Unexpected Luxury Perks from Bank of America's New Rewards Program

This article is sponsored by Bank of America.

To many people, Bank of America seems like an everyday bank for opening a checking account or a credit card. However, the BofA Rewards™ program, which replaced Bank of America Preferred Rewards, recently added customer benefits often associated with exclusive private banks or premium travel cards. What's also unique is that this loyalty program has no fee and no credit card requirement to join.

While the updated BofA Rewards program includes numerous perks across tiers, its luxury travel and lifestyle benefits are particularly unexpected. Understanding what the most interesting tiers offer can help you decide whether you should enroll.

The basics

Bank of America started offering its tiered Preferred Rewards program to eligible customers in 2014. On May 27, 2026, Preferred Rewards officially became BofA Rewards with some major changes in availability and benefits. New members can join now, while Preferred Rewards members automatically transitioned on May 26, 2026.

Joining BofA Rewards requires only an eligible Bank of America checking account, such as Advantage Banking. Previously, qualifying for Preferred Rewards required a minimum average combined balance of $20,000 across qualifying Bank of America deposit accounts and Merrill investment accounts over a three-month period.

This change opened the door to receiving benefits regardless of how much money you keep in your accounts. This includes more than 30 million current customers. However, benefits still vary by tier based on your three-month average minimum combined balance.

Here's a quick look at the BofA Rewards tiers and requirements.

Tier	Required minimum balance
Member	No minimum balance required
Preferred Plus	$30,000 - $99,999
Preferred Honors	$100,000 - $999,999
Premier	$1 million+

Remember that balances across various accounts count toward these tier minimums. For example, Bank of America offers checking, savings, certificates of deposit, and individual retirement accounts (IRAs). Some of Merrill's investment offerings include brokerage accounts, IRAs, cash management accounts, and 529 plans.

After you've enrolled, the bank reviews your balance monthly to determine tier upgrades.

Where it gets interesting

While there's clear value at any tier, things get the most interesting once you have the $100,000 combined balance to qualify for Preferred Honors. This opens access to lifestyle benefits you may not expect from an everyday banking program. Whether you love to travel, attend special events, or have your eye on a luxury vehicle purchase, there's something for everyone.

The high threshold for the Preferred Honors tier can seem like a roadblock, but it's easier to meet than many people think. You don't need to be extremely wealthy as money you keep in a Bank of America IRA or Merrill investment account can help get you there.

According to Fidelity, the average IRA balance alone was $131,380 in the first quarter of 2026. So if you've already built substantial retirement savings, you might already qualify if those assets are held in qualifying Bank of America or Merrill accounts.

However, the most luxurious perks require reaching the Premier tier. Since you'll need a minimum combined balance of $1 million, this upgrade is primarily achievable for higher-net-worth investors. If you meet the criteria, though, your status can help you access exclusive memberships and private events rarely offered, even with many luxury credit cards.

Travel perks

Travelers particularly benefit from reaching the Preferred Honors or Premier tier, though even Preferred Plus members see some value. Key perks include savings on travel-related banking activities, access to premium experiences, and Premier-specific luxury offers.

Bank fee savings

Whether you're traveling abroad or domestically, using ATMs and exchanging currency can get surprisingly expensive. Depending on which BofA Rewards tier you're in, you may enjoy savings on a few key banking services while you travel.

Tier	ATM fee waivers	Foreign currency exchange rate discount (Online and mobile orders)	Debit card international transaction fee waiver
Preferred Plus	Domestic ATMs for one withdrawal and one transfer per statement cycle	0.5% off and free standard shipping	N/A
Preferred Honors	Domestic ATMs	1% off and free standard shipping	N/A
Premier	Global ATMs	2% off and free standard shipping	Any foreign purchase

If you're a global traveler, the Premier tier offers the most value. But Preferred Plus and Preferred Honors are still worth it, especially if you don't often use ATMs abroad.

Premium travel experiences

Both Preferred Honors and Premier tier members enjoy these unique premium travel perks.

• Regent Seven Seas Cruises: If you'd like to cruise in style, BofA Rewards can help you save on global cruises to more than 550 destinations. This ultra-luxury cruise line offers passengers unlimited excursions and beverages, fine dining, private balconies and walk-in closets (for most passengers), and plenty of entertainment, among other perks.
• Sixt: You might prefer to skip the Uber or basic rental and ride in something fancier. Though the specific perks aren't yet public, Bank of America has partnered with this luxury car rental chain, which has more than 2,200 locations across 105 countries. Expect rentals from popular brands like Mercedes, Audi, and BMW.
• Virgin Hotels: This luxury hotel chain, with locations in select U.S. and U.K. cities, is known for offering a unique experience, from its architecture and service to its dining and activities. It even advertises fancy amenities for pets. While Bank of America hasn't disclosed specifics about perks, these fancy hotel stays may be a nice break.

