Bank of America has announced that it will unveil new incentives for cardholders with higher account balances sometime this month. Bank of America previously announced changes to Preferred Rewards Tiers & Names would go live on May 26, 2026.
During the Bloomberg article (free on Yahoo Finance) a few claims are made:
- Bank of America wants to increase annual profit of the consumer unit to $20 billion by the end of the decade (doubling)
- Holly O’Neill, 54, head of Bank of America’s consumer business. “Card is a big piece of this growth as we move forward and get more targeted with our outreach.”
The first claim makes me think that the changes to Preferred Rewards and rewards programs in general with Bank of America will be slashed but I don’t really see how they can do that and still achieve growth.
They do also say they want more checking customers to become cardholders and “not give our clients any reason to go elsewhere”. Again this would be extremely difficult if the Preferred program was nerfed. The new and current tiers of the Preferred Rewards program are as follows:
- Current tiers:
- Gold – $20k-$49.99k
- Platinum – $50k-$99.99k
- Platinum Honors – $100k-$999.99k
- Diamond – $1m+
- New tiers:
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Member – $0-$29.99k
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Preferred Plus – $30k-$99.99k
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Preferred Honors – $100k-$999.99k
-
Premier – $1m+
-
Realistically most of this is probably corporate speak and they will gut the program, but there is a small part of me that thinks maybe we will see an improvement.
