Bank of America’s former Preferred Rewards program became BofA Rewards in 2026. For an eligible credit card, the current program adds a tier bonus of 10%, 25%, 50% or 75% to eligible purchase rewards. It multiplies the rewards your card earns; it does not add that many percentage points to the card’s advertised rate. For example, a purchase that earns $3 in cash rewards earns $4.50 at the 50% Preferred Honors tier, not $53.
What changed from Preferred Rewards to BofA Rewards?
Bank of America announced that Preferred Rewards would transition to BofA Rewards around May 26, 2026. As of October 2026, BofA Rewards is the current program name; Preferred Rewards is the former name. The bank also changed the tier names. Former Gold and Platinum members were mapped to Preferred Plus, former Platinum Honors members to Preferred Honors, and former Diamond Honors members to Premier. The current card bonus schedule is organized around Member, Preferred Plus, Preferred Honors and Premier. Bank of America’s transition notice and its February 2026 announcement describe the change.
As an Amazon Associate I earn from qualifying purchases.
The important practical point is that the program tier affects eligible card rewards, while the card itself still determines which purchases earn rewards and at what base or category rate. A high BofA Rewards tier does not turn every purchase into a high-rate purchase, and it does not make an otherwise ineligible card eligible.
Quick wins for a faster PC:
Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →How much does each BofA Rewards tier add?
The current published card bonuses are percentages of eligible rewards earned—not additional percentage points of the purchase price. Bank of America’s card benefits page gives the following tier schedule. Check the current card benefits and program terms for eligibility and exceptions.
#1 Best Overall
| BofA Rewards tier | Bonus on eligible card rewards | If a purchase earns $3 in cash rewards |
|---|---|---|
| Member | 10% | $3.30 total |
| Preferred Plus | 25% | $3.75 total |
| Preferred Honors | 50% | $4.50 total |
| Premier | 75% | $5.25 total |
The arithmetic is: eligible card reward × (1 + tier bonus). Thus, $3 × 1.50 = $4.50 at Preferred Honors. The 50% bonus is an extra $1.50 on the $3 reward. It is not an extra 50 cents per dollar spent, nor a 50-percentage-point increase in the card’s earn rate.
The same calculation applies whether the eligible reward came from a base rate or an eligible category rate. The published examples are useful for translating an advertised card rate into an effective rate, but only while the purchase remains within the card’s own eligible categories, limits and terms.
Rank #2
- Ideal for Gifting
- Ideal for a bookworm
- Compact for travelling
How the bonus changes a card’s earn rate
For a cash rewards card, calculate the base or category reward first, then apply the BofA Rewards bonus to that reward. Bank of America’s current Customized Cash Rewards information illustrates the math: its 3% choice-category rate becomes 3.3% at Member, 3.75% at Preferred Plus, 4.5% at Preferred Honors and 5.25% at Premier. Its 1% base rate becomes 1.1%, 1.25%, 1.5% and 1.75%, respectively. These are effective rates on eligible purchases, subject to that card’s rules. See Bank of America’s card-specific explanation and terms.
Recommended Free Tools
| Underlying eligible reward rate | Member: 10% bonus | Preferred Plus: 25% bonus | Preferred Honors: 50% bonus | Premier: 75% bonus |
|---|---|---|---|---|
| 1% base rate | 1.1% | 1.25% | 1.5% | 1.75% |
| 3% choice-category rate | 3.3% | 3.75% | 4.5% | 5.25% |
For example, if a $100 purchase qualifies for a 3% category rate, the card first earns $3. A 25% tier bonus adds $0.75, bringing eligible cash rewards to $3.75. At the 75% tier, the same $3 reward receives a $2.25 bonus for a $5.25 total. The advertised 3% rate has not become 78%; it has become an effective 3.75% or 5.25% for this qualifying purchase.
Which purchases receive the bonus?
The bonus is not a universal boost to every transaction on every Bank of America card. Both the card and the reward must qualify under current terms. Before estimating a return, establish the purchase’s ordinary card reward, check whether the card is on the eligible list, and confirm that the particular reward is not excluded. Bank of America’s card benefits information says some cards are ineligible and points cardholders to individual Program Rules.
- Start with the card’s own earn rules. A purchase must qualify for the stated base or category rate before a tier bonus can increase its resulting eligible reward.
- Account for category and spending limits. Bank of America’s Customized Cash Rewards page states that its 3% and 2% categories apply to the first $2,500 of combined eligible purchases each quarter; after that, the ordinary 1% rate resumes. The BofA Rewards multiplier does not remove that cap. Review the current card-specific rules.
- Check exclusions and promotions. The published card terms say the tier bonus does not apply to some program-bonus earnings, account-opening bonuses or non-standard promotional rewards unless the applicable terms say otherwise.
