Bank of America Premium Rewards Credit Card Review 2024
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The Bank of America® Premium Rewards® credit card is ideal for folks who want a travel credit card with strong points earning and top-notch benefits without a high annual fee. And if you're a Bank of America Preferred Rewards customer, you could earn up to 75% more points on your spending.
Bank of America® Premium Rewards® credit card
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAnnual Fee$95
Intro APRN/A
Regular APR21.24% - 29.24% Variable
Intro Offer Info icon 60,000 online bonus points after you make at least $4,000 in purchases in the first 90 days of account openingEarn 60,000 online bonus points
Recommended CreditGood to Excellent
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Statement credits can help you recoup the annual fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earns 1.5 points per dollar on purchases outside of bonus categories
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Good welcome bonus
- con icon Two crossed lines that form an 'X'. To earn the highest rewards rate, you need to qualify for Bank of America's Preferred Rewards program, which requires a minimum of $20,000 in eligible accounts
The Bank of America® Premium Rewards® credit card is ideal for folks who want a travel credit card with strong points earning and top-notch benefits without a high annual fee.
Bank of America Premium Rewards card Product Details- Low $95 annual fee.
- 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 as long as your account remains open.
- 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.
- 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.
Bank of America Premium Rewards Credit Card Review
If you're looking for a rewards credit card with a solid welcome bonus offer that earns flexible points, the Bank of America® Premium Rewards® credit card is worth considering. This mid-tier card acts more like a cash-back credit card rather than a travel credit card, and it comes with excellent travel protections and statement credits you might not expect from a $95-annual-fee card.
The Bank of America® Premium Rewards® credit card is the best Bank of America credit card for premium travel benefits, and you can earn 60,000 online bonus points after you make at least $4,000 in purchases in the first 90 days of account opening. You'll receive additional travel and purchase benefits, including car rental insurance, return protection, and trip cancellation/interruption insurance.
The Bank of America® Premium Rewards® credit card is even more valuable to Bank of America Preferred Rewards members, as they are eligible to receive higher reward rates (up to 75% more points). In order to qualify as a member, you are required to have a minimum of $25,000 in combined Bank of America accounts. If you're not part of the Preferred Rewards program — and don't plan to be — you may be better off with a different travel rewards card.
Bank of America Premium Rewards Credit Card Rewards
Welcome Bonus
The Bank of America® Premium Rewards® credit card is currently offering a welcome bonus of 60,000 online bonus points after you make at least $4,000 in purchases in the first 90 days of account opening.
Each point is worth 1 cent toward cash back, statement credits, gift cards, or travel purchased through the Bank of America travel center, so this bonus is worth $600.
Although the card comes with a large selection of benefits, there's no intro APR offer. So if you're looking to avoid incurring high interest on new purchases, or want to pay off larger purchases over multiple billing cycles, you should consider one of the best zero-interest credit cards with an introductory 0% APR instead.
How to Earn Rewards With the Bank of America Premium Rewards Credit Card
The Bank of America® Premium Rewards® credit card has simple rewards categories and no limits. Points won't expire as long as the account is open and active.
The card earns 2x points on travel and dining, as well as 1.5x points on all other purchases. If you're someone who spends big on travel (like airfare, hotels, and car rentals), the Bank of America® Premium Rewards® credit card can help offset the cost of future travel expenses. And you can potentially save even more money with up to $100 in annual airline incidental fee credits and a Global Entry/TSA PreCheck application fee credit.
The best way to increase your earnings is by taking advantage of the Bank of America Preferred Rewards Program. You can earn up to 75% more points on purchases as a member (up to 3.5 points per dollar spent on travel and dining), depending on how much you have on deposit or invested with Bank of America and Merrill (Bank of America's wealth management division).