These experiences can be expensive, so consider using the Bank of America^® Travel Rewards credit card or another eligible Bank of America card to earn rewards at boosted rates.

Premier-level luxury offers

At the Premier tier, Bank of America adds surprising offers for these providers.

• Eden Residence Club: You can only become a member and visit this private club's locations if invited, making access as a Premier member especially noteworthy. In addition to offering luxury accommodations for vacations in more than 80 global destinations, the club helps members access exclusive events, such as New York Fashion Week. While you'll need to pay the undisclosed membership fee, BofA Rewards provides a special offer.
• Backroads: For those who prefer to stay active on exhilarating adventures, BofA Rewards offers savings on luxury trips booked through Backroads. Many offerings include biking, kayaking, hiking, and walking tours with luxury hotel stays and fine dining. Themed options, such as winter adventures, glamping, and culinary excursions, are also available.
• Blacklane: Premier members can skip the stress of catching an airport shuttle or finding an Uber when they opt for special offers on Blacklane's chauffeur services. The company provides upscale transportation in over 500 cities in 60 countries. It also offers long-distance travel options that might help you avoid certain flights.

Lifestyle benefits

Available only to Preferred Honors and Premier members, the unique lifestyle benefits suit those who prioritize health, entertainment, exciting events, or big-purchase savings.

Sollis Health access

This is likely the most unexpected luxury lifestyle perk for Premier members. Sollis Health offers 24/7 concierge medical services, allowing members to avoid waits at typical urgent care facilities and emergency rooms. While an annual membership typically costs $4,000 or more, Bank of America says Premier members qualify for an exclusive offer.

Membership covers stitches, medication, common vaccinations, X-rays, routine blood tests, and several other types of care. You may pay extra for luxuries like house calls and certain on-site imaging services.

Events and experiences

Whether you're interested in Broadway shows, football, cultural events, or live music, BofA Rewards can help you access premium entertainment experiences starting at the Preferred Honors tier. You can also hit the greens at private WORLDVantage golf courses at better pricing.

BofA Rewards lists admission to private events, including the Food Network New York City Wine and Food Festival, as an exclusive perk for Premier members. Unique experiences with Silver Oak Cabernet are also available.

Special savings opportunities

Preferred Honors and Premier status can help you save on luxury vehicles from Volvo, Lexus, BMW, and other manufacturers. This includes both vehicle purchases and leases. Bank of America also mentions Mercedes-related offers for Premier members.

Plus, both tiers include discounts on ReserveBar beverages and Rhone Performance apparel. Note: Alcohol-related offers require you to be age 21 or older.

Subscription credits

While subscription credits are more common with premium credit cards, BofA Rewards offers monthly statement credits for eligible news and streaming services as follows:

• Preferred Honors: Up to $8 ($96 per year)
• Premier: Up to $15 ($180 per year)

You'll first need to activate the benefit from your BofA Rewards portal and pay for the subscription with your Bank of America checking account's debit card.

Member-tier value

Surprisingly, you can still get some uncommon perks at the lowest Member tier. The focus is more on saving money and earning higher rewards than on accessing exclusive experiences.

• Credit card rewards boost: At the Member tier, you'll get a bonus of 10% on your regular Bank of America credit card rewards. That increases to 25% once you reach Preferred Plus, 50% at Preferred Honors, and 75% at Premier.
• Cash back deals: Enjoy cash back rewards for qualifying Bank of America debit or credit card purchases with more than 15,000 brands. This includes many national retailers, such as The Home Depot, Expedia, Best Buy, and CVS. You can combine these deals with your credit card rewards boost.
• Identity theft monitoring: Some competitors, like Chase and Wells Fargo, offer basic credit score monitoring. However, Bank of America stands out by offering free identity theft monitoring and restoration services to any BofA Rewards member. You might avoid a monthly fee for a third-party service.
• Loan discounts: At the Member tier, you can get a $100 discount on mortgage origination fees and a 0.10% auto loan rate discount. In higher tiers, these benefits increase, along with new HELOC rate discounts of 0.25% to 0.625%. Plus, Premier members get a 0.375% mortgage rate cut instead of an origination fee discount. These lending discounts are subject to credit approval.

FAQs

Bottom line

The top two BofA Rewards tiers offer luxury lifestyle and travel perks that are surprising, given the program itself has no fee and doesn't require a special credit card that might carry a high annual fee. And even the lower tiers offer surprising benefits, including bonus credit card rewards, cash back deals, and loan discounts.

Since there's nothing to lose and no minimum balance required, consider opening an eligible Bank of America checking account and signing up to get the new benefits.

This article is sponsored by Bank of America.