| Last updated on February 9th, 2024
Bank of America® Premium Rewards® Credit Card
Bank of America® Premium Rewards® Credit Card
Bank of America® Premium Rewards® Credit Card
- 20.24% to 27.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 20.24% to 27.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 23.24% to 30.24% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Bank of America® Premium Rewards® Credit Card earns its “Premium” designation by showering customers with travel perks, introductory bonuses, and points rewards. Whether you travel for business or pleasure on a fairly regular basis, this card can help you get around in style and comfort without an unreasonable price tag.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 60,000 bonus points after you make at least $4,000 in purchases in the first 90 days of account opening
- 2X points per dollar spent on travel and dining purchases
- 1.5X points per dollar spent on all other purchases
- $100 Airport Security Statement Credit towards TSA Pre? ® or Global Entry Application fee, every four years
- Annual $100 statement credit for airline incidentals
- No blackout dates
- No foreign transaction fee
- Regular Purchase APR: 20.24% to 27.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 20.24% to 27.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 23.24% to 30.24% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99% variable based on creditworthiness the Prime Rate
- Annual Fee: $95
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- You regularly use a credit card to make travel or dining purchases
- You're interested in travel insurance for vacations or business trips
- You want to enroll in TSA Pre? ® or Global Entry Services, as well as other airline privileges
- You're looking for a credit card to use abroad without foreign transaction fees
- You can take advantage of a curated list of luxury hotel properties with unique benefits provided by Visa
In-Depth Review: Bank of America® Premium Rewards® Credit Card
No matter how you use the Bank of America® Premium Rewards® Credit Card to purchase, you’ll earn points toward planning your next getaway. That flexibility, combined with your ability to earn extra points on travel and dining purchases, makes this a great everyday card for building up your vacation fund. Tack on all the extra travel perks, and you have yourself a welcome trip companion for your wallet.
Credit Needed
You’ll need excellent credit to apply for the Premium Rewards® Credit Card successfully. Aim for a FICO Score of at least 730 before applying. Having a higher credit score greatly improves your likelihood of being approved for the card.
If your credit score falls below these thresholds, there are steps you can take to improve it. Paying your bills on time, keeping your credit utilization low, and avoiding opening too many new accounts can all help boost your credit score. Additionally, regularly checking your credit report for errors and disputing any inaccuracies can also have a positive impact on your creditworthiness.
Who Can Benefit from the Card?
The Bank of America® Premium Rewards® Credit Card is a worthwhile option for many individuals, especially those who frequently travel or dine out. With its generous rewards program and the ability to redeem points for cash back, travel, and other rewards, the card offers significant value.
Premium Benefits
Statement Credits
- Up to $100 annual airline incidental fee statement credit
- Up to $100 TSA Precheck/ Global Entry application fee statement credits every four years
On top of your regular point rewards, as a cardholder, you’re also eligible for statement credit rewards of up to $200. Each year, you’re eligible for $100 in credits for airline incidentals including baggage fees, seat upgrades, in-flight services, and airline lounge access.
You can also cash in up to $100 every four years to apply for a TSA Pre✓® or Global Entry membership. These programs allow you to skip the long security lines at the airport, as long as you pass the extensive background check required to sign up. Coupled with the lack of foreign transaction fees, these benefits more than compensate for the card’s $95 annual fee if you elect to use them.
How to Earn Rewards
Welcome Offer Bonus
The Premium Rewards Card offers a generous welcome bonus: New accounts can earn 60,000 bonus Premium Rewards points after making at least $4,000 in purchases in the first 90 days of account opening. That sign-up bonus has a cash value of $60 when redeemed as a statement credit.
How to Earn Points
Cardholders earn the following points based on purchases:
- Earn 2X points for every $1 spent on travel purchases
- Earn 2X points on dining purchases
- Earn 1.5X points on all other eligible purchases
Bank of America considers “dining” to include full-service restaurants, fast food, and bars and taverns that sell food.
Additional Rewards with Preferred Rewards
A Bank of America Preferred Rewards membership can further maximize your travel rewards. As a Preferred Rewards member, you can unlock 25% to 75% more points on purchases. In other words, you could earn up to 3.5X on travel and dining and up to 2.62X on all other purchases.
