Bank of America announced that reward tiers names would be changing in May, but not what the changes were. Then they announced that new incentives for people with high balances would be announced.
We finally have details of the changes and it’s not good news. Here is what you need to know (% in brackets indicates credit card bonus):
- Current tiers:
- No tier: $0-$19,999 (10% with active checking account)
- Gold – $20k-$49.99k (25%)
- Platinum – $50k-$99.99k (50%)
- Platinum Honors – $100k-$999.99k (75%)
- Diamond – $1m+ (75%)
- New tiers:
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Member – $0-$29.99k (10%
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Preferred Plus – $30k-$99.99k (25%)
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Preferred Honors – $100k-$999.99k (50%)
-
Premier – $1m+ (75%)
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Main downgrade is earning the 75% credit card bonus now requires $1,000,000 in funds, previously that was only $100,000. Was really hoping we wouldn’t see this program nerfed this badly. It’s hard to justify keeping that much invested with Bank of America especially when you consider the opportunity cost of chasing brokerage bonuses.
According to the fine print the business program is not being nerfed (at least not yet).
