All the Hacks · Wednesday, July 8, 2026
The Bank of America Premium Rewards Elite card, which previously offered significant cashback rates (2.625% on everything, 3.5% on travel/dining) for those with a $100,000+ balance in BofA/Merrill Lynch accounts, has increased this threshold to $1 million. While still offering a 50% boost at the $100,000 level (2.25% on everything, 3% on travel/dining), this change makes the top-tier benefits inaccessible to most.
“And, you know, the best card I'd always told people that if you can park a six figure balance, $100,000 or more, in a Bank of America or a Merrill Lynch account, the Bank of America premium rewards, premium rewards elite, unlimited cash, all of those cards ended up getting boosted to be 2.625% everywhere cashback.”
“And unfortunately, Bank of America increased that requirement from $100,000 to a million dollars.”
“You still get a 50% boost at the $100,000 level, which is a 2.25% from everything, and for the dining and travel category, you get 3% instead of three and a half.”