Bank of America Premium Rewards: Platinum Honors Strategy
Bank of America Premium Rewards: Platinum Honors Strategy
The Bank of America Premium Rewards card looks average at first glance. But with Platinum Honors status, it transforms into one of the best cash back cards available.
The Preferred Rewards Program
Bank of America boosts rewards based on your balances with them:
| Tier | Balance Required | Bonus |
|---|---|---|
| Gold | $20K | 25% |
| Platinum | $50K | 50% |
| Platinum Honors | $100K | 75% |
Balances include: Checking, savings, CDs, and Merrill Lynch investments.
Who Should Get It
Yes if:
- You have $100K+ with BofA/Merrill (even in investments)
- You want the Preferred Rewards ecosystem
- You prefer cash back to travel points
No if:
- You don’t have significant BofA assets
- You won’t reach Platinum Honors tier
- You prefer Chase/Amex ecosystems
Last updated: January 2026 Affiliate disclosure: ShortcutBest may earn a commission when you apply through our links.
Last updated: January 9, 2026
Affiliate disclosure: ShortcutBest may earn a commission when you apply through our links. This doesn't affect our recommendations — we only suggest cards we'd use ourselves.