Bank of America Preferred Rewards Card Tiers
- Preferred Rewards Gold (minimum of $20,000 in your Bank of America accounts to qualify): 25% more rewards on eligible Bank of America rewards credit card spending (2.5x points on travel and dining, and 1.875x points on all other purchases)
- Preferred Rewards Platinum (minimum of $50,000 to qualify): 50% more rewards on eligible Bank of America rewards credit card spending (3x points on travel and dining, and 2.25x points on all other purchases)
- Preferred Rewards Platinum Honors ($100,000 to qualify): 75% more rewards on eligible Bank of America rewards credit card spending (3.5x points on travel and dining, and 2.625x points on all other purchases)
How to Use Rewards From the Bank of America Premium Rewards Credit Card
The Bank of America Premium Rewards card is a great card for folks who prefer using points like cash. You can redeem rewards for cash back, a deposit into your Bank of America account, statement credits, gift cards, or credit to eligible Merrill accounts (including 529 accounts).
You can also use points to book flights through the Bank of America travel portal (and still earn frequent flyer miles and elite credits). However, make sure to check the carrier website before using the Bank of America travel portal in case you're able to find a better fare at the same value.
Bank of America Premium Rewards Credit Card Benefits and Features
Up to a $100 Credit for Global Entry or TSA PreCheck
The Bank of America® Premium Rewards® credit card offers up to $100 credit toward the Global Entry or TSA PreCheck application fee every four years. If you already have Global Entry/TSA PreCheck, you can use your card to pay for a family member or friend's application and still receive the credit.
Up to $100 in airline incidental credits each year
You can receive up to $100 in automatic credits each year toward airline purchases made with your card, like seat upgrades, baggage fees, and inflight services. If you maximize this credit, you'll effectively offset the card's entire annual fee.
Travel Insurance
The card comes with travel insurance when you use it to pay for your travel, including:
- Trip cancellation/interruption insurance: You can also be reimbursed up to a set amount for non-refundable passenger fares if you need to cancel or cut your trip short for a covered reason, like illness.
- Car rental insurance: Decline the rental company's collision/damage waiver and pay for your car rental with your Bank of America Premium Rewards card, and you can be covered for damage due to collision or theft. This car rental insurance is secondary, which means it only covers what your personal insurance policy does not.
- Baggage delay insurance: If you wait more than six hours for your luggage, you can receive reimbursement up to a set amount for toiletries, clothing, and other essentials. In order to be reimbursed for your purchases make sure to keep your receipts and submit a claim.
- Trip delay insurance: If your flight is delayed for more than 12 hours, you'll be eligible to receive reimbursement up to a set amount per ticket for necessities like lodging and meals.
- Lost luggage reimbursement: This benefit provides reimbursement when you use your card to pay for a trip, and your luggage is lost, stolen, or misdirected by the common carrier (airline, bus, train, cruise ship).
- Travel and emergency assistance services: If you're away from home and need help, the card provides access to a travel and emergency assistance services hotline, which can help you arrange things like medical and legal services. The service itself is complimentary, but all third-party costs are the responsibility of the cardholders.
- Emergency evacuation and transportation coverage: If you've paid for a trip far from home with the card and you (or a member of your immediate family) become sick or injured and in need of emergency evacuation, you could be covered for eligible medical services and transportation.
Roadside Dispatch
Cardholders have access to a roadside dispatch line which can help arrange things like roadside assistance, towing, and locksmith services for a set fee.
Purchase Protection
If a new eligible item you purchased with the Bank of America® Premium Rewards® credit card is lost or damaged within 90 days of purchases, you can be eligible for purchase protection which will cover repairs, replacements, or reimbursements up to a certain amount per claim.
Return Protection
Pay for an eligible item with your card and if the merchant won't take it back within 90 days of the purchase, you could be covered.
Extended Warranty
This benefit doubles the time period of the manufacturer's warranty by up to one additional year on eligible items purchased with your Bank of America® Premium Rewards® credit card. There's also a warranty manager service that allows you to register your receipt and warranty information, which can be kept on file (on warranties of three years or less).
Bank of America Premium Rewards Credit Card Fees
The Bank of America® Premium Rewards® credit card has a $95 annual fee. However, there are no foreign transaction fees, so it's a good card to bring along on international adventures.
Other fees apply in certain situations, including balance transfers, cash advances, and late payments. There is also a 21.24% - 29.24% Variable APR for purchases and transfers
Compare the Bank of America Premium Rewards Credit Card
The Bank of America® Premium Rewards® credit card won't be for everyone. Here are some other cards you should consider as you evaluate your options.
