On May 26 BOA will be changing it's program name from Bank of America Preferred Rewards to BofA Rewards. This was announced back in January. Tier levels will remain the same but have different names. However, we've now learned that the bonus amounts will change. Platinum Honors (requires $100K) will be lowered from 75% to 50% (2.625% down to 2.225%). To receive the highest rate you'll now have to keep $1million in securities etc with them.
https://info.bankofamerica.com/en/bofa-rewards
Going to have to decide if holding the Elite card will still be worth it, because no way Merrill is getting $1million. Trading platform stinks and their fixed income individual corp and muni bonds pricing is horrific.
EDIT:
"you'll keep your Preferred Rewards benefits for at least 6 months (after May 2026)"
EDIT 2/19/26:
Doctor of Credit has an update. It's a little convoluted, but the new bonus tiers will take effect 3 months after the Anniversary Date following November 2026. So for example, our card anniversary date is in June, so it seems changes wouldn't take affect until September 2027.
Doctor of Credit Post