Eligibility for a Preferred Rewards membership is divided into three tiers. Note that the level you qualify for depends on your combined Bank of America and Merrill investment account balances, which can change over time. You can find more information on the program on the bank’s website.
| Gold | Platinum | Platinum Honors | |
| Req. balance: | $20,000 to $49,000 | $50,000 to $99.999 | $100,000+ |
| Savings interest bonus: | 5% | 10% | 20% |
| Credit card rewards bonus: | 25% | 50% | 75% |
| Forex discount: | 1% | 1% | 2% |
How to Redeem Points
Redeeming rewards with Bank of America is like how other banks handle credit card rewards. Cardholders can choose how they want to be rewarded, including redeeming travel points at the Bank of America Travel Center, cash back, statement credits, distinctive experiences, or gift cards. Bank of America rewards never expire if the account is open, active, and in good standing.
Bank of America Benefits
As a Premium Rewards Cardholder, you’ll enjoy a full suite of safety protections and benefits through Bank of America. These perks include:
- Balance Connect®: Balance Connect® is an optional service that can help you avoid bounced checks, returned payments, and other embarrassing and frustrating events. Available to link with an eligible Bank of America checking account for overdraft protection.
- Account Alerts: Keep up-to-date on upcoming payment due dates, transaction alerts, and more.
- Choose to go paperless with online and digital credit card statements.
- Online and Mobile Banking: Access to your money no matter where you are, thanks to Bank of America’s mobile app, available on Apple iTunes and Google Play Store.
- EMV chip and pin technology for an additional layer of security.
- Access to your FICO Score each month.
- No foreign transaction fees
Visa Signature Benefits
Beyond the benefits you gain from Bank of America when you apply for this card, you also gain access to superior customer attention and accommodation benefits at your disposal thanks to Visa. In particular, when you book rooms with the Visa Signature Luxury Hotel Collection you can take advantage of:
| Zero Fraud Liability | Cardholder Inquiry Services | Emergency Card Replacement | Luxury Hotel Collection | Extended Warranty Coverage |
| Roadside Dispatch | Lost/Stolen Card Reporting | ID Navigator from Norton | Travel & Emergency Assistance |
Comparison
| Bank of America® Premium Rewards® Card | Bank of America® Travel Rewards Card | American Express® Green Card | |
|---|---|---|---|
| Annual fee | $95 | $0 | $150 |
| Rewards | 2X points on travel and dining, 1X on all other purchases | Unlimited 1.5X points for every dollar spent on all purchases | 3X on travel and dining, 1X on all other pucrhases |
| Intro APR | N/A | 15 months on purchases and transfers | N/A |
| Issuer | Bank of America | Bank of America | American Express |
Tips for Maximizing Value
To get the most out of the Bank of America® Premium Rewards® Credit Card, here are some tips for maximizing its value:
- Take advantage of the double points on travel and dining purchases.
- Pay off your balance in full each month to avoid interest charges. Carrying a balance reduces the value of points significantly.
- Redeem your points strategically for the highest value rewards. If you don’t have any upcoming travel plans consider pumping your rewards into an eligible Merrill brokerage account.
- Consider becoming a Bank of America Preferred Rewards member to earn additional benefits and rewards.
What We Like About the Card
Preferred Rewards Maxing Out Rewards
The best feature of Bank of America rewards credit cards is the chance to earn up to 75% more rewards through Bank of America Preferred Rewards. This program rewards eligible Bank of America checking customers with balances of $20,000 or more with increased points on purchases, discounts on foreign transaction fees, and additional savings bonus on deposit accounts.
Annual Fee
At $95 per year, some may question whether it is worth paying this fee for a credit card. However, it is important to consider the rewards and benefits that come along with the card. The statement credits, $100 airline incidentals, and $100 TSA Precheck/ Global Entry alone recoup that fee – even though the TSA credit is every four years. Still, $125 in annual credits is a great bonus that can help you offset baggage costs, booking charges, and more as you breeze through airport security.
Things to Consider
Annual Fee
But what if you don’t travel often? In that case, the $95 annual fee is excessive. If you don’t plan on flying at least once or twice yearly, consider looking at the Bank of America® Travel Rewards Credit Card. That card earns an unlimited 1.5X points on all purchases with no annual fee.
Bank of America Ratings
How does Bank of America stack up as a credit card issuer? Here is a selection of expert and consumer ratings for Bank of America:
| BestCards | Better Business Bureau | TrustPilot |
|
2/5 |
1.5/5 |
1.5/5 |
Should You Apply for the Bank of America® Premium Rewards® Credit Card?
A step up from Bank of America’s Travel Rewards Credit Card, this card can be a valuable option for those who travel semi-frequently and plan to cash in on the higher-end perks. Those with bank accounts open with Bank of America benefit the most if they have preferred status.
However, the statement credits for Global Entry and other airline privileges alone make this useful to nonmembers since it covers the annual fee and some. Add in the insurance and points awarded for travel, dining, and everyday purchases, and you have a card worthy of consideration.
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