- Check how an existing customer bonus is treated. If a card already receives a 10% customer bonus, the BofA Rewards bonus replaces that bonus rather than stacking on top of it, according to the card benefits terms.
These distinctions matter when an offer, bonus category or spending cap makes a card’s apparent rate different from the reward actually earned on a transaction. A sensible estimate uses the amount of eligible reward after applying the card’s rules, then applies the tier multiplier only if the BofA Rewards terms cover that reward.
Rank #4
How to estimate rewards on a purchase
- Identify the exact card and current Program Rules. Use Bank of America’s current card benefits page to check whether the card qualifies, then consult that card’s terms for its earning rules and exclusions.
- Classify the transaction under the card’s rules. Determine whether it earns a base rate, a category rate, or another reward, and whether a quarterly or other limit has been reached.
- Calculate the ordinary eligible reward. For a cash rewards purchase, multiply the eligible purchase amount by its applicable rate. For instance, $100 at 3% produces $3 before a tier bonus.
- Apply the tier percentage to the reward. Multiply the eligible reward by 1.10, 1.25, 1.50 or 1.75 for Member, Preferred Plus, Preferred Honors or Premier, respectively.
- Use the tier that applies when the purchase posts. The published terms say the bonus is based on the BofA Rewards tier at posting, so the tier at the time of purchase may not be the controlling one if it changes before posting.
For the example above, a $100 qualifying purchase earning $3 and posting while the account is Preferred Honors earns $3 × 1.50 = $4.50 in eligible cash rewards. If the card’s category limit had already been reached and the purchase earned only the 1% base reward, the starting amount would instead be $1; at Preferred Honors, that becomes $1.50. This illustrates why the category and cap must be checked before applying the tier boost.
How do you qualify for a tier?
The February 2026 launch announcement said enrollment requires an open qualifying personal checking account and described tiers using a three-month average balance across qualifying Bank of America and Merrill accounts. It listed Member below $30,000, Preferred Plus from $30,000 to $100,000, Preferred Honors from $100,000 to $1,000,000, and Premier at $1,000,000 or more. Those figures are the announcement’s description, not a substitute for the current program’s detailed definitions: exact qualifying accounts, balance calculations and boundary handling should be checked in the live BofA Rewards terms before making a decision. Read the bank’s February 2026 announcement.
Best Value
- It can be a gift option
- Comes with secure packaging
- Helpful in various ways
A legacy Preferred Rewards eligibility page described an eligible personal checking account and at least $20,000 in qualifying three-month average combined balances. That was a legacy requirement and should not be used as the current BofA Rewards threshold. The former eligibility page is relevant only as historical context.
If you are checking a tier or planning around a balance, use current program disclosures rather than inferring eligibility from a former tier name or the legacy threshold. The 2026 announcement says the balance measure covers qualifying Bank of America and Merrill accounts, but the exact current inclusion and qualification rules belong to the current terms.
What to verify before relying on the boost
- Program status and tier: Confirm that the account is enrolled and identify the current tier name, rather than relying on an old Preferred Rewards label.
- Card eligibility: Confirm that the specific card qualifies; eligibility is not established merely because the issuer is Bank of America.
- Purchase-level earn rate: Check category definitions, eligible purchase conditions and any cap that affects the transaction.
- Reward type: Confirm that the reward is covered and is not an excluded program bonus, opening bonus or non-standard promotional reward.
- Posting-time tier: For a transaction near a tier change, use the tier applicable when it posts, as specified in the terms.
- Existing card bonus: Check whether an existing 10% customer bonus is replaced by the BofA Rewards bonus.
The bank’s card benefits page and the individual card’s current Program Rules are the controlling references for these checks. A rate example is not a guarantee that every transaction earns that rate: the card’s eligibility, category, limits, reward type and posting-time tier all affect the result.
When the program is most useful to a cardholder
The tier bonus has the largest impact on purchases that already earn strong eligible rewards, because the percentage bonus is applied to the reward amount. But the practical value depends on what you spend, whether your card is eligible, and whether purchases fall inside its higher-earning categories and limits. A cardholder can use the tier schedule to compare the resulting eligible reward rate for their own purchases; the schedule alone does not establish that a card or category is the best choice for every spender.
To compare two possible outcomes, use the same purchase amount and determine each card’s base or category reward under its own rules. Then account for each card’s cap and eligibility, apply the BofA Rewards tier only to rewards that qualify, and use the tier in effect when the transaction posts. Keep promotional or account-opening rewards separate unless the governing terms explicitly include them. This method prevents a headline effective rate from obscuring a cap, an exclusion or a lower base rate.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
