If you travel frequently and would like to earn rewards on travel and dining out, Bank of America® Premium Rewards® credit card is one of the best credit cards for what you do. It offers unlimited 2 points for every $1 spent on travel and dining purchases. If you are a Bank of America Preferred Rewards client, your rewards can go up by 75%, which means that you can earn up to 3.5 points for every $1 spent on travel and dining out. In addition, you can earn 60,000 bonus points after qualified spending, which can be redeemed for $600. You can earn another travel credit of $200 to pay for airline incidental and airport expedited screening, such as baggage fees, in-flight services, Global Entry, TSA PreCheck, etc.
- NEW OFFER! Receive 60,000 online bonus points - a $600 value - after you make at least $4,000 in purchases in the first 90 days of account opening.
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases. No limit to the points you can earn and your points don't expire.
- If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means you could earn 2.5-3.5 points on travel and dining purchases and 1.87-2.62 points on all other purchases, for every $1 you spend.
- Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center.
- Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.
- Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delays and lost luggage.
- No foreign transaction fees.
- Low $95 annual fee.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
- Intro APR
- Intro APR Period
- Regular APR
- 20.24% - 27.24% Variable APR on purchases and balance transfers
- Annual Fee
If you spend at least $4,000 in purchases within your first 90 days of becoming a card member, you will receive a bonus of 60,000 points, which can be redeemed for cash rewards of $600. It usually takes about 8 to 12 weeks from qualifying for the 60,000 bonus points to post to your rewards balance. In addition, you can get up to $200 in travel credit to pay for airline incidental and airport expedited screening statement credit.
You will earn unlimited 2 points for every dollar spent on travel and dining purchases. For all other purchases, you will earn unlimited 1.5 points per dollar. Points can be redeemed in your online credit card account for cash rewards, gift cards, or travel. Each point redeemed is worth $0.01 (For example, 2,500 points can be redeemed for $25 in cash rewards or gift cards). Therefore, your rewards is equivalent to 2% back for each dollar you spend on travel and dining purchases and 1.5% back on all other purchases.
If you are a Bank of America Preferred Rewards customer, you can receive up to 75% additional bonus on your base rewards, which would boost your rewards to 3.5% for travel and dining, and 2.625% on all other purchases. Depending on your eligible tier of Preferred Rewards, you can get a 25%, 50% to 75% rewards bonus on the baseline rewards. There are 3 tiers in the Preferred Rewards program: Gold, Platinum and Platinum Honors. Your tier is based on the combined balances of your qualifying Bank of America® banking and/or Merrill investment accounts. If you have an IRA account or a mutual fund account, you can simply choose Merrill for those investment accounts to easily help qualifying for the 75% bonus. The following chart shows the qualification requirement of account balance and rewards for Gold, Platinum, Platinum Honors tiers of Preferred Rewards.
|Preferred Rewards Tier||Rewards Bonus||Rewards Points for the Tier|
|Gold – $20,000 in combined balance of qualifying accounts||25%|| |
|Platinum – $50,000 in combined balance of qualifying accounts||50%|| |
|Platinum Honors – $100,000 in combined balance of qualifying accounts||75%|| |
There is no limit to the points you can earn, and your points don’t expire, which means you don’t have to worry about losing rewards points.
Additional Travel Benefits
The Bank of America® Premium Rewards® credit card has no foreign transaction fees, which is a friendly feature for international travelers who may use the credit card abroad. It also offers up to $200 in combined airline incidental and airport expedited screening statement credits, plus valuable travel insurance protections – you will get up to a $100 Airline Incidental Statement Credit annually for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees, and will get up to $100 Airport Security Statement Credit towards TSA PreCheck or Global Entry Application fee, every four years
The airline incidental credit can help you pay for fees such as checked baggage or in-flight refreshments. The airport expedited screening program, such as TSA PreCheck and Global Entry, can save travelers 20 to 30 minutes in most airports. TSA PreCheck provides expedited security screening benefits for flights departing from U.S. Airports. Global Entry provides the TSA PreCheck benefit plus expedited US customs screening for international air travelers when entering the United States. TSA PreCheck costs $85 and Global Entry costs $100 for a five year membership. The travel credit will be automatically applied to your card statement.
How to Redeem Rewards
When your points balance is 2,500 points or more, you can redeem your points for cash rewards, including a statement credit, an electronic deposit into a Bank of America® checking or savings account, or for credit to an eligible Cash Management Account® with Merrill Wealth Management® including 529 accounts. Points may also be redeemed for travel at the Travel Center, or gift cards. Cash rewards shall be issued for a U.S. dollar sum and may be requested on demand. Each point redeemed is worth $0.01 (2,500 points = $25).
To redeem points, you just need to sign in to your online account of Bank of America® Premium Rewards® credit card and click on the “Rewards” tab, which will show the point balance of your account, along with an option to redeem the points for cash rewards, travel, or gift cards.
Free Museum Admission
As a Bank of America credit card member, you will have a unique perk of free admission to over 200 museums on the first full weekend of every month. Bank of America has been running a program of Museums on Us for over two decades, which offers its customers free admission to more than 200 museums on the first weekend each month. You can present your Bank of America Premium Rewards Credit Card and a photo ID to gain one free general admission to any of 200+ museum participants of the special Museums on Us program.
There is an annual fee of $95. With all the travel benefits and a generous bonus valued at $600, frequent travelers can easily earn enough rewards to offset the cost of the annual fee. It has has no foreign transaction fees, which is a friendly feature for international travelers who may use the credit card abroad. Most credit cards typically charge a transaction fee 3% on your purchases in foreign countries. If you may travel abroad, it is always a good idea to carry a credit card such as Bank of America® Premium Rewards® credit card so that you can avoid the 3% surcharge on your purchases.
Required Credit Rating
The Bank of America® Premium Rewards® credit card is for people with good or excellent credit rating. If you have a credit score of 700 or more, you may be qualified for the credit card.
Is this the right card for you?
If you value rewards and like travel benefits such as expedited security screening or airline incidental credit, the Bank of America® Premium Rewards® credit card is the right card for you. It is one of the best travel credit cards with no foreign transaction fees. It offers a solid 2% rewards on travel and dining purchases. Furthermore, if you are a customer of Bank of America or plan to do so in the future, you can take advantage of the extra rewards bonus for Preferred Rewards members, which will increase your travel and dining rewards to as much as 3.5% back.
This credit card has a low annual fee of $95, but it offers 60,000 bonus points for new card members, which can offset more than five years of annual fee. In addition, its generous rewards and valuable travel perks make it a useful credit card for travelers.
Similar Credit Cards
If you are interested in the Bank of America® Premium Rewards® credit card, you may also consider a few other travel credit cards with similar benefits.
|Credit Card||Bonus and Rewards||Annual Fee|
|Citi Custom Cash® Card||$0|
|Bank of America® Travel Rewards credit card||$0|
|Wells Fargo Active Cash® Card||$0|
rates & fees
|Citi® Double Cash Card - 18 month BT offer||2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.||$0|
|Bank of America® Customized Cash Rewards credit card||$0|
|Bank of America® Unlimited Cash Rewards credit card||$0|
|Citi Rewards+® Card||$0|
|Ink Business Cash® Credit Card||$0|
|Chase Sapphire Preferred® Card||$95|
|The American Express Blue Business Cash™ Card||2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.||$0|