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New to Bank of America Preferred Rewards? Start here: cards and transfers
PROGRAMME PROFILE
Bank of America Preferred Rewards: Tiers and Card Bonus
Bank of America Preferred Rewards is Bank of America's US consumer relationship programme, presented by the bank as BofA Rewards™, which sets a customer's tier — and a card rewards bonus of 10% to 75% on eligible Bank of America credit cards — from the combined balances held in Bank of America deposit accounts and Merrill investment accounts. [1] Membership needs an eligible Bank of America personal checking account, costs nothing to join or maintain, and has no minimum balance at the entry Member tier. [1]
Facts checked: 18 October 2026
Key takeaways
- There are four tiers — Member, Preferred Plus, Preferred Honors and Premier — and the qualifying combined balance for each is $0, $30,000, $100,000 and $1,000,000. [1]
- The card rewards bonus rises with the tier: 10% for Member, 25% for Preferred Plus, 50% for Preferred Honors and 75% for Premier. [1]
- Tiers are based on balances across Bank of America deposit accounts and Merrill investment accounts, reviewed monthly, with upgrades applied automatically. [1]
- The programme is for consumers only; business banking customers may be eligible for Preferred Rewards for Business. [1]
What are the tiers and balance thresholds?
Bank of America publishes four tiers, each attached to a minimum combined balance and to a percentage bonus on eligible cards. [1] There is no fee to join or maintain membership, and no minimum balance is needed to become a Member, although a checking account may still carry a monthly maintenance fee if its own waiver requirements are not met. [1]
| Tier | Combined balance required | Card rewards bonus |
|---|---|---|
| Member | No minimum balance | 10% |
| Preferred Plus | $30,000 | 25% |
| Preferred Honors | $100,000 | 50% |
| Premier | $1,000,000 | 75% |
The tier tiles on the programme page present the same amounts as combined balances of $30K+, $100K+ and $1M+. [1]
How is the three-month average balance calculated?
Tiers are set from the qualifying combined balances a customer holds in Bank of America deposit accounts and Merrill investment accounts; Merrill and Bank of America are both wholly owned subsidiaries of Bank of America Corporation, and Merrill investment balances count toward the tier requirement. [1] The tier tiles describe the test as a combined average three-month balance. [1]
For the 30 calendar days that follow first enrolment, Bank of America uses the combined end-of-day collected balance of the qualifying accounts, provided that daily balance stays above the required amount for at least three business days. [1] After that, the combined average balance of the qualifying accounts is calculated on the third business day of each month. [1] Balances are reviewed every month, and a customer who qualifies for a higher tier moves up automatically within three business days, although new benefits may take up to 30 days to become active. [1] First-time enrolees also have their balance reviewed daily during their first 30 days and are moved up as soon as a higher tier is reached. [1]
A temporary dip does not cost the tier straight away: the member keeps it until the next anniversary date. [1] At the annual review, a member who no longer meets the requirement is notified and given a three-month grace period to raise eligible balances, and is moved to a lower tier only if the requirement is still unmet after those three months. [1]
How does the card rewards bonus work?
Enrolled members holding an eligible Bank of America credit card receive a bonus of 10% at Member, 25% at Preferred Plus, 50% at Preferred Honors or 75% at Premier. [1] The programme terms describe the bonus as applying to eligible cash back, points and travel rewards cards, and Bank of America's card line-up also includes airline rewards cards alongside those categories. [1] [2] Certain cards are not eligible, and the terms direct cardholders to a list of ineligible cards and to each card's own programme rules. [1]
On eligible cash rewards cards the bonus is applied after all base and category bonus rewards on a purchase have been calculated: the programme's own example is a $100 purchase earning 3% ($3.00), which earns $3.30, $3.75, $4.50 or $5.25 depending on the tier held when the purchase posts. [1] On other eligible card types, 100 base points become 110, 125, 150 or 175 points on the same basis, so the earning rate on a card rises with the tier. [1]
If a card already receives a 10% customer bonus, the programme bonus replaces that bonus rather than stacking on top of it. [1] The bonus does not apply to the bonus earn of certain programmes, and it is not applied to account opening bonuses or to non-standard rewards that form part of a special offer, unless Bank of America indicates otherwise. [1] Members who enrolled in Preferred Rewards before 26 May 2026 may have a card that is eligible for an extended card benefit. [1]
What non-card benefits come with each tier?
