If you use a Bank of America credit card, or you’re thinking about getting one, you may be able to earn significantly more cash back without changing your spending habits. The secret is the Bank of America Rewards program, formerly known as Preferred Rewards.
By qualifying for higher reward tiers, eligible cardholders can boost their credit card rewards by anywhere from 10% to 75%. That means the same purchases can generate much higher cash-back earnings over time.
Here’s how the program works, who qualifies, what changed in 2026, and whether it’s worth moving your investments to maximize your rewards.
What Is Bank of America Rewards?
Bank of America Rewards is a loyalty program that rewards customers for keeping money with Bank of America and Merrill, the bank’s investment platform.
Your reward level depends on the combined average balance across eligible Bank of America deposit accounts and Merrill investment accounts. As your balance increases, so do your benefits.
The biggest advantage of the program is the permanent boost to your credit card rewards. Unlike limited-time promotions, this multiplier applies to every eligible purchase as long as you remain enrolled in the program.
In addition to enhanced credit card rewards, members may receive mortgage discounts, lower loan rates, waived banking fees, subscription credits, and lifestyle benefits.
How the Credit Card Rewards Bonus Works
The cash-back multiplier is what makes the program so attractive.
For example, the Bank of America Customized Cash Rewards card normally earns 3% cash back in your chosen spending category, such as online shopping or gas.
Depending on your Bank of America Rewards tier, that rate increases to:
- Member: 3.3% cash back (10% bonus)
- Preferred Plus: 3.75% cash back (25% bonus)
- Preferred Honors: 4.5% cash back (50% bonus)
- Premier: 5.25% cash back (75% bonus)
Instead of earning a one-time signup bonus, you receive a permanent increase in rewards for as long as you qualify for your tier.
How Bank of America Rewards Tiers Work
Your tier is determined by your three-month average combined balance across eligible Bank of America and Merrill accounts.
One important advantage is that your money does not need to sit in a low-interest savings account. Investments held at Merrill also count toward your balance, allowing your money to remain invested while helping you qualify for higher rewards.
Let’s look at each tier.
Member Tier
The Member tier is the entry-level option and requires no minimum balance.
Anyone with an eligible Bank of America personal checking account can enroll.
Benefits include:
- 10% credit card rewards bonus
- Approximately $100 mortgage origination fee discount
- Basic identity protection and fraud monitoring
While the rewards increase is relatively small, it’s free and available to virtually every checking account customer.
Preferred Plus Tier
Preferred Plus requires a three-month average combined balance between $30,000 and $100,000.
Benefits include:
- 25% credit card rewards bonus
- 0.25% auto loan interest rate discount
- Approximately $200 mortgage origination fee discount
- Free banking services on selected accounts
This is the point where the program becomes much more rewarding. A credit card earning 3% cash back now earns 3.75%, making everyday spending considerably more valuable.
Preferred Honors Tier
Preferred Honors requires a combined balance between $100,000 and $1 million.
Benefits include:
- 50% credit card rewards bonus
- 0.35% auto loan interest rate discount
- Approximately $400 mortgage origination fee discount
- 0.375% mortgage rate reduction
- Subscription credits worth up to $96 annually
- Lifestyle benefits for travel, dining, and entertainment
With this tier, a 1.5% cash-back card effectively earns 2.25%, while a 3% category card increases to 4.5%.
Premier Tier
Premier is the highest level in the program.
To qualify, you’ll need a three-month average combined balance of at least $1 million.
Benefits include:
- 75% credit card rewards bonus
- 0.5% auto loan interest rate discount
- Mortgage origination fee discount up to $600
- 0.375% mortgage rate reduction
- Subscription credits up to $180 annually
- Premium banking services and additional lifestyle perks
This is how you can get 75% more cash back with Bank of America. A card earning 3% cash back increases to 5.25%, while a flat-rate 1.5% cash-back card earns approximately 2.625%.
How to Qualify for Higher Reward Tiers
Many people assume they need to keep large amounts of cash in a Bank of America savings account to qualify. Fortunately, that’s not the case.
Eligibility is based on your rolling three-month average daily balance across eligible accounts.
More importantly, investments held through Merrill count toward your balance. That means you can qualify while keeping your money invested in:
- Stocks
- ETFs
- Mutual funds
- Money market funds
- Retirement accounts, depending on eligibility
Rather than leaving cash in a low-yield savings account, many customers simply transfer existing investments from firms like Fidelity, Charles Schwab, or Vanguard to Merrill.
Your investments remain invested while helping you qualify for higher Bank of America Rewards tiers.
Your Benefits Don’t Disappear Overnight
One customer-friendly feature of the program is that benefits aren’t immediately removed if your balance falls.
Once you qualify for a tier, your benefits remain active for at least 12 months.
If your balance falls below the required threshold during your annual review, Bank of America provides a three-month grace period to restore your balance before reducing your tier.
Likewise, if your balance grows enough to qualify for a higher tier, Bank of America reviews your status monthly and upgrades your benefits automatically.
What Changed in May 2026?
The biggest change came when Bank of America renamed Preferred Rewards to Bank of America Rewards in May 2026 and restructured the program.
Previously, customers with $100,000 in qualifying balances received the maximum 75% credit card rewards bonus.
Under the updated program:
- The 75% bonus now requires the Premier tier with at least $1 million.
- Customers with $100,000 now qualify for Preferred Honors, which offers a 50% bonus instead.
- A new Member tier was introduced, allowing anyone with an eligible checking account to receive a 10% bonus without maintaining large balances.
Higher-tier members also gained new subscription credits and additional lifestyle benefits.
Existing Preferred Rewards members were allowed to keep their previous benefits until their first anniversary after November 2026, followed by a three-month adjustment period.
Is It Worth Moving Your Investments?
For many people, the answer depends on two questions:
- Do you regularly use Bank of America credit cards?
- Do you already have at least $30,000 invested elsewhere?
If both answers are yes, transferring investments to Merrill could make financial sense.
Your investments continue growing just as they would at another brokerage, while your credit card rewards receive a permanent boost.
On the other hand, if you don’t use Bank of America credit cards, the program offers much less value.
It’s also generally not a good idea to keep large amounts of cash in a Bank of America savings account solely to qualify for higher tiers, since the low interest earned could outweigh the additional rewards.
Final Thoughts
Bank of America Rewards remains one of the strongest banking loyalty programs available for customers who actively use Bank of America credit cards.
The ability to permanently increase your cash-back earnings by up to 75% can add substantial value over time, especially if you already have investments that can be transferred to Merrill.
While the 2026 changes made the top-tier rewards more difficult to reach, the addition of the new Member tier means almost every eligible checking account customer can now earn at least some extra cash back. For investors who already use Bank of America for everyday spending, combining credit cards with Merrill investments can be an easy way to maximize long-term rewards.
