75% credit card rewards boost moves from $100,000 to $1 million balance tier

75% bonus at $100,000+ balances → 50% at $100,000–$999,999; 75% requires $1 million+

With the late-May 2026 relaunch of Preferred Rewards as BofA Rewards, the 75% credit card rewards bonus previously available at the $100,000 Platinum Honors tier is now reserved for the new Premier tier, which requires $1 million or more in qualifying Bank of America and Merrill balances. Customers holding $100,000–$999,999 (renamed Preferred Honors) receive a 50% bonus instead, cutting the popular flat-cashback setup on the Unlimited Cash Rewards card from an effective 2.625% to 2.25% and the Customized Cash choice category from 5.25% to 4.5%. Existing members keep their prior tier benefits for at least six months, through roughly November 2026. The relaunch also opened the program to all eligible checking customers with a new 10% entry-level bonus and no minimum balance.

What to do: Grandfathered members should confirm when their own transition date falls and re-evaluate whether the 2.25% effective rate still beats alternatives.