Beyond the card bonus, the programme publishes banking, borrowing and investing benefits that differ by tier; the main ones are summarised below as of 18 October 2026. [1]
| Benefit | Member | Preferred Plus | Preferred Honors | Premier |
|---|---|---|---|---|
| Monthly maintenance fees on checking and savings | — | Waived | Waived | Waived |
| Non-Bank of America ATM fees | — | One withdrawal or transfer per statement cycle | Unlimited, domestic | Unlimited, including international |
| Incoming wire transfer fees | — | Waived | Waived | Waived |
| Outgoing wire transfer fees | — | — | — | Waived |
| Subscription credits | — | — | Up to $96 a year ($8 a month) | Up to $180 a year ($15 a month) |
| Auto loan interest rate discount | 0.10% | 0.25% | 0.35% | 0.50% |
| Home loan benefit | $100 off origination fees | $300 off origination fees | $600 off origination fees | 0.375% mortgage rate discount with PayPlan (0.125% without) |
| Home equity line of credit rate discount | 0.00% | 0.250% | 0.375% | 0.625% |
| Merrill Guided Investing fee discount | — | 0.10% | 0.15% | 0.15% |
| Foreign currency exchange rate discount on mobile and online orders | — | 0.5% | 1% | 2% |
Every tier lists cash back deals on brands and fraud and identity monitoring through My Credit, while lifestyle benefits are reserved for Preferred Honors and Premier and are supplied by third-party vendors not affiliated with Bank of America. [1] Preferred Plus and above also get priority telephone service, and Premier members have international transaction fees on their debit card waived. [1] For the underlying card economics, see the Bank of America rewards programme and the wider guide to credit cards in the United States. [2]
Exceptions and limits
- Consumers only. The programme is exclusively for consumers, and business banking customers may be eligible for Preferred Rewards for Business instead. [1]
- Special eligibility. Employees and retirees of Bank of America may be eligible on customised terms, Bank of America Private Bank clients qualify to enrol in the Premier tier regardless of balances, and employees of companies in the Bank of America Employee Banking and Investing Program may be eligible on customised terms. [1]
- Lending discounts are fixed at application. Mortgage and home equity discounts follow the tier held when the application is submitted and are not adjusted afterwards, and the full 0.375% Premier mortgage rate reduction requires enrolment in PayPlan, the bank's automatic payment service. [1] Some programme benefits cannot be combined with other offers, mortgage rate reductions may be subject to a maximum limit, and the benefits are not available with Custom Residential Real Estate financing. [1]
- Auto loan limits. The auto loan rate discount does not apply to Bank of America auto loans held before joining, to applications from car dealerships, manufacturers or third parties, or to leases. [1]
- Subscription credits. The credit requires enrolment, acceptance of its own terms, and payment made directly to eligible merchants with a Bank of America debit card linked to a designated checking account; eligible merchants can change without notice. [1]
- No guarantee of approval. Programme status does not guarantee approval for lending or credit products, and standard credit approval, underwriting and credit policies still apply. [1] Lifestyle offers that include alcohol are open only to members aged 21 or older, and some offers may be limited to a set number of members. [1]
Frequently asked questions
Do you need a minimum balance to join Bank of America Preferred Rewards?
No. There is no fee to join or maintain membership and no minimum balance to become a Member; you need an eligible Bank of America personal checking account. [1]
Do Merrill balances count toward the tier?
Yes. Merrill investment account balances count toward the tier requirement, alongside Bank of America deposit balances. [1]
How quickly does a higher tier take effect?
Eligible customers are moved to a higher tier within three business days, but new tier benefits may take up to 30 days to become active. [1]
Does the programme bonus replace the 10% customer bonus?
Yes. If a card receives the 10% customer bonus, the BofA Rewards bonus replaces that 10% customer bonus. [1]
Do business accounts earn these benefits?
No. BofA Rewards is exclusively for consumers, though business banking customers may be eligible for the separate Preferred Rewards for Business programme. [1]
Sources
Sources checked on 18 October 2026. The separate Preferred Rewards for Business programme, and the reward rates of individual Bank of America credit cards, are not covered here.
- BofA Rewards programme page and programme terms, checked 18 October 2026
- Bank of America credit cards overview, checked 18 October 2026
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