Bank of America's Preferred Rewards program is getting a facelift and will be renamed "BofA Rewards" around May 26, 2026. The tiers are shifting a bit, so if you're currently in the Gold or Platinum tier (meaning you have between $20k and $99.99k with BofA/Merrill Edge), you'll be bumped into the "Preferred Plus" tier under the new system (requiring $30k-$99.99k). Platinum Honors and Diamond members will transition to Preferred Honors and Premier tiers, respectively.

So, why does this matter? It's all about maximizing those rewards! The value of the Preferred Rewards program is based on what tier you're in. Depending on the details of the new program (which are still a bit unclear), this change could impact the bonus rewards you get on your Bank of America credit cards, like the popular Travel Rewards or Premium Rewards cards. Many of us value these cards specifically for their boosted earnings.

The good news is that those with $100,000 or more should continue to enjoy the 75% card bonus. But, it is important to note that if you have under 30K, you will now get Member status with no rewards. Be sure to check out the new program details on Bank of America's website closer to the launch date to see exactly how it impacts your specific benefits! We will be sure to cover any news as it develops.