By Vinod Ram 
If you logged into your Bank of America account this weekend and felt a spike of anxiety, you’re not alone. Across forums like Reddit’s personal finance community and Bogleheads, long-time customers are openly “sweating” over what the upcoming changes to Preferred Rewards mean for their cash back.
The concern is simple — and serious: will the beloved 75% rewards bonus that powers the 5.25% cash back on the Customized Cash Rewards credit card survive once the program officially changes names this May?
Why This Is Blowing Up on a Saturday
Saturday is when most people do their financial “audit.” They log in to pay bills, check balances, and review rewards. A headline suggesting a major program is “ending” or “changing” immediately grabs attention — especially when six-figure balances and elite perks are involved.
With Bank of America rolling out what it’s calling the new BofA Rewards™ structure, customers are scrambling to understand whether their existing strategy still works — or if action is required right now.
The New BofA Rewards™ Tiers (Name Changes That Matter)
Under the updated structure, Bank of America is reorganizing account tiers. While benefits appear similar on paper, the naming — and qualifying balances — are shifting:
- Member – $0 combined balance
- Preferred Plus – $30,000 combined balance
- Preferred Honors – $100,000 combined balance
- Premier – $1,000,000 combined balance
The tier that matters most for cash-back maximizers is Preferred Honors. This is the level that unlocks the full 75% rewards bonus — the boost that turns a standard 3% category into an effective 5.25% cash back on the Customized Cash Rewards card.
The Big Question: Will the 5.25% Cash Back Survive?
According to Bank of America’s published materials, the rewards multipliers are expected to remain. But the anxiety comes from timing and qualification. If your combined balances dip below $100,000 during the transition, you risk losing Preferred Honors status and the 75% bonus.
That’s why so many users on r/CreditCards are urging others to “lock in” their tier before the spring changes fully take effect.
The Action Step: How to Protect Your Preferred Honors Status
Here’s the move many savvy cardholders are making right now:
Instead of keeping large balances in external high-yield savings accounts, they’re temporarily shifting funds into Merrill Edge, which counts toward Bank of America’s combined balance calculation.
Assets held at Merrill Edge — including cash, ETFs, and index funds — are fully eligible for Preferred Rewards qualification. This makes it possible to hit or maintain the crucial $100,000 Preferred Honors threshold without abandoning long-term investment strategies.
For many, this is a short-term defensive move: secure Preferred Honors now, then reassess once the new BofA Rewards™ era fully settles.
Why Waiting Could Cost You Thousands
If your balance drops below $100k during the transition window, the math gets ugly fast. Losing the 75% bonus means your 5.25% category spend drops back toward standard cash-back levels. That’s a meaningful hit for households routing tens of thousands of dollars per year through the card.
In a rising-cost environment, elite rewards programs are one of the few ways consumers still “beat” inflation. That’s why the emotional reaction online has been so intense. This isn’t just a name change — it’s a potential income stream disruption.
Audit Now, Not Later
Bank of America’s rewards revamp isn’t inherently bad — but it does demand attention.Do you rely on Preferred Honors to boost your cash back? This Saturday is the perfect time to log in, audit your balances, and make adjustments before the spring transition.
Once the names officially change, the window to act quietly may already be closed.
#BankOfAmerica #PreferredRewards #BofARewards #CashBackCards #CreditCardRewards #PersonalFinance #MerrillEdge #FinancialPlanning