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BofA Rewards™ is Bank of America's revamped loyalty program that replaced Preferred Rewards on May 27, 2026. The program is free to join for anyone with an eligible Bank of America personal checking account, eliminating the minimum balance requirement. Members earn rewards based on their combined balances across eligible Bank of America deposit accounts and Merrill investment accounts, with larger balances unlocking additional perks.
Learn more about this program and whether it's right for you.
What is BofA Rewards?
BofA Rewards is a loyalty program that lets customers with an eligible Bank of America personal checking account enroll without meeting a minimum balance requirement. BofA Rewards offers a range of banking, lending, credit card, and lifestyle benefits that increase with each membership tier.
Even customers in the entry-level Member tier receive benefits, including a 10% bonus on eligible Bank of America credit card rewards, access to exclusive deals, identity theft protection, and discounts on select loans.
As members move into the Preferred Plus, Preferred Honors, and Premier tiers, they can qualify for larger credit card rewards bonuses, waived banking fees, ATM fee reimbursements, subscription statement credits, mortgage and auto loan discounts, and exclusive travel and lifestyle experiences.
- Free to join with an eligible Bank of America checking account
- No minimum balance required for the Member tier
- Up to a 75% bonus on eligible credit card rewards
- Merrill investment balances count toward tier qualification
- Valuable banking, lending, travel, and lifestyle benefits at higher tiers
- Best benefits require at least $100,000 in combined balances
- The 75% rewards bonus is reserved for the $1 million Premier tier
- Maximum value depends on using multiple Bank of America products
- Some perks require enrollment or activation
Who is BofA Rewards best for?
BofA Rewards provides the greatest value for customers who keep both their banking and investment accounts with Bank of America and Merrill. Members in the Preferred Honors ($100,000+) and Premier ($1 million+) tiers can earn up to a 50% or 75% bonus on eligible credit card rewards, significantly increasing the value of cards like the Bank of America® Unlimited Cash Rewards credit card and Bank of America® Customized Cash Rewards credit card.
The program can also lower banking and borrowing costs through fee waivers and loan discounts. While anyone with an eligible checking account can join for free, customers with larger combined balances will receive the most meaningful long-term value.
Drawbacks to consider
Although the program is easier to join than its predecessor, the most valuable perks remain reserved for customers with substantial combined balances. Reaching the top tiers requires at least $100,000 in eligible assets, while the maximum 75% credit card rewards bonus is only available at the $1 million Premier tier. In addition, you'll get the most value if you use multiple Bank of America and Merrill products, and some benefits require activation or only apply to eligible accounts.
How it's different from Bank of America's Preferred Rewards program
The biggest change is accessibility. Under the old Preferred Rewards program, customers needed to maintain at least a $20,000 combined average balance across eligible Bank of America and Merrill accounts to qualify. With BofA Rewards, anyone with an eligible Bank of America personal checking account can join no matter how much money they keep in their account.
The new program also features updated membership tiers and expanded benefits. Existing Preferred Rewards members were automatically transitioned to BofA Rewards on May 26, 2026.
| Preferred Rewards tier | BofA Rewards tier |
| Gold | Member |
| Platinum | Preferred Plus |
| Platinum Honors | Preferred Honors |
| Diamond Honors | Premier |
Compare the BofA Rewards tiers
Here's a look at each tier's requirements and key benefits.
| Tier | Minimum balance requirement | Credit card rewards bonus | Notable perks |
| Member | No minimum balance required | 10% |
|
| Preferred Plus | $30,000-$99,999 | 25% |
|
| Preferred Honors | $100,000-$999,999 | 50% |
|
| Premier | $1 million+ | 75% |
|
What you get with BofA Rewards
Bonus credit card rewards
One of the biggest advantages of BofA Rewards is the ability to earn more with eligible Bank of America credit cards. Depending on your membership tier, you can receive a rewards bonus of up to 75%, making your everyday spending even more rewarding.
Members start with a 10% rewards boost at the Member tier, which increases to 25% at Preferred Plus, 50% at Preferred Honors, and 75% at Premier. For example, if you have the Bank of America® Unlimited Cash Rewards credit card, the 1.5% can increase to 1.65%, 1.88%, 2.25%, or 2.63%, depending on your tier.
Keep in mind that rewards bonuses don't apply to welcome offers or certain promotional bonuses. Refer to your card's terms and conditions for any exclusions.
Home and auto loan savings
BofA Rewards also provides interest rate discounts on select Bank of America lending products. Every membership tier qualifies for savings on eligible auto loans and mortgages, while Preferred Plus, Preferred Honors, and Premier members can also receive discounts on qualifying home equity lines of credit (HELOCs).
The exact savings depend on your membership tier, loan amount, and eligibility. To receive these benefits, you must apply for a new loan directly through Bank of America, as existing loans and HELOCs are not eligible.
| Tier | Auto loan rate discount | Mortgage discount | HELOC rate discount |
| Member | 0.10% | $100 origination fee discount | None |
| Preferred Plus | 0.25% | $300 origination fee discount | 0.25% |
| Preferred Honors | 0.35% | $600 origination fee discount | 0.375% |
| Premier | 0.50% | 0.375% mortgage rate discount (with PayPlan enrollment) | 0.625% |
FAQs
Is BofA Rewards free to join?
Yes, BofA Rewards is free for customers with an eligible Bank of America personal checking account. Unlike the previous Preferred Rewards program, there is no minimum balance required to enroll.
How do you qualify for higher BofA Rewards tiers?
Your membership tier is based on the combined balance of eligible Bank of America deposit accounts and Merrill investment accounts. As your qualifying balance grows, you may move into higher tiers that offer larger credit card rewards bonuses and additional banking and lending benefits.
Is BofA Rewards worth it?
If you already bank or invest with Bank of America or Merrill, BofA Rewards can provide significant value through enhanced credit card rewards, fee waivers, loan discounts, and other perks. Customers with larger combined balances generally receive the greatest benefits, but even the free Member tier offers worthwhile rewards.
Can Merrill investment accounts help you qualify?
Yes, eligible Merrill investment accounts count toward your combined qualifying balance, making it easier to reach higher BofA Rewards tiers and unlock additional benefits.
Bottom line
BofA Rewards makes Bank of America's loyalty program more accessible by eliminating the minimum balance requirement to join. While anyone with an eligible checking account can benefit from added credit card rewards and banking perks, customers with larger Bank of America and Merrill balances will unlock the program's most valuable benefits.
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