Bank of America is gearing up to introduce significant changes to its popular Preferred Rewards program in 2026. Although this is not a major revamp of the benefits structure (at least not yet), these changes are significant if you are one of the bank’s customers who depend on its relationship-based benefits, particularly improved rewards on credit cards.

Beginning late May 2026, the program will be renamed, rearranged, and ever so slightly simplified. Tier names will change, eligibility bands will be altered, and Bank of America has hinted that benefits might shift once the new system is in place.

Here’s a breakdown of what’s happening, what’s staying the same (for now), and why this update is important to you.

Preferred Rewards Is Becoming “BofA Rewards”

Come May 26, 2026, Bank of America Preferred Rewards will officially be known as BofA Rewards. Although the idea is the same rewarding customers for maintaining higher balances with the bank the format and tier naming system are getting a makeover.

Your status will still be determined by the aggregate balances you maintain in eligible Bank of America and Merrill Lynch accounts. But instead of the usual Gold, Platinum, and Platinum Honors levels, Bank of America will simplify its status levels to four tiers.

New Tier Names and Balance Requirements (2026)

Based on the new BofA Rewards structure, customers will be categorized into one of the following tiers:

• Member: Less than $30,000
• Preferred Plus: $30,000 to $99
• Preferred Honors: $100,000 to $
• Premier: $1 million or more

The values of the balance thresholds themselves are not radically different from the current system, but the naming convention is more simplified.

If you are already a Preferred Rewards member, you do not have to do anything. Bank of America will automatically move you into the correct level when the new program is introduced.

How Current Members Will Transition

Here’s how existing customers are expected to transition into the new system:

• Gold and Platinum members will roll into Preferred Plus
• Members of Platinum Honors will become Preferred Honors
• Diamond members will be upgraded to Premier

In other words, nobody is losing status purely as a result of the rebrand. Your balance level determines where you are, just under a different name.

The Big Question: Are Benefits Changing?

This is where things get interesting and a little bit unclear.

Bank of America has confirmed that there will be changes to benefits once the BofA Rewards program is fully launched, but it has not yet provided a complete list of changes. This means that cardholders are left waiting anxiously, particularly those who rely on the program’s most valuable benefit: increased credit card rewards.

Historically speaking, Bank of America has been very careful about making changes to Preferred Rewards. Previous changes have been more about structure and naming conventions rather than reducing high-end benefits. As such, there is cautious optimism that the most popular benefits will be preserved.

That being said, whenever a bank makes a statement about future changes in benefits, it is worth paying attention.

Why the 75% Credit Card Rewards Boost Matters Most

For most customers, the actual benefit of Preferred Rewards (soon to be BofA Rewards) is the credit card rewards bonus.

Customers with $100,000 or more in qualifying balances earn up to a 75% bonus on rewards earned with eligible Bank of America credit cards. This can be a huge bonus for cards such as:

• Bank of America Premium Rewards credit card
• Bank of America Travel Rewards
• Customized Cash Rewards Cards

For instance, a card that earns 1.5 points per dollar of purchase can actually earn more than 2.6 points per dollar with the full benefit. Losing or diminishing such a benefit would significantly alter the attractiveness of Bank of America’s card network.

As of yet, there is no sign of this increase going away, although it will probably be verified closer to the launch date.

Automatic Enrollment Reduces the Barriers to Entry

Another “quiet but important change” is that all checking customers of Bank of America will automatically be enrolled in BofA Rewards as Members.

This will not reward you with premium benefits on its own, but it will make it easier to follow your progress towards reaching higher levels. As your balances increase, you will automatically advance to higher levels without having to reapply.

This change indicates that Bank of America would like to see more customers participate in the program and perhaps manage their assets under one roof.

Timing Matters: The 3-Month Average Rule Still Applies

If you are trying to qualify for a higher tier, it is important to plan ahead.

Bank of America maintains its eligibility requirement based on a three-month average daily balance. This means that last-minute deposits will not help you qualify immediately. Your funds must be in place on a consistent basis in order to qualify towards your tier.

If you are aiming for Preferred Honors or trying to retain it through 2026, it is essential that your balances are in good position before the new system is implemented.

Is This a Rebrand or the Start of Bigger Changes?

On the surface, BofA Rewards appears to be more of a rebrand and clean-up rather than a complete overhaul. The naming of the tiers is more straightforward, the system is easier to understand, and automatic enrollment is a big plus.

That being said, the fact that there is no information about future rewards leaves some room for concern or opportunity. Banks do not often change their loyalty reward schemes without having some kind of long-term plan in mind. Whether that means better rewards, less generosity, or a combination of both is yet to be determined.

For now, customers in the $100,000+ category are watching with hope for one thing above all else: don’t change the credit card rewards boost.

Final Takeaway

The changeover from Preferred Rewards to BofA Rewards in 2026 for Bank of America is definitely a significant change, although it may not have an immediate effect on the value you receive.

The renamed levels of benefits make the program easier to understand, automatic enrollment makes the program more accessible, and current members will not lose their status as a result of the transition. The true test, however, will come when Bank of America announces the specifics of how benefits will change.

If you are counting on Preferred Honors-level benefits, particularly improved rewards on credit cards, this is definitely a development you will want to keep a close eye on. More information will come to light as the May 2026 launch date draws near, and this will help to determine whether BofA Rewards continues to be one of the most valuable banking rewards programs or if it begins to fall behind.