Details
Written by: RJ
Bank of America has released details on the latest iteration of Preferred Rewards; Bank of American Rewards:
Old tiers
- Gold – $20k (25%)
- Platinum – $50k (50%)
- Platinum Honors – $100k (75%)
- Diamond – $1m+ (75%)
New tiers
-
Member – $0 (10%)
-
Preferred Plus – $30k (25%)
-
Preferred Honors – $100k (50%)
-
Premier – $1m+ (75%)
This is only for the personal rewards program. Change go into effect this May. Existing customers are grandfathered in for 6 months after go live.
Memo sent to bankers (Courtesy of DoC)
Preferred Rewards credit card members will keep their current rewards bonus on their existing card until their next program enrollment anniversary month starting Nov. 1, 2026. At that point, their bonus will be reevaluated based on their new tier.
◦ Example: A Platinum Honors member with a July anniversary will continue to receive a 75% card bonus, even though their new BofA Rewards Preferred Honors tier offers a 50% bonus. In July 2027, their tier will be reevaluated. If they remain in the Preferred Honors tier, their card bonus will adjust to 50% three months later, in October 2027.
• Starting May 26, new credit cards will receive the bonus amount of the new BofA Rewards tier.
Thoughts
Well this isn’t great… Looks like us poors hanging around the $100k tier was the problem. Program is somewhat more open at the bottom end now while $1m don’t lose anything (but also don’t gain anything)
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Wow that sucks.