Bank of America® Premium Rewards® Review – 50000 Points Offer and up to $200 Credit

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Overview

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 50,000 bonus points after qualified spending, which can be redeemed for $500. 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.

  • Receive 50,000 online 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 for every $1 spent on all other purchases.
  • 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.
  • No limit to the points you can earn and your points don't expire.
  • 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.
  • 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
N/A
Intro APR Period
N/A
Regular APR
19.74% - 26.74% Variable APR on purchases and balance transfers
Annual Fee
$95

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 cash rewards of $500. It usually takes about 8 to 12 weeks from qualifying for the 50,000 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.

Earn Rewards

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 TierRewards BonusRewards Points for the Tier
Gold – $20,000 in combined balance of qualifying accounts25%
  • 2.5 points for every dollar spent on travel and dining purchases
  • 1.25 points per dollar spent on other purchases
Platinum – $50,000 in combined balance of qualifying accounts50%
  • 3 points for every dollar spent on travel and dining purchases
  • 1.5 points per dollar spent on other purchases
Platinum Honors – $100,000 in combined balance of qualifying accounts75%
  • 3.5 points for every dollar spent on travel and dining purchases
  • 2.625 points per dollar spent on 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 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.

Additional Information

Fees

There is an annual fee of $95. With all the travel benefits and a generous bonus valued at $500, 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 50,000 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 CardBonus and RewardsAnnual Fee
Wells Fargo Autograph CardWells Fargo Autograph℠ Card
  • Limited time offer. Earn 30,000 bonus points when you spend $1,500 in purchases in the first 3 months - that's a $300 cash redemption value. Offer expires 1/10/2023
  • Unlimited 3X points on the things that really add up - like restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Plus, earn 1X points on other purchases
  • $0
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    Citi Custom Cash CardCiti Custom Cash℠ Card
  • $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
  • No rotating bonus categories to sign up for - as your spending changes each billing cycle, your earn adjusts automatically when you spend in any of the eligible categories.
  • 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.
  • $0
    Bank of America Travel Rewards Credit CardBank of America® Travel Rewards credit card
  • 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
  • Unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire.
  • If you're a Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
  • $0
    Wells Fargo Active Cash CardWells Fargo Active Cash® Card
  • $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
  • Unlimited 2% cash rewards on purchases
  • $0
    rates & fees
    Citi Double Cash Card - 18 month BT offerCiti® Double Cash Card - 18 month BT offer2% 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 CardBank of America® Customized Cash Rewards credit card
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
  • If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
  • $0
    Bank of America Unlimited Cash Rewards credit cardBank of America® Unlimited Cash Rewards credit card
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Unlimited 1.5% cash back on all purchases.
  • If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards.
  • $0
    Citi Rewards+ CardCiti Rewards+® Card
  • 20,000 bonus points after you spend $1,500 in purchases with your card within 3 months of account opening; redeemable for $200 in gift cards at thankyou.com
  • 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Plus, earn 1X ThankYou® Points on All Other Purchases.
  • $0
    Capital One Venture Rewards Credit CardCapital One Venture Rewards Credit Card
  • Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
  • Unlimited 2X miles on every purchase, every day
  • $95
    Ink Business Cash Credit CardInk Business Cash® Credit Card
  • Best Offer Ever: Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
  • 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
  • 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases
  • $0
    Chase Sapphire Preferred CardChase Sapphire Preferred® Card
  • 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
  • Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
  • $95
    American Express Blue Business Cash CardAmerican Express Blue Business Cash™ Card
  • $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
  • 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
    (fees)
    Capital One SavorOne Cash Rewards Credit CardCapital One SavorOne Cash Rewards Credit Card
  • A one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening
  • Unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), plus 1% on all other purchases
  • 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024
  • 8% cash back on Capital One Entertainment purchases
  • Unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • $0
    Capital One Quicksilver Cash Rewards Credit CardCapital One Quicksilver Cash Rewards Credit Card
  • A one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
  • Unlimited 1.5% cash back on every purchase, every day
  • Unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • $0

    Editorial Note: The editorial content on this page is prepared by CardBenefit staff. Opinions expressed herein are author's alone, not those of the bank, credit card issuer, airlines or hotels, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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    2 Responses

    1. Esther Johnson

      I want a travel card with no annual fee.