Bank of America Rewards: Higher Balance Requirements for Credit Card Boosts + New Monthly Credits (Effective May 2026)

Why It Matters

The overhaul raises the cost of elite rewards, pressuring affluent clients to consolidate assets while offering new debit‑card credits to retain engagement. It signals a shift toward higher asset thresholds to drive deeper banking relationships.

Key Takeaways

• New BofA Rewards replaces Preferred Rewards May 27, 2026.
• Balance thresholds raised; Premier tier now $1M for 75% boost.
• Credit boost max falls from 75% to 50%.
• Monthly debit card credits up to $15 for Premier tier.
• Current Gold/Platinum members moved to Preferred Plus tier.

Pulse Analysis

Bank of America’s decision to rename and restructure its loyalty program reflects a broader industry trend of leveraging tiered benefits to deepen client relationships. By moving from Preferred Rewards to BofA Rewards, the bank aligns its branding with a more granular tier system that pushes high‑net‑worth customers toward larger, consolidated balances across both banking and Merrill investment accounts. The $1 million threshold for the Premier tier mirrors competitors’ strategies to incentivize wealth aggregation, potentially increasing cross‑sell opportunities for wealth‑management services.

The most immediate impact for consumers is the reduction in credit‑card rewards boosts. Previously, a $100,000‑plus balance could unlock a 75% multiplier on cash‑back earnings; under the new scheme, only Premier members retain that level, while the next tier caps at 50% and the entry‑level at 10%. This translates to a drop from roughly 2.6% to 2.25% cash back for many users, prompting cardholders to reassess spending patterns or seek alternative cards. Savvy customers may shift assets into Merrill Edge self‑directed accounts or explore other banks offering more generous tier thresholds.

To mitigate the perceived loss, BofA introduces monthly debit‑card subscription credits—up to $8 for Preferred Honors and $15 for Premier members. While the eligible services remain undisclosed, such credits echo a growing market focus on subscription‑based rewards, appealing to consumers who prioritize recurring digital services. If the credit categories are flexible, they could partially offset the diminished cash‑back rates, especially for high‑spending debit‑card users. Overall, the program revamp underscores how major banks are balancing higher asset requirements with targeted perks to sustain loyalty among affluent clientele.