Direct Answer
Yes, BofA Rewards™ is generally worth joining if you already have an eligible Bank of America personal checking account (or wouldn’t mind getting one), because there is no enrollment fee and you’re basically getting rewards for free. That said, how much value you get depends on how much you keep with Bank of America and Merrill Lynch: here’s how each tier stacks up by balance range, benefits, and value.
| Tier | Balance Range (Combined Bank of America and Merrill Lynch balances) | Main Value Drivers | Verdict / Takeaway |
|---|---|---|---|
| Member | No minimum balance. | No minimum balance required, and free to enroll. 10% credit card rewards bonus. Fraud and identity theft monitoring tools. | No reason not to enroll. If you already have a Bank of America credit card, and wouldn’t mind getting a checking account, the 10% credit card rewards bonus alone is worth it. |
| Preferred Plus | $30,000 to under $100,000. | High value in 25% credit card rewards bonus. Waived maintenance fees for checking and savings accounts. ATM benefits. | The mainstream banking sweet spot. Strong rewards value and banking benefits, without needing a six-figure balance. Many households can easily qualify by consolidating checking, savings, and self-directed Merrill investment assets to cross the $30K threshold. |
| Preferred Honors | $100,000 to under $1 million. | 50% credit card rewards bonus. Up to $96/year streaming/news credit. Exclusive lifestyle offers, such as BMW/Lexus/Audi/Volvo incentives, curated arts & entertainment experiences, and more. Stronger loan discounts. | Worth it if you capitalize on lifestyle perks. Legacy Platinum Honors members face a structural credit card bonus drop from 75% to 50%. The new subscription credits and luxury travel deals are meant to offset that difference. |
| Premier | $1 million or more. | 75% credit card rewards bonus. Up to $180/year streaming/news credit. Premier benefits, such as access to exclusive Sollis Health 24/7 concierge medical care. | Elite value for high net worth relationships. Households already holding significant investment portfolios can secure premium, high-touch medical, travel, and banking benefits. |
How to Decide Whether BofA Rewards Is Worth It for Your Tier
Use this table to decide whether BofA Rewards is worth it for your situation based on your tier, how you already bank or invest with Bank of America and Merrill, and which benefits you are most likely to use.
| BofA Rewards tier | Worth it if... | Less valuable if... | Best benefit to evaluate first |
|---|---|---|---|
| Member | You already have or want a BofA checking account and can use a 10% card bonus or monitoring tools. | You would open a checking account only for a small card-rewards boost. | 10% credit card rewards bonus plus fraud and identity monitoring. |
| Preferred Plus | You keep $30K+ across BofA/Merrill and use BofA cards or banking services. | You can earn more by keeping cash elsewhere and do not use BofA credit cards. | 25% credit card rewards bonus and fee waivers. |
| Preferred Honors | You use BofA cards heavily, value loan discounts, or will use the subscription/lifestyle benefits. | You only care about the old 75% card bonus and will not use the new perks. | 50% card bonus plus $96/year subscription credit. |
| Premier | You already keep $1M+ with BofA/Merrill and can use premium banking, travel, and lifestyle benefits. | You would move assets solely for perks you may not use. | 75% card bonus, premium experiences, and $180/year subscription credit. |
Rule of Thumb
BofA Rewards is easiest to justify when you already bank with Bank of America, already use an eligible BofA credit card, or already keep qualifying balances with Bank of America and Merrill. Choosing to enroll requires higher scrutiny if you must relocate productive portfolios or open new accounts solely to chase a tier bonus, where external yields might outpace the program’s incentives.
BofA Rewards at a Glance: Eligibility, Enrollment, and Tiers
BofA Rewards replaced Bank of America’s former Preferred Rewards program on May 27, 2026. The biggest structural change is that the new program adds a no-minimum-balance Member tier, while higher tiers are based on qualifying Bank of America deposit and Merrill investment balances. Use this fact sheet to quickly verify the core BofA Rewards rules: eligibility, enrollment, tier qualification, benefit timing, fees, balance changes, and estimated annual value.
