Bank of America is making some changes to its Preferred Rewards program. Beginning May 27, Bank of America customers will be able to enroll in the new program, BofA Rewards. Here’s everything current and future Bank of America customers need to know.
What’s Changing?
Previously, Bank of America customers needed to maintain a three-month combined average account balance of $20,000 or more across their Bank of America banking and Merrill investing accounts to be eligible for enrollment in the Preferred Rewards program.
Now, customers will no longer have to meet a minimum balance requirement to earn rewards. With the introduction of a new tier — the Member tier — anyone with a Bank of America personal checking account can join.
Here’s a brief overview of the new BofA Rewards:
| Member | Preferred Plus | Preferred Honors | Premier | |
| Minimum Balance Requirement | less than $30,000 | $30,000 to $99,999 | $100,000 to $999,999 | $1 million and above |
| Credit Card Rewards Bonus | 10% | 25% | 50% | 75% |
| Mortgage Fee Discount | $100 | $300 | $600 | 0.375% |
| Auto Loan Discount | 0.1 percentage point | 0.25 percentage point | 0.35 percentage point | 0.5 percentage point |
In addition, Preferred Plus and above customers can receive interest rate discounts on home equity lines of credit.
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What Current Customers Can Expect
Current Preferred Rewards members will automatically be enrolled in the new BofA Rewards program in May and shouldn’t expect any changes to their current benefits until then.
If your benefits do change, you’ll get to keep your current Preferred Rewards tier benefits for six months (after May 27), plus all the benefits that come with the new program.
Expanded Lifestyle Benefits
The new BofA Rewards is expanding the lifestyle benefits available to its Preferred Honors and Premier members. These members can enjoy curated offers and premium experiences across lifestyle categories such as travel, automotive, food and wine, arts and entertainment.
Such benefits include automotive savings on brands like BMW, Lexus, Audi, Volvo, access to Broadway shows and tier-exclusive offers and experiences from partners like Regent Seven Seas Cruises, Mercedes and Blacklane.
What to Do Next
Bank of America will begin notifying customers of the program and its details beginning Feb. 23. For new Bank of America customers and new BofA Rewards program members, it will be a one-step enrollment process in their Bank of America Online Banking or Mobile Banking app.
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What to Know About Bank of America’s Updated Rewards Program originally appeared on usnews.com