit Card Rewards Boost – Who Gains and Who Feels the Shift
The credit card boost has always been the main draw of Bank of America’s loyalty program. However, it is sticking around with some changes.
Each tier gives you a percentage boost on rewards earned with eligible BofA credit cards –
- Member – 10% boost
- Preferred Plus – 25% boost
- Preferred Honors – 50% boost
- Premier – 75% boost
If you are new to the BofA Rewards program, this is great. For example, even the entry level 10% boost means a card earning 1.5% cashback now earns you 1.65%, for free.
However, if you are currently a Platinum member enjoying a 50% boost, then getting dropped to 25% is a real hit. For example, on $50,000 in annual card spending with a 1.5% cashback card, that translates to roughly $187 less per year in your pocket.
The good news? Fortunately, Bank of America is offering a grace period. As a result, existing Platinum and Platinum Honors members keep their current boost rates through November 2026. That gives you a few months to figure out your next move.
Pro Tip – If you are in the 50K to 100K range, then use these next nine months strategically. In the meantime, front-load your BofA card spending before November 2026 while you still have the bigger boost. At the same time, start researching whether cards from Chase, Amex, or Capital One offer better returns for your spending patterns going forward.
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New Perks – Subscription Credits and Lifestyle Benefits
Bank of America is adding new benefits to help offset those boost reductions, especially at the upper tiers.
Subscription credits are brand new. For example, Preferred Honors members can earn up to $8 per month ($96 per year) as a statement credit on eligible subscriptions paid with their BofA debit card. Meanwhile, Premier members can receive up to $15 per month ($180 per year).
Worth noting, however, this benefit requires your debit card, not your credit card. Therefore, Bank of America wants you to use their debit card for those recurring charges.
Lifestyle benefits are now being added for the top two tiers. For example, you can receive automotive savings on brands like BMW, Lexus, Audi, and Volvo. In addition, you gain access to concerts, Broadway shows, and major league sporting events. Finally, you can unlock travel experiences through partners like Regent Seven Seas Cruises and Virgin Hotels.
Premier members get even more exclusive access, Mercedes and Lamborghini events, Sollis Health concierge medicine, and private events like the Food Network NYC Wine & Food Festival.
These perks sound appealing on paper. Still, the true value depends on actual use. For example, a $500 automotive discount provides tangible savings. On the other hand, a Lamborghini invitation adds no benefit if you are not purchasing.
Who Benefits Most from the BofA Rewards Program?
Not everyone wins equally here. In fact, the structure favors specific balance ranges and spending patterns. As a result, your total deposits and card usage will determine how much value you actually unlock.
Let’s break it down –
Clear Winners
New BofA customers and anyone who previously did not meet the $20,000 threshold stand to benefit. As a result, you move from zero rewards to a free 10% credit card boost overnight.
Also winning: Premier-tier members whose 75% boost is untouched and now get luxury lifestyle perks on top.
Mixed Results
Preferred Plus members who were previously in the Gold tier. Nothing changes for the same 25% boost, same $20,000 threshold. You’re treading water, which isn’t bad.
Where Value Drops
Former Platinum members ($50K–$99K) are losing nearly half their credit card boost, and former Platinum Honors members ($100K+) are losing a quarter of theirs. The subscription credits and lifestyle perks help soften the blow, but the math likely doesn’t add up for most people in this group.
How to Enroll in the BofA Rewards Program
Enrollment depends on your current relationship with Bank of America. Some members transition automatically, while others need to take a simple step through online banking.
Either way, the process is straightforward once you know where you stand –
Already a Preferred Rewards member? You’re set. Bank of America automatically transitions your account around May 26–27, 2026. Communications start going out on February 23, so you’ll know your new tier ahead of time.
BofA customer without Preferred Rewards? Starting May 27, you can enroll through the Bank of America mobile app or online banking. All you need is an active personal checking account. Benefits kick in within 30 days of enrollment.
Don’t have a BofA account? You’ll need to open a checking account first. Keep in mind that checking accounts may have monthly maintenance fees if you don’t meet waiver requirements, typically a minimum balance or qualifying direct deposit.
Pro Tip – If you’re opening a new account specifically for the BofA Rewards program, set up direct deposit right away. It’s the easiest way to waive the monthly maintenance fee and ensures you start earning rewards without paying for the privilege.
If you’re enrolled in Preferred Rewards for Business, your program isn’t changing yet. Bank of America says more details are coming soon.
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What To Do Before May 27
The transition date matters. Your strategy over the next few months determines how much value you keep or gain under the new structure.
Review your position early and act deliberately rather than reacting after the change takes effect –
- If you’re a current member, check which new tier you’ll land in and calculate whether the boost change affects your annual rewards. You have until November 2026 to take advantage of your current rates, so consider front-loading your BofA card spending before then.
- If you’re a BofA customer without Preferred Rewards, mark May 27 on your calendar. Enrollment opens through the mobile app and online banking. It’s free and takes minutes.
- If you’re thinking about opening a BofA account, make sure you can meet the checking account fee waiver requirements first. The Member tier’s 10% boost is nice, but it won’t offset monthly maintenance fees if you’re not meeting the minimum balance or direct deposit thresholds.
Bottom Line
The BofA Rewards program is a smart move by Bank of America to bring millions of new customers into its loyalty ecosystem. Dropping the $20,000 barrier and adding lifestyle perks make the program more accessible and modern. But it comes at a cost for some loyal, long-standing members who are quietly losing meaningful credit card rewards. If you’re in that group, now is the time to evaluate your options, not after the changes take effect. For everyone else, this is free money on the table.
If you bank with BofA and have not been earning rewards on your relationship, May 27 changes that.
Frequently Asked Questions (FAQ) About the BofA Rewards Program
1. When does the BofA Rewards program launch?
The BofA Rewards program goes live on May 27, 2026. It replaces Preferred Rewards. Existing members shift automatically starting February 23, 2026.
2. Do you need a minimum balance to join BofA Rewards?
No. Preferred Rewards required $20,000 in balances, while BofA Rewards is open to anyone with a Bank of America checking account. There is no minimum balance for the Member tier.
3. Will your Preferred Rewards status transfer automatically?
Yes. Current members are auto-enrolled. Gold and Platinum move to Preferred Plus, Platinum Honors moves to Preferred Honors, and Diamond Honors moves to Premier. However, credit card boost percentages may change depending on your new tier.
4. What credit card rewards boost will you get?
It depends on your tier. Member gets 10%, Preferred Plus gets 25%, Preferred Honors gets 50%, and Premier gets 75%. Former Platinum and Platinum Honors members will see reduced boosts, but current rates are maintained through November 2026 as a grace period.
5. What are the BofA Rewards subscription credits?
Preferred Honors members earn up to $8 per month, and Premier members earn up to $15 per month in statement credits on eligible subscriptions. You must pay with your BofA debit card, not a credit card. Bank of America has not yet announced the full list of eligible merchants.
6. Is BofA Rewards available for business accounts?
Not yet. Bank of America has confirmed that Preferred Rewards for Business members will stay in their current program for now, with more details expected later in 2026.
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This article was last updated on February 19, 2026. Information is based on Bank of America’s official announcement and may be updated as additional program details are released.
