physixfan      2026-05-31     2026-05-31

The Bank of America Preferred Rewards program has long been one of the most distinctive features of BofA credit cards.The basic idea is simple: if you keep enough deposits or investments with Bank of America or Merrill Edge, you can receive a bonus on your BofA credit card rewards.

The most popular tier has historically been the $100k tier, which gave a 75% rewards bonus.This turned a card that normally earns 1.5% cash back on everything into a very strong 2.625% cash back card with no category restrictions.That uncapped 2.625% earning rate was extremely competitive.

However, all good things must come to an end.

Bank of America has officially changed the Preferred Rewards program and renamed it BofA Rewards.The changes went into effect on May 27, 2026.

Changes to the Credit Card Rewards Bonus

First, let’s review the old Preferred Rewards tiers:

LevelsDeposit/investment requirementRewards bonus No level$0+10% Gold$20k+25% Platinum$50k+50% Platinum Honors$100k+75% Diamond$1M+75%

Under the new BofA Rewards structure, the tier names and credit card rewards bonuses are:

LevelsDeposit/investment requirementRewards bonus Member$0+10% Preferred Plus$30k+25% Preferred Honors$100k+50% Premier$1M+75%

The biggest change is obvious: the 75% rewards bonus, which previously required only $100k in assets, now requires $1M.The $100k tier only receives a 50% rewards bonus going forward.

To be honest, this is not completely impossible to understand.After years of inflation, there are simply more people with $100k in assets, and the old 75% bonus was arguably too good to last forever.

New Subscription Credit

There is one new benefit being added: a subscription credit for select streaming and digital subscription services.

The Preferred Honors tier ($100k+) receives an $8/month subscription credit, while the Premier tier ($1M+) receives a $15/month credit.

LevelsDeposit/investment requirementRewards bonusSubscription Credit Member$0+10%- Preferred Plus$30k+25%- Preferred Honors$100k+50%$8/month Premier$1M+75%$15/month

The eligible merchants are:

This benefit requires activation, and payment must be made with a Bank of America checking account debit card.

Based on the current eligible merchant list, the $8/month credit is not especially easy to maximize as pure free money.

For most of these services, you will likely need to pay at least a small amount out of pocket.The $15/month credit is much more useful and should make it possible to fully offset one of these subscriptions, depending on the plan you choose.

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