Bank of America Announces Changes to Loyalty Program

The update makes it easier for customers to join, some credit card holders may see reduced rewards bonuses.

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Updated Feb 20, 2026 12:10 p.m. PST · 3 min read Written by Lead Writer & Content Strategist + more + more Edited by Managing Editor + more + more SOME CARD INFO MAY BE OUTDATED

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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 cards » MORE:

It will be available to more customers

Previously, 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.

There will be new rewards tiers

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.

How the current program works

Program tier Required balance Relationship bonus Gold $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).

How the new program will work

Program tier Program tier Required balance Required balance Rewards bonus Rewards bonus Member Member None. 10%. Preferred Plus Preferred Plus $30,000 to $99,999. 25%. Preferred Honors Preferred Honors $100,000 to $999,999. 50%. Premier 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. ? Nerdy Tip You'll have some time before your new rewards bonus kicks in ... According to Bank of America®, Preferred Rewards members will keep their existing credit card bonus until their first enrollment anniversary after November 2026, at which point their tier will be reevaluated based on their balances. Three months after the anniversary month, their credit card bonus will adjust to match their new tier. For example, if you're a Platinum Honors member with an existing credit card with a July anniversary, you'll continue to earn a 75% bonus, even though your new Preferred Honors tier offers a 50% bonus. In July 2027, your tier will be reevaluated based on your balance. If you remain in the Preferred Honors tier, your card bonus will adjust to 50% three months later, in October 2027. If you have a new eligible credit card, however, you'll receive the bonus amount of the new BofA Rewards® tier when the program launches in May 2026. You'll have some time before your new rewards bonus kicks in ... 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.

There’s an updated app and new benefits

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 $96 per year ($8 per month maximum), and Premier tier members can receive up to $180 per year ($15 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. Bank of America® Travel Rewards credit card Bank of America® Customized Cash Rewards credit card Bank of America® Premium Rewards® credit card Bank of America® Unlimited Cash Rewards credit card Article sources NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines. About the author Funto Omojola Funto Omojola is a writer at NerdWallet. Funto's work has been featured in MarketWatch, Yahoo Finance and Nasdaq. See full bio. Helpful resources Best Cash Back Credit Cards Best Travel Credit Cards Best Balance Transfer Credit Cards

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