Switching to BofA Rewards™ Was a No-Brainer for Me. Here's Why

This article is sponsored by Bank of America.

When it comes to credit card rewards points, I have one goal: maximize rewards while keeping things simple.

For years, I used a flat-rate rewards card with another bank, and I paid no annual fee or foreign transaction fee.

After a long time as a loyal customer, I made a switch, though. And it's all because of Bank of America's great rewards program. Bank of America has long offered a Preferred Rewards program to reward customer loyalty, but on May 27, 2026, the company switched to BofA Rewards instead.

The new Bank of America loyalty program charges no fees, offers even better credit card rewards than my old card, and offers some other cool perks. The program, on the whole, was too good to pass up. Here's why I thought it was worth making the change.

How I found out about BofA Rewards

I learned about BofA Rewards when I got an email from Bank of America announcing the program.

Since I had (but didn't really use) a Bank of America checking account, I was on the company's mailing list, and the promotional email that came through promised that something new was coming.

It also touted some benefits I was immediately interested in, including $96 in annual credits to pay for subscriptions and "lifestyle offers and experiences" that I was excited to learn more about.

Rewards basics

BofA Rewards is a loyalty program, which means that you're rewarded for doing more business with the bank. There are four tiers, and each is based on your average balance across qualifying Bank of America and Merrill accounts.

• Member tier: No minimum balance required
• Preferred Plus tier: $30,000 to <$100,000
• Preferred Honors tier: $100,000 to <$1 million
• Premier tier: $1 million+

Since I had investment accounts I could move over to Merrill, I was able to qualify for the Preferred Honors tier.

Being able to include investment accounts is a huge bonus because it made me eligible for a higher tier than I would have been based on my bank account alone. Anyone who invests with Merrill already or who can move their eligible accounts could get this big benefit.

Other perks depend on your specific tier. For example, you could get:

• A credit card rewards bonus of 10% for the Member tier, 25% for the Preferred Plus tier, 50% for the Preferred Honors tier, and 75% for the Premier tier.
• A reduction in your mortgage origination fee of $100 for the Member tier, $300 for the Preferred Plus tier, and $600 for the Preferred Honors tier. Premier members with PayPlan enrollment get a 0.375% rate reduction if they're approved for an eligible loan.
• A reduced home equity line of credit rate, saving 0.250% in the Preferred Plus tier, 0.375% in the Preferred Honors tier, and 0.625% in the Premier tier.
• Statement credits for subscriptions, with Preferred Honors tier members receiving statement credits up to $8 per month and Premier tier members eligible for up to $15 per month in credits for eligible subscription services.
• An auto loan interest rate discount of 0.10% in the Member tier, 0.25% in the Preferred Plus tier, 0.35% in the Preferred Honors tier, and 0.50% for Premier members.
• A waiver of non-Bank of America ATM fees in the U.S. and reimbursement of ATM operator fees for one withdrawal and one transfer per statement cycle in the Preferred Plus tier and unlimited waived non-Bank of America ATM fees and reimbursed ATM operator fees for withdrawals and transfers in the Preferred Honors and Premier tiers.
• No fees on select banking services for Preferred Plus, Preferred Honors, and Premier Tier members and a waived monthly maintenance fee on Bank of America Advantage Banking.
• A waiver of the incoming domestic wire fee for Preferred Plus, Preferred Honors, or Premier tier members and a waiver of the outgoing domestic wire fee for the Premier tier are other perks.
• Foreign exchange rate discounts for Preferred Plus, Preferred Honors, or Premier tier members making mobile and online foreign currency cash orders.
• Cash back deals for all tiers from more than 15,000 popular national and local brands, plus members' exclusives.
• Lifestyle benefits for all members enrolled in Preferred Honors or Premier tiers, including premium offers, private events, and exclusively curated experiences. As of June 1, 2026, some of the lifestyle benefits listed on the Rewards page included up to 25% off Avis car rentals, 15% off Crate&Barrel, and special ticket offers for a Harry Styles concert, among other things.

The table below shows how the different tiers stack up in terms of eligibility and lists some of the (many) rewards.

Tier	Balance Requirement	Credit Card Bonus	Subscription Credits	ATM Fee Waiver/Reimbursement
Member	<$30,000	10%	N/A	N/A
Preferred Plus	$30,000–<$100,000	25%	N/A	1 withdrawal + 1 transfer per statement cycle
Preferred Honors	$100,000–<$1 million	50%	Up to $8/month	Unlimited withdrawals and transfers
Premier	$1 million+	75%	Up to $15/month	Unlimited withdrawals and transfers

Since I qualified for Preferred Honors, I was really happy with the benefits I get.

What actually made me switch

While some of the perks didn't seem very useful to me personally, there were plenty of things I really liked about the new BofA Rewards program. The biggest factors that convinced me to make the switch include the following:

The credit card rewards bonus

I applied for the Bank of America^® Premium Rewards^® credit card, which offers 2 points per $1 on travel and dining purchases and 1.5 points per $1 on all other purchases. Since I get a 50% bonus in my tier, I end up getting back 2.25 points per $1 on everyday purchases and three points on travel and dining.

This was the biggest factor that convinced me to switch. I want a simple card that gives me a decent flat rate back on all purchases without having to worry about activating categories or switching cards for different things I buy. Getting a rate of 2.25 points back per $1 spent is one of the best deals out there.

If you're the type of person who likes to maximize rewards, the Bank of America^® Customized Cash Rewards credit card could have you earning even more, as you get 3% after the first year from account opening in your choice category. With a bonus, that adds up to even more.

The reduced mortgage origination fees

Like many other people who got a mortgage in the post-COVID era, I have a home loan I'm eager to refinance as soon as rates drop a bit (if that ever happens). The discount on mortgage origination fees for Bank of America mortgage loans will make the BofA Rewards program a great deal if I'm approved for an eligible Bank of America mortgage loan.

Statement credits for subscriptions

The BofA Rewards program will provide me with up to $8 per month in statement credits for subscriptions.

Is BofA Rewards worth switching to?

For me, BofA Rewards was worth switching to because I was able to qualify for a tier that got me a generous bonus reward on my credit card and that could help me save on eligible loans in the future.

If you're on a lower tier, especially the Member tier, then the rewards aren't quite as robust. But there's also no fee to enroll in the program, so it's definitely worth considering, especially if you have an eligible Bank of America credit card along with an eligible Advantage Banking account.

This article is sponsored by Bank of America.