Overview
- Preferred Rewards will end on May 27, with all members automatically moved to BofA Rewards, which uses four tiers based on a three‑month average balance across Bank of America and Merrill accounts.
- Eligibility expands to any client with an active personal checking account, adding more than 30 million newly eligible customers to the no‑fee program.
- Tiers are set at Member (<$30,000), Preferred Plus ($30,000–<$100,000), Preferred Honors ($100,000–<$1 million), and Premier ($1 million+), with credit card rewards bonuses ranging from 10% to 75% by tier.
- Current Gold and Platinum members will map to Preferred Plus, Platinum Honors to Preferred Honors, and Diamond Honors to Premier, with many Platinum and Platinum Honors customers seeing lower credit card bonus multipliers after at least a six‑month transition period (e.g., 50%→25%, 75%→50%).
- New features include subscription credits up to $96 per year for Preferred Honors and $180 for Premier, curated lifestyle and travel offers, and a redesigned in‑app experience, while Preferred Rewards for Business remains unchanged for now.