Bank of America® is revamping its loyalty program, introducing a new name, new program tiers, and changes to credit card rewards bonuses for select cardholders. The program, previously known as Bank of America® Preferred Rewards, will now be called the BofA Rewards® program starting May 27, 2026. Existing Preferred Rewards members will automatically transition to BofA Rewards®.
The updated program will be more inclusive, with all Bank of America® customers with a personal checking account eligible to join BofA Rewards® and enjoy benefits like enhanced credit card rewards. While there is no longer a balance requirement to join, customers must maintain a significant balance to qualify for higher rewards tiers.
The new rewards tiers in the program will include Preferred Plus, Preferred Honors, and Premier. Customers’ combined balances with Bank of America® will determine their tier, which in turn influences their credit card rewards boost and eligibility for perks and lifestyle benefits.
Under the new program, cardholders in the former Platinum Honors tier will see a reduction in their rewards boost from 75% to 50%. Bank of America® assures that customers undergoing changes will have at least six months to adjust their balances to reach a higher tier.
The loyalty program relaunch will introduce an updated app for users to engage with benefits. Additionally, BofA Rewards® members will gain access to new benefits, such as cash-back deals from popular brands, enhanced fraud and identity monitoring, and reimbursements for streaming and entertainment subscriptions.
Customers with balances of $100,000 or more will enjoy lifestyle benefits across various categories, expanding access beyond those with balances of $1 million or more. All BofA Rewards® customers will retain benefits like auto loan and mortgage fee discounts, with additional perks for Preferred Plus, Preferred Honors, and Premier tier accounts.
Overall, the changes to the loyalty program aim to make it more accessible to a wider range of customers while offering valuable rewards and benefits to enhance the banking experience.