| Question | Answer |
|---|---|
| What’s the program’s name? | BofA Rewards (replaced Preferred Rewards on May 27, 2026). |
| Who’s eligible? | Any client with an active Bank of America personal checking account, with no minimum balance. |
| How do I enroll? | Starting May 27, 2026, eligible clients can enroll for free in Online Banking, the Mobile Banking app, by phone, or at a branch. Existing Preferred Rewards members are automatically enrolled. |
| How is my tier determined? | By your three-month average combined balance across eligible BofA deposit and Merrill investment accounts. |
| When do benefits start? | Benefits activate within 30 days of enrollment; new enrollees have their balances reviewed daily during that first 30-day window. |
| Do I need a BofA credit card? | No — but cardholders get the biggest lift, since the rewards bonus (10%–75%) applies to eligible card earnings. |
| How do I move up a tier? | Members are automatically upgraded when their qualifying three-month average balances increase into the next tier ($30K, $100K, or $1M+). |
| Is there a fee? | No — BofA Rewards is a no-fee loyalty program (though the underlying checking account may carry a monthly fee if waiver requirements aren’t met). |
| What happens if my balance drops? | Since tiers are based on a rolling three-month average balance, a sustained drop would move members to a lower tier. |
| What is the estimated annual value? | $150 to $4,000 based on tier and engagement. |
Which Accounts Count Toward Your BofA Rewards Balance Tier?
Your tier placement is calculated automatically using your three-month rolling combined average daily balance across both banking and investing relationships. The following specific account categories qualify for asset aggregation:
- Bank of America Deposit Accounts: Active personal checking accounts (such as Bank of America Advantage Banking), traditional retail savings accounts, money market savings, and Certificates of Deposit (CDs).
- Merrill Investment Accounts: Self-directed or managed investment portfolios, including the Merrill Cash Management Account (CMA).
- Retirement Assets: Traditional IRAs, Roth IRAs, and rollover IRA accounts housed within Bank of America or Merrill.
- Education Savings: 529 plans that are officially linked and appear directly on your Merrill relationship statement.
- Trust Accounts: Revocable grantor trust accounts, provided they are tied to the primary account holder’s tax identification profile.
BofA Rewards Benefits by Tier
Use this tier-by-tier benefits table to compare what BofA Rewards includes at the Member, Preferred Plus, Preferred Honors, and Premier levels, including balance requirements, credit card bonuses, banking benefits, loan discounts, subscription credits, and lifestyle perks.
| Benefit | Member | Preferred Plus | Preferred Honors | Premier |
|---|---|---|---|---|
| Qualifying Bank of America and Merrill balance | No minimum balance required. | $30,000–<$100,000 | $100,000–<$1,000,000 | $1,000,000+ |
| Credit card rewards bonus | +10% | +25% | +50% | +75% |
| Auto loan discount | 0.10% | 0.25% | 0.35% | 0.50% |
| Foreign currency exchange discount | No discount | 0.5% | 1% | 2% |
| Merrill Guided Investing discount | No discount | 0.10% | 0.15% | 0.15% |
| Free checking and savings accounts | No discount | Waived monthly maintenance fee on checking and savings accounts. | Waived monthly maintenance fee on checking and savings accounts. | Waived monthly maintenance fee on checking and savings accounts. |
| Non-BofA ATM service (U.S.) | No discount | Free once per month | Free unlimited | Free unlimited (plus international ATMs) |
| Cash-back deals on big-name brands | Enjoy additional cash back from top brands. | Enjoy additional cash back from top brands. | Enjoy additional cash back from top brands. | Enjoy additional cash back from top brands. |
| Fraud and identity monitoring tools | Included | Included | Included | Included |
| Priority service | Not included | Call 888.888.7937 for priority service. | Call 888.888.7937 for priority service. | Call 888.888.7937 for priority service. |
| Streaming/news subscription credit | Not included | Not included | Up to $96/year ($8/month) | Up to $180/year ($15/month) |
| No international transaction fees | Not included | Not included | Not included | Use your debit card globally, with no fees on foreign purchases. |
| Mortgage fee discount | Get $100 off mortgage origination fees. | Get $300 off mortgage origination fees, plus a HELOC interest rate discount of 0.250%. | Get $600 off mortgage origination fees, plus a HELOC interest rate discount of 0.375%. | Get a 0.375% discount on mortgage rates, plus a HELOC interest rate discount of 0.625%. |
| Exclusive Lifestyle Benefits | Not included | Not included | Curated lifestyle offers such as luxury all-inclusive cruises savings, BMW/Lexus/Audi/Volvo savings and incentives, curated arts & entertainment experiences, WORLDVantage golf membership, ReserveBar.com wine/spirits discounts, and more. | All the Preferred Honors benefits, plus immersive one-of-a-kind experiences like Sollis Health 24/7 concierge medical care, Backroads adventure travel, Silver Oak wine access, and more. |
| No fees on select banking services | Not included | Yes | Yes | Yes |
How Much Can BofA Rewards Increase Cash Back Credit Card Earnings?
