Last updated on September 12th, 2023
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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?
- 50,000 bonus points after you make at least $3,000 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
Bank of America® Premium Rewards® Credit Card Review
No matter what you use the Premium Rewards card to purchase, you’ll earn points to put 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.
Premium Rewards on Everyday Purchases
The Bank of America® Premium Rewards® Credit Card makes a great first impression by offering 50,000 bonus points when you spend $3,000 within the first 3 months as a cardmember. It’s a lofty hurdle to clear for the average consumer, but 50,000 points is equal to a $500 value – enough for a roundtrip flight to countless destinations. If you’re already spending on travel regularly, you’ll likely reach this threshold without trouble.
Every dollar spent on travel and dining earns 2 points, while all other purchases earn just slightly less at 1.5 points per dollar. In this card’s case, dining includes restaurants, fast food and “drinking establishments,” like bars. The travel category is more extensive, covering items like:
- Tickets for airlines, buses and cruises
- Auto and boat rentals
- Timeshares, hotels, motels and campgrounds
- Taxis, tolls and parking garage fees
- Tours and attractions, from carnivals to amusement parks
Though other travel cards may offer higher rewards, with this one you can earn as many points as you like since there’s no cap.
No need to cash these in a hurry, either; accumulated points won’t expire as long as your account is open. So even if you only take a handful of trips a year, you can still benefit from having this card in your rotation.
Redeeming Your Travel Points
Naturally, you can redeem your premium rewards on flights, car rentals, and hotel stays. However, Bank of America gives you a few other choices when you want to cash out, as well. Points can be redeemed for any of the following:
- Statement credits toward your balance
- Cash back deposited into your Bank of America checking or savings account
- Credits toward certain Merrill investment accounts
- Bank of America Travel Center gift cards and purchases
Combining a checking or savings account with your new Bank of America Premium Rewards card can be beneficial in other ways, too. If your combined accounts average a minimum of $20,000 over 3 months, you can qualify for Preferred Rewards status and increase your points by 25 to 75%.
That could boost you up to 3.5 points for travel and dining, along with 2.62 points on everything else. If you’re able to qualify for the top tier, you can beef up this card to compete with some of the best rewards cards available, including the Sapphire Preferred and Citi Premier® Card.
Bank of America® Premium Rewards® Card Travel Credits
On top of your regular point rewards, as a cardmember 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 make up for the card’s annual fee if you elect to use them.
Travel and Purchase Insurance
As with other high-end travel cards, the Bank of America® Premium Rewards® Credit Card gives cardmembers protection against various travel mishaps. As long as your situation meets the right criteria, you can get reimbursement for any of the following:
- Trip delays over 12 hours
- Emergency trip cancellation or interruption
- Baggage lost or delayed more than 6 hours
- Coordination of emergency assistance services while traveling
Other benefits include reimbursement for collision damage or theft of your vehicle rental and round-the-clock roadside assistance.
Beyond travel, this card also offers purchase protections. Certain items bought using the card are covered for theft, damage, or refusal of return up to 90 days after purchase. As with any insurance coverage, it’s important to note that all of these benefits are subject to restrictions. This includes covered situations for trip cancellation or delay, and maximum coverage amounts.
Visa Signature® Perks
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:
- VIP status, which brings additional amenities that vary by hotel
- $25 food and drink credit
- Guaranteed best room rates
- Complimentary breakfast and in-room Wi-Fi
- Late checkout and automatic room upgrade, as available
If you need a hand curating your trip, you also gain access to the Visa Signature® concierge service for booking reservations at the best restaurants and events.
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 who have 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 as well, since it covers the annual fee and then some. Add in the insurance, points awarded for travel, dining, and everyday purchases, and you have a card well-worthy of consideration.
