A Major Shift in Rewards
In a significant update for its customers, Bank of America is revamping its long-standing Preferred Rewards program, set to launch as BofA Rewards on May 27, 2026. This change not only introduces a new tier structure but also opens the program to a much broader audience by eliminating the previous $20,000 minimum balance requirement to enroll. For millions of customers, this means new opportunities to earn rewards on their everyday spending.
Understanding the New Structure
Under the new BofA Rewards program, the tier names and requirements will change as follows:
- Member: Less than $30,000
- Preferred Plus: $30,000 to $99,999
- Preferred Honors: $100,000 to $999,999
- Premier: $1 million or more
While the minimum balance to enter the program has been reduced, existing members should be aware that they will experience changes in their rewards structure. For example, Gold members who previously enjoyed a 25% rewards bonus will now be categorized as Members, receiving only a 10% bonus. This shift will impact those who were previously accustomed to higher earning rates on their credit cards, especially those in the Platinum Honors tier who will see their rewards drop from 75% to 50% upon the transition.
What This Means for Cardholders
For consumers, this change is a double-edged sword. On one hand, the revamped program makes rewards more accessible to a wider audience, allowing anyone with a Bank of America personal checking account to benefit. However, for existing members, particularly those who have maintained higher balances, the loss of rewards could be substantial. For instance, those who previously earned 2.625% cash back on eligible spending may see their rewards significantly reduced unless they can meet the new tier thresholds.
To maximize benefits under the new program, existing members should evaluate their banking strategies and consider how they can either maintain or increase their balances. For example, the new program will also offer mortgage fee discounts and auto loan interest rate reductions based on tier status, which could offset some of the changes in rewards.
Actionable Steps for Cardholders
If you hold a Bank of America credit card, now is a critical time to reassess your strategy. The current lineup includes valuable options like the Bank of America Premium Rewards credit card, which offers a 50,000-point signup bonus and 2 points per dollar spent on travel and dining. Additionally, consider applying for the Bank of America Customized Cash Rewards card, which allows you to earn 3% cash back in your chosen category. With the new BofA Rewards program launching soon, these cards may provide immediate benefits, especially with their current offers.
Simplifying Your Experience with SuperPay
To navigate these changes seamlessly, consider using SuperPay. With features like the Smart Card Picker, you can easily determine which card to use at different merchants to maximize your rewards. This tool will help you stay on top of the new tiered structure and ensure that you’re making the most of your spending. Additionally, the Category Tracking feature will monitor rotating bonus categories, ensuring you never miss out on 5% cash back opportunities.
Your Next Move
To take advantage of these new rewards opportunities, download SuperPay on the App Store today. Streamline your credit card strategy and start optimizing your rewards effortlessly. Don’t miss out on maximizing your benefits under the new BofA Rewards program!