How Do BofA Rewards Tiers Change Cash Back Rates?
BofA Rewards can increase eligible Bank of America credit card rewards by 10% to 75%, depending on tier. The table below shows how each tier boosts common cash back earning rates on popular Bank of America cards.
| BofA card / earning category | Base rate | Member (+10%) | Preferred Plus (+25%) | Preferred Honors (+50%) | Premier (+75%) |
|---|---|---|---|---|---|
| Customized Cash Rewards — 3% choice category | 3% | 3.3% | 3.75% | 4.5% | 5.25% |
| Customized Cash Rewards — 2% grocery/wholesale club category | 2% | 2.2% | 2.5% | 3% | 3.5% |
| Customized Cash Rewards — 1% everyday purchases | 1% | 1.1% | 1.25% | 1.5% | 1.75% |
| Unlimited Cash Rewards — unlimited 1.5% cash back | 1.5% | 1.65% | 1.875% | 2.25% | 2.625% |
Takeaway: As you move up BofA Rewards tiers, the same eligible Bank of America credit card purchases can earn meaningfully higher cash-back rates — for example, Unlimited Cash Rewards rises from 1.5% base cash back to as much as 2.625% at the Premier tier.
Example: How Much More Could You Earn on $25,000 in Annual Spending?
Assumptions for the $25,000 spending examples below:
- The Bank of America® Customized Cash Rewards credit card earns bonus cash back only on the first $2,500 in combined purchases each quarter in the choice category and at grocery stores and wholesale clubs.
- To reflect that limit, the Customized Cash Rewards example assumes $10,000 per year (i.e., $2,500 per quarter) earns the 3% choice-category rate, and the remaining $15,000 in annual purchases earns 1% cash back.
- The Bank of America® Unlimited Cash Rewards credit card earns unlimited 1.5% cash back on all purchases after the first-year offer, so the Unlimited Cash Rewards example assumes the full $25,000 in annual purchases earns 1.5%.
- Estimates are for illustrative purposes only and do not include welcome bonuses, first-year promotional offers, or limited-time rewards.
| BofA card example | Annual spending assumption | Base rewards | Member (+10%) | Preferred Plus (+25%) | Preferred Honors (+50%) | Premier (+75%) |
|---|---|---|---|---|---|---|
| Customized Cash Rewards example | $10,000/year at 3%; $15,000/year at 1% | $450 | $495 (+$45) | $562.50 (+$112.50) | $675 (+$225) | $787.50 (+$337.50) |
| Unlimited Cash Rewards example | $25,000/year at 1.5% | $375 | $412.50 (+$37.50) | $468.75 (+$93.75) | $562.50 (+$187.50) | $656.25 (+$281.25) |
Note: These examples are for illustrative purposes only and do not guarantee the rewards any cardholder will earn.
How to Keep the 75% Card Bonus if You Were in the Preferred Honors Tier
Under BofA Rewards, the 75% credit card rewards bonus requires $1,000,000 or more in qualifying assets. Under the former Preferred Rewards structure, a $100,000 Platinum Honors balance earned a 75% bonus; under the new BofA Rewards structure, the $100,000 to under $1,000,000 Preferred Honors tier earns a 50% bonus.
How do you reach Premier without parking $1M in a low-yield account?
People in the Preferred Honors tier who want to keep a 75% credit card rewards bonus under BofA Rewards would need to qualify for the new $1,000,000 Premier tier. But that does not necessarily mean keeping $1 million in a standard Bank of America savings account. Large cash balances can carry an opportunity cost if they earn less than high-yield savings accounts, money market funds, Treasury securities, or other cash-management alternatives.
For higher-balance households, online depositor communities like Bogleheads, r/CreditCards, and r/MerrillEdge frequently evaluate how assets held in eligible Merrill investment accounts can qualify without disrupting a broader investment strategy. The following are general options to evaluate, not financial, investment, or tax advice, and not recommendations to move assets; consider consulting a qualified financial or tax advisor before making changes.1
- Merrill self-directed brokerage or retirement accounts. Eligible Merrill brokerage and IRA balances may count toward BofA Rewards tier qualification, allowing some customers to qualify through invested assets rather than bank deposits alone.
- ACATS in-kind transfers. Investors may be able to move eligible ETFs, stocks, or mutual funds to Merrill through an ACATS in-kind transfer without selling the holdings first. Before doing so, verify transfer fees, unsupported assets, cost-basis transfer, account restrictions, and tax implications.
