BofA Rewards
Bank of America has just announced a massive overhaul of its popular “Preferred Rewards” program. On or about May 26, 2026, the program will officially become BofA Rewards™.
This isn’t just a simple rebrand, but a total restructuring of the tiers and benefits.
New Tier Structure
The most important change is the consolidation and renaming of the existing tiers. Here is how your current status will map to the new program:
- Member Tier (New): This is a brand-new entry-level tier for anyone with a Bank of America personal checking account. There is no minimum balance required, making the program accessible to everyone.
- Preferred Plus ($30K–$100K): This tier replaces the current Gold and Platinum tiers.
- Preferred Honors ($100K–$1M): This tier replaces the current Platinum Honors status.
- Premier ($1M+): This replaces the current Diamond Honors tier.
Credit Card Bonus Changes
One of the most popular features, the credit card rewards bonus, will remain as part of the program but with updated percentages:
- Member: 10% bonus
- Preferred Plus: 25% bonus
- Preferred Honors: 50% bonus
- Premier: 75% bonus
New and Enhanced Benefits
Bank of America is adding several lifestyle perks to keep the program competitive. One of the most notable additions is the Subscription Credit. Members in the Preferred Honors tier will receive up to $8/month, while Premier members get up to $15/month toward popular streaming or subscription services.
Additionally, the program is introducing Identity Monitoring through their credit score service for all members. For sports fans, the bank is leveraging its partnership with the FIFA World Cup 26™ to offer exclusive “moments of delight” and special offers to members.
Conclusion
This is a significant shift for BofA loyalists. The good news is that the “Member” tier allows everyone to get a 10% boost on their credit card rewards with no balance requirement.
However, the rebrand of Platinum Honors tier to “Preferred Honors” means you will only get a 50% boost on your credit card rewards now. In order to get a 75% bonus, you will need to be in the Premier tier which requires $1M+ in assets and deposits.
Current members will be automatically enrolled and will keep their existing benefits for at least six months after the May 2026 launch to ease the transition. Also the business program has no scheduled rebrand for now.
