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What we like:
Great travel perks and a generous rewards program
|Intro Offer||50,000 bonus points when you make at least $3,000 in purchases within the first 90 days of account opening|
|Rewards Rate||Unlimited 2x points per every $1 spent on travel and dining|
1.5x points per every $1 spent on all other purchases
|Regular APR||18.24% to 25.24% (variable)|
- Signup bonus of 50,000 points
- Up to $200 in travel statement credits, including a $100 credit for airline incidental fees and a $100 credit towards TSA PreCheck or Global Entry
- Travel and purchase protection
- No foreign transaction fees
- No blackout dates
- Points do not expire
- Flexible redemption options
- $95 annual fee
- No 0% introductory APR on purchases or balance transfers
- 3% balance transfer fee (minimum $10)
Recommended Credit Score
- Good or excellent credit
Bank of America Premium Rewards Card Review
The Bank of America Premium Rewards card is a great choice for frequent travelers as well as anyone with at least $20,000 deposited in eligible Bank of America or Merrill Lynch accounts. If you qualify for BOA’s Preferred Rewards Program, the rewards you can earn are especially generous, both for everyday spending as well as for travel and dining purchases.
In this review:
- Bank of America Premium Rewards Benefits
- Downsides of the Premium Rewards Card
- How it Compares to Similar Cards
Bank of America Premium Rewards Benefits
The Bank of America Premium Rewards card offers ample benefits, including a great rewards program, a competitive signup bonus, and generous travel perks.
New cardholders can earn 50,000 points after spending $3,000 on purchases within the first 90 days of opening their account.
The Bank of America Premium Rewards card offers a generous 1.5 points per $1 spent on all purchases and two points per $1 spent on travel and dining. This is a very competitive rewards rate, especially as there are no limits to the bonus rewards you can earn, and you don’t need to worry about keeping track of rotating bonus categories.
If you have at least $20,000 across your Bank of America or Merrill Lynch accounts, you can qualify for BoA’s Preferred Rewards program. There are three tiers of Preferred Rewards clients: Gold, Platinum, and Platinum Honors. Gold members get a 25% rewards bonus; Platinum members with at least $50,000 invested get a 50% rewards bonus; and Platinum Honors members with at least $100,000 invested get a 75% rewards bonus. This means you could earn as much as 2.62 rewards points per dollar spent on all purchases and 3.5 rewards points per dollar on travel and dining purchases.
Points can be redeemed for cash back as a statement credit, or you can choose to have the money deposited directly into a Bank of America or Merrill Lynch account. You can also redeem points for gift cards or for air, car, and hotel purchases through the Bank of America Travel Center.
Travelers will love the Bank of America Premium Rewards card. There’s no foreign transaction fee for using your card abroad, plus you earn bonus rewards for all travel purchases. The travel card comes with plenty of additional travel benefits, too.
For starters, you can get a $100 statement credit each year for any qualifying purchase of airline incidentals, including seat upgrades, in-flight services, baggage fees, or lounge fees. This statement credit is applied to your card after you make a qualifying purchase on any airline.
Every four years, you get a $100 statement credit towards the fee for signing up for Global Entry or TSA PreCheck. You can also benefit from travel protections such as baggage delay coverage; trip cancellation and interruption coverage; emergency evacuation coverage; and assistance with trip delays. Auto rental collision insurance is included, too.
As if this isn’t enough, Premium Rewards cardholders have access to both the Visa Signature Luxury Hotel Collection and Visa Signature Concierge services, the latter of which provides assistance with event reservations, travel planning, and restaurant recommendations.
Bank of America cardholders get access to Warranty Manager Services, as well as Return Protection and Purchase Security.
Purchase Security reimburses, repairs, or replaces eligible items you buy with a card if the item is damaged or stolen within 90 days of purchase. You’re covered for up to $10,000 per claim. The extended warranty service doubles the manufacturer warranty for eligible items you buy with your card, and return protection reimburses you for up to $250 of the cost of eligible items if a retailer doesn’t accept the return of an item purchased with the card.
Downsides of the Premium Rewards Card
There are some downsides to the BOA Premium Rewards card, including:
- A $95 annual fee, which is not waived for the first year
- A fee for transferring balances equal to 3% of the transferred amount (minimum $10)
- No 0% introductory APR for purchases or balance transfers
How it Compares to Similar Cards
Bank of America is generous with its rewards program and provides great travel benefits on par with or exceeding many competitor cards. The signup bonus is also easier to earn than cards that offer larger bonus awards for new customers, such as the Chase Sapphire Preferred.
Bank of America Premium Rewards vs. Chase Sapphire Preferred
Chase Sapphire Preferred offers a slightly better 60,000-point bonus offer for new cardmembers, but you have to spend $4,000 on purchases within the first three months to qualify.
Like the BOA card, Chase Sapphire Preferred credit card offers double points on travel and dining purchases. However, Chase provides just one point per dollar on all other purchases compared to the Premium Rewards’ 1.5 points. Plus, BOA customers who qualify can earn even more rewards thanks to the Preferred Rewards program.
Chase does provide a 25% bonus when points are redeemed for travel purchases through Chase Ultimate Rewards. However, it’s missing some other perks, including a travel credit for PreCheck or Global Entry fees (or for airline incidentals). Because BOA outshines Chase on its travel perks and rewards program, the Premium Rewards card will be the better choice for many cardholders.
If you’ll take advantage of the travel perks or can qualify for Preferred Rewards, the Bank of America Premium Rewards card is an ideal choice. But if you don’t travel much and won’t spend enough to justify the $95 annual fee, you’ll need to consider other alternatives.4.02 Bank of America Premium Rewards Credit Card
Author: Christy Rakoczy
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