- Treasury money market funds held in an eligible Merrill account. Some investors use Treasury-focused money market funds inside brokerage accounts as cash-like holdings that may offer market-based yields and potential state-tax advantages, depending on the fund’s holdings and tax treatment.
- Short-term Treasury ETFs held in an eligible Merrill account. Short-term Treasury ETFs may be another cash-management option for investors who want Treasury exposure, liquidity, and potential state-tax advantages, though they still carry market, yield, liquidity, and tax considerations.
I’ve personally used Preferred Rewards since March 2017
I’m not evaluating BofA Rewards only from the outside. My experience has been consistently positive because the core benefit is simple: once you qualify, eligible Bank of America credit card rewards receive a relationship bonus without complicated redemption strategies.
That does not mean BofA Rewards is automatically the right fit for everyone. The program is most compelling for people who already use Bank of America, have an eligible Bank of America credit card, or keep qualifying balances across Bank of America and Merrill accounts.
Frequently Asked Questions About BofA Rewards
Is BofA Rewards free to join?
Yes. BofA Rewards does not charge a separate enrollment or membership fee. However, the underlying Bank of America checking, savings, credit card, or Merrill accounts may still have their own fees, depending on the product and whether you meet waiver requirements.
Do I need a Bank of America checking account to join BofA Rewards?
Yes. BofA Rewards is built around an eligible Bank of America personal checking relationship. A credit card can increase the value of the program, but the checking relationship is the basic entry point.
Do I need a minimum balance to join BofA Rewards?
No. The new Member tier has no minimum balance requirement. Higher tiers require qualifying combined balances across eligible Bank of America deposit accounts and Merrill investment accounts.
What are the BofA Rewards tiers?
The four BofA Rewards tiers are Member, Preferred Plus, Preferred Honors, and Premier. Member has no minimum balance requirement, Preferred Plus starts at $30,000, Preferred Honors starts at $100,000, and Premier starts at $1 million in qualifying combined balances.
How is my BofA Rewards tier calculated?
Your tier is based on your three-month average combined balance across eligible Bank of America deposit accounts and Merrill investment accounts. In general, higher qualifying balances unlock higher card rewards bonuses and more benefits.
Is BofA Rewards worth it if I only qualify for Member?
Yes, if you already have or want a Bank of America checking account. The Member tier has no minimum balance requirement and can still provide a 10% credit card rewards bonus, cash-back deals, and fraud and identity monitoring tools.
Is Preferred Plus worth it?
Preferred Plus is most compelling if you can naturally keep at least $30,000 across eligible Bank of America and Merrill accounts and you use eligible Bank of America credit cards. The main value is the 25% credit card rewards bonus, plus banking-service benefits.
Is Preferred Honors still worth it after the credit card bonus drops to 50%?
Preferred Honors can still be worth it if you use the broader benefits, including the 50% card rewards bonus, subscription credits, loan discounts, ATM benefits, lifestyle offers, and fee waivers. It is less attractive if your only goal was preserving the former 75% card bonus at the $100,000 balance level. Having held the legacy version of this tier since 2017, I look at this structural drop as a pivot where new experiential perks—like curated lifestyle offers and a $96 annual streaming credit—are meant to offset the reduced card margins.
How do I keep the 75% Bank of America credit card rewards bonus?
Under BofA Rewards, the 75% credit card rewards bonus is tied to the Premier tier, which requires $1 million or more in qualifying combined balances. Eligible Merrill brokerage and retirement assets may help some households qualify without holding $1 million in a standard bank deposit account. This is why online depositor groups like Bogleheads and r/MerrillEdge sometimes recommend using eligible Merrill investment accounts for ACATS in-kind asset transfers or Treasury money market funds to hit the $1M Premier tier without sacrificing yield on idle cash1.
What is the biggest downside of BofA Rewards?
The biggest downside is opportunity cost. If you move cash or investments only to qualify for a tier, you should compare the value of the rewards, discounts, and benefits against what you might earn or receive elsewhere.
- Investment products are not FDIC insured, are not bank guaranteed, and may lose value. This article is for informational purposes only and is not a recommendation to open, close, transfer, buy, sell, or hold any account or investment. Before moving assets or changing your cash-management strategy, consider fees, taxes, liquidity needs, investment risk, account features, and whether to consult a qualified financial or tax advisor. ↩ ↩