A Major Shift in Loyalty Programs
In an unexpected move, Bank of America is revamping its long-standing Preferred Rewards program into the newly named BofA Rewards, effective May 27, 2026. This shift introduces a fresh tier structure that will impact how customers earn and maximize their credit card rewards. For many, this means both exciting opportunities and potential drawbacks, depending on their banking relationship with the institution.
Understanding the New Tiers and Requirements
Previously, to qualify for the Preferred Rewards program, customers needed to maintain a minimum balance of $20,000 to enter at the Gold tier. This requirement is being lifted for the new BofA Rewards program, which introduces a tier structure based on combined balances across Bank of America and Merrill accounts. Here’s how the new structure breaks down:
- Member: Less than $30,000
- Preferred Plus: $30,000 to $99,999
- Preferred Honors: $100,000 to $999,999
- Premier: $1 million or more
This change opens the door for millions of new customers who previously did not meet the balance requirement, allowing them to access rewards benefits. However, the transition also comes with a caveat: the credit card rewards bonuses for existing tiers will decrease. For instance, the old Gold tier offered a 25% rewards boost, but under the new structure, the Member tier only offers a 10% boost on credit card earnings.
What This Means for Cardholders
For existing Bank of America customers, the transition will be automatic, with most maintaining their current tier status for at least six months post-transition. While the accessibility of the program has improved, current Preferred Honors members will see their credit card rewards drop from a 75% bonus to a 50% bonus under the new structure. This change could significantly affect how these customers strategize their spending to maximize rewards.
In practical terms, this means that if you’ve relied on the higher tiers for substantial cashback or rewards, you may need to reassess your card usage and spending patterns.
Take Action: Consider Your Options
With these changes on the horizon, now is an excellent time to evaluate your credit card options with Bank of America. If you haven’t yet applied for a card like the Bank of America® Customized Cash Rewards credit card, which currently offers a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening, you may want to do so before the changes take effect.
Additionally, if you are considering a premium card like the Bank of America® Premium Rewards® credit card, which offers 2 points per dollar on travel and dining and a substantial annual fee waiver for Preferred Rewards members, now may be the time to lock in its benefits before the new tier structure fully rolls out.
Simplifying Reward Management with SuperPay
To navigate these changes effortlessly, consider using SuperPay. The app’s Rewards Roadmap (PRO+) feature allows you to create a personalized strategy that maximizes your points across all your cards. You’ll receive insights tailored to your spending habits, helping you identify the best cards to use in various situations, ensuring you never miss out on optimal rewards.
Moreover, with real-time notifications, SuperPay can alert you when to use a specific card, making your rewards journey seamless and efficient. As you adapt to the new BofA Rewards program, having SuperPay by your side ensures that you’re making the most of every dollar spent.
Ready to Optimize Your Rewards?
Don’t wait for the changes to take effect. Download SuperPay on the App Store today and start optimizing your rewards to fit the new banking landscape. With the right tools and strategies, you can continue to reap the benefits of your spending, even as programs evolve.