As everyone probably knows, BofA is replacing (downgrading) their rewards plan for the Premium Rewards card. Previously, you had to maintain a much smaller account balance at BofA / Merrill to be eligible for the Platinum Honors rewards tier, which provided a "75% bonus on cash back" — essentially resulting in at least a 2.62% cash back on all spending with this card.
Starting in May, if you hold less than $1M at BofA, this would result in a "Preferred Honors" tier, yielding a "50% bonus" on cash back.
Does anyone know of a replacement card that would result in a higher cash back amount on a credit card, even if you have to maintain a significant balance at a different bank to do so?
Replacing BofA Premium Rewards – Platinum Honors Card
byu/Original-Bobcat8386 inCreditCards
Posted by Original-Bobcat8386
5 Comments
Check your email for a notice that tells you when your rate is actually dropping, based on membership anniversary. Mine isn’t changing until next May 2027, for instance.
RH gold is 3%, thats about all I know.
Higher than BoA? NO.
Even with the downgrading as you mentioned, BoA is still the king of this game.
As a longtime bOfA guy, I’m not moving. My ecosystem is still far superior to others.
As others have said, I would wait on BofA.
Honestly, the landscape seems to be changing so fast—who knows where things will be in 2027.
No offense to RH, but what looks good today may not be around then.