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What changed from Preferred Rewards?
Bank of America said existing Preferred Rewards members would transition automatically to BofA Rewards. Former Gold and Platinum members moved to Preferred Plus, former Platinum Honors members to Preferred Honors, and former Diamond Honors members to Premier. The bank says a customer needs an eligible personal checking account to participate. Its February 2026 announcement describes the transition and program benefits: Bank of America’s BofA Rewards announcement.
The announcement said Preferred Rewards for Business would remain a separate program pending further details; the tiers below describe the personal program, not the business program.
What balance do you need for each BofA Rewards tier?
Tiers are based on the three-month combined average daily balance in qualifying deposit and investment assets—not simply a deposit made on one day. Bank of America publishes these thresholds and card-bonus rates in its program materials:
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| Personal tier | Three-month combined average daily balance | Eligible-card rewards bonus |
|---|---|---|
| Member | Less than $30,000 | 10% |
| Preferred Plus | $30,000 to less than $100,000 | 25% |
| Preferred Honors | $100,000 to less than $1,000,000 | 50% |
| Premier | $1,000,000 or more | 75% |
The three-month average is the key boundary: a balance that briefly crosses a threshold may not put you in the corresponding tier. Check your displayed qualifying balance and tier in online banking, and consult current program terms for how your accounts are counted.
Which assets may count toward your balance?
Bank of America’s program description names qualifying deposit and investment assets that can include:
- Bank of America Advantage Banking, savings, money market savings, certificates of deposit, and IRAs.
- Merrill investment accounts, including Cash Management Accounts and IRAs.
- 529 plans shown on Merrill statements.
- Revocable grantor trust accounts.
Do not assume every account, owner, or trust arrangement qualifies. The bank’s description of qualifying balances is available in its Advantage Banking program material; verify your own account treatment in current terms.
For new enrollees, the bank’s launch announcement says balances are reviewed daily during the first 30 days and benefits activate within 30 days. It also says members may be upgraded automatically when qualifying balances increase. These are operational details described in the announcement; current account and program terms govern.
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How does the “up to 75% more” card bonus work?
The percentage is a multiplier on rewards, not a new cash-back rate applied to the purchase price. Bank of America says that for eligible cash rewards cards, the BofA Rewards bonus is applied after base and category cash rewards are calculated. For other eligible card types, it describes the bonus as an increase to base points.
For example, the bank says a $100 purchase earning 3% produces $3 in rewards before the tier bonus. The resulting rewards would be $3.30 at Member (10% more), $3.75 at Preferred Plus (25% more), $4.50 at Preferred Honors (50% more), or $5.25 at Premier (75% more). That top-tier example is $5.25 in rewards on a $100 purchase, not 75% cash back. The bank also illustrates the multiplier with 100 base points becoming 110, 125, 150, or 175 points by tier. See the bank’s card rewards program information for the current explanation and applicable rules.
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Eligibility is card-specific. The bonus may not apply to certain program bonuses, account-opening bonuses, or non-standard promotional rewards unless the terms say otherwise. Because the current eligible-card list and individual card rules determine what qualifies, do not rely on an old Preferred Rewards card list to establish BofA Rewards eligibility. Review the current BofA Rewards terms and your card’s Program Rules before estimating a bonus.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What benefits does BofA Rewards include beyond card rewards?
Bank of America’s February 2026 launch announcement describes a broader mix of offers and services. Availability and value depend on tier, engagement, and the terms of each offer.
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- SECURITY: RFID protection against data theft. Cards such as credit cards, debit cards, ID cards, passports or bank cards are reliably protected against the unauthorised reading of your personal data.
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- Cash-back deals: The bank advertised deals from more than 15,000 national and local brands.
- Banking and lending: Advertised benefits include discounts on home and auto loans, alongside other banking benefits whose availability depends on applicable terms.
- Monitoring and credit tools: The announcement included enhanced fraud and identity monitoring and new My Credit tools.
- Selected subscription credits: Preferred Honors members could receive up to $8 per month ($96 per year), and Premier members up to $15 per month ($180 per year), toward selected services from a predetermined portfolio. These are maximum credits, not unrestricted cash or a credit for any subscription.
- Lifestyle offers: The bank cited offers across travel, automotive, food and wine, sports and fitness, style, arts and entertainment, home, health and wellness, and personal services, with examples such as automotive savings, event access, and travel experiences.
The same launch release estimated annual value of $150 to $4,000 depending on tier and program engagement. That is the bank’s estimate, not guaranteed savings; your actual value depends on offers you can access and use.
Is BofA Rewards worth it?
There is no single value calculation that fits every customer. The card bonus can add value if you already hold an eligible card, spend in rewards-earning categories, and maintain qualifying assets without giving up a better rate, investment choice, or account arrangement elsewhere. Ancillary offers matter only if you would use them.
Before moving money to reach a tier, compare:
- Your existing qualifying balance with the next three-month average threshold.
- The additional rewards on your actual eligible card spending, after confirming the card and rewards qualify.
- The value of specific benefits you expect to use, rather than the program’s maximum advertised value.
- Any account costs, interest rates, investment needs, and trade-offs associated with keeping assets at Bank of America or Merrill.
- The timing of enrollment, benefit activation, and an upgrade under the current terms.
For many readers, the practical first step is to check their current tier and eligible accounts in online banking. Reaching a higher tier is not automatically worthwhile if the opportunity cost of holding assets there exceeds the rewards and benefits gained.
Where should you confirm current eligibility?
Use Bank of America’s current BofA Rewards terms and your card’s Program Rules to confirm enrollment requirements, qualifying balances, card eligibility, and exclusions. The successor program’s rules control; a legacy Preferred Rewards page may describe terms that no longer apply.
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