BofA Rewards takes over from Preferred Rewards at Bank of America

On February 18, 2026, Bank of America said it will launch BofA Rewards as the successor to Preferred Rewards. Sign-ups open May 27, though a footnote in the announcement puts the changeover at about May 26, 2026.

Under the new program, people earn a 10% to 75% boost on the rewards they collect when they use eligible Bank of America credit cards for day-to-day spending. The tier is set by a three-month average of balances held across qualifying accounts. Member covers balances below $30,000. Preferred Plus runs from $30,000 up to $100,000. Preferred Honors spans $100,000 to just under $1 million, and Premier begins at $1 million. The earlier Preferred Rewards program had a $20,000 minimum.

The bank puts the annual worth of membership between $150 and $4,000, depending on the tier and on how heavily a client uses the benefits. Preferred Honors members may receive as much as $96 per year in subscription credits, capped at $8 monthly. Premier members may receive as much as $180 per year, capped at $15 monthly. The program additionally features cash-back offers from over 15,000 brands.

Existing clients will be moved into the new structure without needing to act. Those in the Gold and Platinum tiers become Preferred Plus. Platinum Honors clients move to Preferred Honors, while Diamond Honors clients move to Premier.