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BofA Rewards vs. Preferred Rewards: Who Wins in 2026?
July 1, 2025
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Bank of America is shaking up its loyalty program, and depending on your account balance, the changes could be a major win or a quiet downgrade.
On May 27, 2026, the bank's long-standing Preferred Rewards program will be replaced by BofA Rewards, a restructured loyalty program open to all personal account holders with no minimum balance required to join. That's a big deal for millions of customers who were previously locked out. But for existing Preferred Rewards members, the new tier structure comes with some trade-offs worth understanding before the switch happens.
Here's a full breakdown of what's changing, who benefits, and how to maximize your rewards, especially if you carry a Bank of America credit card.
What Is BofA Rewards?
BofA Rewards is Bank of America's new loyalty program launching May 27, 2026. Unlike the current Preferred Rewards program, which required a minimum $20,000 balance to get started, BofA Rewards has no minimum balance requirement at the entry level.
The program offers four tiers based on a three-month average balance across eligible Bank of America and Merrill accounts:
- Member: Less than $30,000
- Preferred Plus: $30,000 to $100,000
- Preferred Honors: $100,000 to $1 million
- Premier: More than $1 million
BofA Rewards vs. Preferred Rewards: Side-by-Side Comparison
The most significant change between the two programs is how the tiers align and what credit card bonus each one carries.
Under Preferred Rewards, Gold status (requiring $20,000 or more) came with a 25% credit card rewards bonus. Under BofA Rewards, customers with the same balance fall into the Member tier, which carries only a 10% bonus.
Platinum status ($50,000 or more) offered a 50% bonus. Its closest equivalent in BofA Rewards is Preferred Plus ($30,000 to $100,000), which carries a 25% bonus.
Platinum Honors ($100,000 or more) delivered a 75% bonus. Under the new program, those same customers land in Preferred Honors, which offers a 50% bonus.
The new top tier, Premier (more than $1 million in assets), restores the 75% bonus for ultra-high-net-worth members and adds luxury lifestyle perks not available in the old program.
The clear losers: Current Gold and Platinum Honors members
If you currently hold Gold status with $20,000 to $29,999 in assets, the new program effectively moves you down to the Member tier, dropping your credit card rewards bonus from 25% to 10% and eliminating your auto loan and HELOC rate discounts.
If you hold Platinum Honors at $100,000 or more, you will move to Preferred Honors, and your credit card rewards bonus drops from 75% to 50%.
The silver lining: if you are an existing Preferred Rewards member, your current benefits are protected for at least six months after the May 27 transition. That gives you time to adjust your strategy or build your balance to reach a higher tier.
The clear winners: Everyone else
For the millions of customers who did not have $20,000 sitting in a Bank of America account, BofA Rewards is a genuine upgrade. Previously, there was no path to a loyalty tier at all. Now, simply being a personal account holder earns you a 10% credit card rewards bonus, a $100 mortgage fee discount on closing costs, a 0.10% auto loan discount, cash-back deals on major brands, and fraud and identity monitoring tools.
BofA Rewards Tier Benefits: Full Breakdown
Member (Less than $30,000)
The entry-level tier is free to join and requires no minimum balance. Members receive a 10% credit card rewards bonus, a $100 mortgage fee discount, a 0.10% auto loan discount, cash-back deals on big-name brands, and fraud and identity monitoring tools.
Preferred Plus ($30,000 to $100,000)
This tier steps up the rewards meaningfully. Members receive a 25% credit card rewards bonus, a $300 mortgage fee discount, a 0.25% auto loan discount, no fees on seven select services (including cashier's checks, domestic and international wire transfers, and stop payment fees), a 0.250% HELOC rate discount, a 0.5% foreign currency exchange rate discount, one free non-BofA ATM use per month in the U.S., and priority service.
Preferred Honors ($100,000 to $1 million)
At this tier, the program gets considerably more valuable. Members receive a 50% credit card rewards bonus, a $600 mortgage fee discount, a 0.35% auto loan discount, a 1% foreign currency exchange rate discount, unlimited free non-BofA ATM use in the U.S., priority service, lifestyle benefits including access to 60-plus offers and experiences with partners like Audi, Lexus, and Virgin Hotels, and up to $96 per year in streaming and news subscription credits ($8 per month).
Premier (More than $1 million)
The top tier restores the 75% credit card rewards bonus and adds the most exclusive benefits in the program. Members also receive a 0.375% mortgage fee discount, a 0.50% auto loan discount, no fees on all services, a 2% foreign currency exchange rate discount, luxury lifestyle benefits with partners like Blacklane, Mercedes-Benz, and Sollis Health, and up to $180 per year in streaming and news subscription credits ($15 per month).
How to Maximize BofA Rewards with Your Credit Card
The standout feature of BofA Rewards is the credit card rewards multiplier. Pairing one of the eligible Bank of America cards with a higher membership tier can significantly boost your effective earn rate.
Bank of America® Premium Rewards® Credit Card
[[ SINGLE_CARD * {"id": "189", "isExpanded": "false", "bestForCategoryId": "15", "bestForText": "Frequent Travelers", "headerHint": "Mid-Tier Travel Rewards"} ]]
Bank of America® Travel Rewards Credit Card
[[ SINGLE_CARD * {"id": "190", "isExpanded": "false", "bestForCategoryId": "15", "bestForText": "Occasional Travelers", "headerHint": "Decent Travel Choice"} ]]
Bank of America® Unlimited Cash Rewards Secured Credit Card
[[ SINGLE_CARD * {"id": "7443", "isExpanded": "false", "bestForCategoryId": "15", "bestForText": "Cash Back Seekers", "headerHint": "Credit Building Perks"} ]]
Bank of America® Customized Cash Rewards Credit Card
[[ SINGLE_CARD * {"id": "188", "isExpanded": "false", "bestForCategoryId": "15", "bestForText": "Cash Back Seekers", "headerHint": "Customizable Cash Back Categories"} ]]
How to Enroll in BofA Rewards
Existing Preferred Rewards members will be automatically enrolled on May 27, 2026, with no action required. As noted above, current benefits are protected for at least six months after the transition.
New members can enroll through the BofA Rewards section on their account page. Once enrolled, benefits activate within 30 days.
Tier upgrades happen automatically when your three-month average balance crosses a new threshold. If your balance dips below your current tier's minimum, you will have a three-month grace period before being moved to a lower status.
Bottom Line: Is BofA Rewards Worth It?
If you are new to Bank of America's loyalty program:
Yes. This is the most accessible version of the program ever offered, and even the entry-level Member tier delivers real value for cardholders.
If you are a current Gold member ($20,000 to $29,999): Brace for a reduced experience unless you can push your balance above $30,000 to hit Preferred Plus and recapture the 25% bonus.
If you are a Platinum Honors member ($100,000 or more): Your rewards bonus takes a hit from 75% down to 50%, but you retain strong benefits at the Preferred Honors tier. Consider consolidating more assets into eligible accounts to maintain a competitive edge.
No matter which tier you land in, pairing your Bank of America card with Kudos ensures you are always earning the most rewards possible on every purchase, automatically.
Unlock your extra benefits when you become a Kudos member
Turn your online shopping into even more rewards
Join over 400,000 members simplifying their finances
Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
