Bank of America® Premium Rewards® Credit Card Review

If you travel frequently and would like to earn rewards on travel and dining out, consider using the Bank of America® Premium Rewards® credit card. 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 be increased by up to 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 a bonus of $500 after qualified spending.

An Overview

Credit CardsPurchase APRTransfer InfoAnnual Fee Credit Level
Bank of America® Premium Rewards® credit card

17.74% - 24.74% Variable APR

17.74% - 24.74% Variable APR

$95.00

Excellent / Good CreditLearn MoreView Card Details
  • Receive 50,000 bonus points- a $500 value - after you make at least $3,000 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 per $1 spent on all other purchases
  • If you're a Bank of America Preferred Rewards client, you can get a 25%-75% rewards bonus on every purchase.
  • No limit to the points you can earn and your points don't expire
  • Flexibility to redeem for a statement credit, deposit into eligible Bank of America® or Merrill Lynch® accounts like checking, savings, and 529, for gift cards or use at the Bank of America Travel Center.
  • Get up to $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
  • No Foreign Transaction Fees
  • Low $95 annual fee
  • Receive 50,000 bonus points- a $500 value - after you make at least $3,000 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 per $1 spent on all other purchases
  • If you're a Bank of America Preferred Rewards client, you can get a 25%-75% rewards bonus on every purchase.
  • No limit to the points you can earn and your points don't expire
  • Flexibility to redeem for a statement credit, deposit into eligible Bank of America® or Merrill Lynch® accounts like checking, savings, and 529, for gift cards or use at the Bank of America Travel Center.
  • Get up to $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
  • No Foreign Transaction Fees
  • Low $95 annual fee
  • Click here for more details on Bank of America® Premium Rewards® credit card

Card Benefits

Sign-up bonus

If you spend at least $3,000 in purchases within your first 90 days of becoming a card member, you will receive a bonus of 50,000 points, which can be redeemed for a cash rewards of $500.

Earn rewards

You will earn unlimited 2 points for every dollar spent on travel and dining purchases and unlimited 1.5 points per dollar spent on all other purchases. 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.

With the Bank of America’s Preferred Rewards Program, you may earn up to 75% additional bonus on your rewards, which means that your rewards may reach 3.5% for travel and dining, and 2.625% on all other purchases.

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 points.

Additional Travel rewards

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. 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 Pre✓ and Global Entry, can save travelers 20 to 30 minutes in most airports. TSA Pre✓ provides expedited security screening benefits for flights departing from U.S. Airports. Global Entry provides the TSA Pre✓ benefit plus expedited US customs screening for international air travelers when entering the United States. TSA Pre✓ costs $85 and Global Entry costs $100 for a five year membership.

Preferred Rewards Program – earn a bonus of up to 75% on rewards

If you are a Bank of America Preferred Rewards customer, you may receive a bonus of as much as 25%, 50% and 75% depending on your eligible tier. For example, if you earn $100 in base rewards, your Preferred Rewards bonus will add $25, $50 or $75 to your reward earnings, totaling $125, $150 or $175. This means that eligible Preferred Rewards customer will see their rewards on travel and dining boosted from the base 2% to 2.5%, 3% and 3.5%. For other purchases, your rewards will increase from 1.5% to 1.875%, 2.25% and 2.625%.

There are 3 tiers in the Preferred Rewards program: Gold, Platinum and Platinum Honors. Your tier is based on your qualifying combined balances in your Bank of America® banking and/or Merrill Edge® and Merrill Lynch® investment accounts. The following chart shows the minimum balance required to qualify for gold, Platinum, Platinum Honors is $20k, $50k and $100k, respectively.

Bank of America preferred rewards program

How to redeem points

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.

When your points balance is 2,500 points or more, you can redeem your points. For cash rewards, you can choose to receive a statement credit, an electronic deposit into a Bank of America® checking or savings account, a contribution to an eligible Cash Management Account® with Merrill Lynch Wealth Management® or Merrill Edge®, or College 529 savings account held at Merrill Lynch. Points may also be redeemed for travel at the Travel Center, or gift cards. For most gift cards, you can typically redeem every 2,500 points for a $25 gift cards.

Fees

There is an annual fee of $95. With all the travel benefits and a generous bonus of $500, frequent travelers can easily earn enough rewards to offset the cost of the annual fee.

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 $500 bonus 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.

Subscribe to our lastest articles, news, and promotions!
Leave a Reply, And Voice Yourself

Please enter your name
Please enter your email