
Financial institution of America has a press launch that their “Most well-liked Rewards” program is altering to “BofA Rewards” on Could 27, 2026 (hat tip Bogleheads). Notable adjustments embrace the tier names, their required balances, and better necessities for bank card rewards boosts. Here’s a comparability of the outdated and new tiers.
Most well-liked Rewards Tiers (OLD; Present)
- Gold – $20,000 to < $50,000 mixed steadiness
- Platinum – $50,000 to < $100,000 mixed steadiness
- Platinum Honors – $100,000 to < $1,000,000 mixed steadiness
- Diamond – $1,000,000 or extra mixed steadiness
BofA Rewards Tiers (NEW; Efficient Could 2026)
- Member – Lower than $30,000 mixed steadiness
- Most well-liked Plus – $30,000 to < $100,000 mixed steadiness
- Most well-liked Honors – $100,000 to < $1,000,000 mixed steadiness
- Premier – $1,000,000 or extra mixed steadiness
Mixed balances refers back to the three-month common account steadiness throughout qualifying Financial institution of America and Merrill accounts. Qualifying accounts embrace:
- Financial institution of America deposit accounts: Financial institution of America Benefit Banking, financial savings, cash market financial savings, CD and IRA accounts
- Merrill® funding accounts, such because the Money Administration Account (CMA) and IRA accounts
- 529 plans showing in your Merrill assertion
- Revocable grantor belief accounts
The massive unfavorable change is that you simply now want the Premier ($1,000,000+) tier to get the utmost 75% enhance in bank card rewards. That’s an enormous 10X enhance within the steadiness required.
New BofA Rewards Tiers x Credit score Card Rewards Boosts
- Member – Bank card rewards enhance: 10%
- Most well-liked Plus ($30k+) – Bank card rewards enhance: 25%
- Most well-liked Honors ($100k+) – Bank card rewards enhance: 50%
- Premier ($1M+) – Bank card rewards enhance: 75%
Many individuals have moved over inventory holdings to a self-directed brokerage account at Merrill Edge so as to qualify for a few of these rewards. Going from a 75% enhance to 50% enhance could imply going from 2.6% money again on all the things to 2.25% money again, except your mixed balances meet the $1 million mark. A disappointing change.
A potential constructive offset are new month-to-month credit on the upper tiers for those who make sure purchases in your BofA debit card linked to your BofA checking account.
New BofA Rewards Tiers x Month-to-month Debit Card Credit
- Member – No subscription credit
- Most well-liked Plus ($30k+) – No subscription credit
- Most well-liked Honors ($100k+) – As much as $8 per 30 days in assertion credit for “a number of pre-determined subscription companies” (as much as $96/yr).
- Premier ($1M+) – As much as $15 per 30 days in assertion credit for “a number of pre-determined subscription companies” (as much as $180/yr).
BofA has not introduced the eligible subscriptions but, however hopefully it’s a versatile class. This will probably be an vital element, and it may offset an enormous a part of misplaced cashback rewards for these with decrease bank card spending.
Present Most well-liked Rewards members will probably be robotically enrolled in BofA Rewards. The phrases state that present Gold and Platinum tier members will initially be modified to the Most well-liked Plus tier, even with the brand new steadiness mismatches.