Details
Written by: RJ
As noted last month in an earnings call, Bank of America is revamping preferred rewards. A notice has been included on customer statements sating changes will come around the end of May.
Highlights are the new tiers. We don’t yet know what rewards will come with these
- Member: $0 – $30k
- Preferred Plus: $30k – $100k
- Preferred Honors: $100k – $1M
- Premier: $1M+
Important Information: On or about May 26, 2026, our Bank of America Preferred Rewards program will become BofA Rewards™. All customers with an open, qualifying personal checking account will be eligible for enrollment in BofA Rewards. BofA Rewards will feature the following tiers based on your three-month combined average daily balance in qualifying deposit and investment assets: Member tier, less than $30,000; Preferred Plus tier, $30,000 to $100,000; Preferred Honors tier, $100,000 to $1,000,000; and Premier tier, $1,000,000 or more. If you are enrolled in the Preferred Rewards program on the transition date, your enrollment will be automatically changed to the new BofA Rewards program: current Gold and Platinum tier members will be changed to the Preferred Plus tier; current Platinum Honors members will be changed to the Preferred Honors tier; current Diamond Honors members will be changed to the Premier tier. Your current benefits will change following conversion to BofA Rewards. For BofA Rewards eligibility requirements and a summary of new benefits, please refer to: [http://www.bankofamerica.com/BofARewards](). Until Preferred Rewards becomes BofA Rewards, customers can only satisfy the balance requirement for Preferred Rewards enrollment through a sufficient three-month combined average daily balance in qualifying deposit and investment accounts. Customers who do not fulfill this requirement will be eligible to enroll in the Member tier of BofA Rewards upon program launch.
Thoughts
As a BOA Platinum Honors faithful I don’t know if I should be concerned or cautiously optimistic.
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