A significant shift is coming to Bank of America loyalty programs on May 27th, opening doors for millions of customers. The new BofA Rewards program dramatically alters the landscape, removing the previous requirement of maintaining a substantial account balance to participate.
This change represents a major expansion of access to benefits, but it also means existing Preferred Rewards members will see adjustments to their perks. New tier structures and broadened eligibility are reshaping the program, creating a tiered system designed to reward customers at various financial milestones.
For those who previously didn’t meet the $20,000 balance needed for Preferred Rewards, BofA Rewards is a welcome opportunity. Joining the Member tier is free, and benefits grow as customers achieve goals like purchasing a home or a vehicle. Pairing this with an eligible Bank of America credit card unlocks even greater earning potential.
However, current Preferred Rewards members should carefully examine the changes. The new tiers and benefit levels may not align with their previous advantages. Understanding the differences is crucial to maximizing value within the evolving program.
The core of BofA Rewards revolves around a tiered structure based on total assets held across qualifying Bank of America and Merrill accounts. The Member tier, accessible with less than $30,000 in assets, offers a 10% credit card rewards bonus and a $100 mortgage fee discount.
Ascending to Preferred Plus ($30,000 - $100,000) boosts the rewards bonus to 25%, increases the mortgage discount to $300, and adds perks like waived fees on several common banking services. Higher tiers – Preferred Honors ($100,000 - $1 million) and Premier (over $1 million) – unlock increasingly substantial benefits.
The Premier tier delivers a remarkable 75% credit card rewards bonus, significant discounts on mortgages and auto loans, and a comprehensive suite of waived fees. It also includes exclusive lifestyle benefits and a generous annual credit for streaming and news subscriptions.
Existing Preferred Rewards members will be automatically transitioned to BofA Rewards on May 27th, with current benefits protected for at least six months. This grace period allows time to assess the new tiers and understand how the changes impact individual accounts.
Enrollment for those not currently in Preferred Rewards is simple. Access the BofA Rewards section within your online account and enroll if you meet the requirements. Benefits will activate within 30 days, and automatic tier upgrades will occur as account balances increase.
The true power of BofA Rewards lies in combining program benefits with strategic credit card spending. Holding an eligible Bank of America credit card amplifies earning potential, with bonus multipliers varying by tier and card type.
For example, cardholders in the Premier tier can earn up to 3.5 points per dollar on travel and dining, and 2.625 points per dollar on everyday purchases. These points can be redeemed for travel, gift cards, or cash back at a fixed value.
Ultimately, BofA Rewards presents a compelling opportunity for many Bank of America customers. While some adjustments may be necessary for existing Preferred Rewards members, the expanded access and potential for increased earnings make it a program worth exploring.
For those seeking a straightforward rewards experience, the program offers a clear path to maximizing value. With the right strategy and credit card, members can unlock significant cash back and a range of valuable perks.