Bank of America Premium Rewards vs. Citi Premier
If you're looking for a travel rewards card, the Citi Strata Premier℠ Card earns 3x points in multiple everyday spending categories, has an excellent welcome bonus offer (75,000 bonus points after spending $4,000 in the first three months of account opening), and comes with an annual hotel savings benefit.
Read our Citi Premier card review.
Bank of America Premium Rewards vs. Bank of America Travel Rewards
The Bank of America® Premium Rewards® credit card is the most premium Bank of America travel card, and one of only a handful that charges an annual fee.
Its closest competitor is the Bank of America® Travel Rewards credit card, which has a $0 annual fee and earns 1.5x points on all purchases. Its welcome bonus is25,000 online bonus points after making at least $1,000 in purchases in the first 90 days of account opening, which is lower than that of the Bank of America Premium Rewards card.
The Bank of America® Travel Rewards credit card offers an introductory interest-free period; new cardholders receive a 0% intro APR for the first 15 billing cycles for purchases and for any balance transfers made within the first 60 days of account opening (then a 19.24% - 29.24% Variable APR).
Read our Bank of America Travel Rewards credit card review.
Bank of America Premium Rewards vs. Chase Sapphire Preferred
If you want more flexible travel rewards, the Chase Sapphire Preferred® Card is a great option.
The Bank of America® Premium Rewards® credit card and Chase Sapphire Preferred® Card both charge the same $95 annual fee, come with travel protections, and don't add foreign transaction fees. But that's about where the similarities end.
You've got the potential to earn a much more valuable welcome bonus with the Chase Sapphire Preferred® Card (currently an offer of 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening). Because you can transfer Chase Ultimate Rewards® points to Chase's airline and hotel partners to get outsized value, we peg Chase points as worth 1.8 cents each, on average, making this bonus worth a whopping $1,080 in travel.
The Sapphire Preferred Card also comes with more generous travel protections (including primary car rental insurance) and higher earning rates in some categories. That said, the Bank of America Premium Rewards card has the advantage of a Global Entry/TSA PreCheck fee reimbursement and annual airline incidental fee credits of up to $100, which the Sapphire Preferred Card doesn't offer.
Read our Chase Sapphire Preferred card review.
Bank of America Premium Rewards Credit Card Frequently Asked Questions
Is the Bank of America Premium Rewards credit card worth it? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.The Bank of America® Premium Rewards® credit card is worth it if you're looking for a travel rewards card with good earning rates, a large welcome bonus offer, and compelling benefits for a low annual fee. Plus, if you're already a Bank of America Preferred Rewards member, you can earn up to 75% more points. However, there are other travel rewards credit cards with similar annual fees that offer better benefits and more redemption options, so be sure to compare them before you decide on this card.
What credit score do you need to qualify for the Bank of America Premium Rewards card? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.You need good to excellent credit to be considered for the Bank of America® Premium Rewards® credit card, which means a FICO score of at least 670.
What is the annual fee for the Bank of America Premium Rewards credit card? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.The Bank of America® Premium Rewards® credit card charges a $95 annual fee.
How to earn points using the Bank of America Premium Rewards credit card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.It's easy to earn points on travel, restaurants, and everyday spending with the Bank of America® Premium Rewards® credit card. Cardholders earn 2x points on travel and dining, and 1.5x points on everything else, and there are no spending caps or limits to worry about.
Is the Bank of America Premium Rewards card metal? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.No, the Bank of America® Premium Rewards® credit card does not offer a metal card option, just the standard plastic material.
Why You Should Trust Us: How We Reviewed the Bank of America Premium Rewards Credit Card
Personal Finance Insider's credit cards team reviewed the card relative to other premium credit cards. In evaluating the card, we looked at various factors, including:
- Annual fee — Most premium credit cards charge high annual fees, but some are a better value than others, especially when you take the card's benefits and rewards into account.
- Welcome bonus offer — A welcome bonus offer is a great way to kickstart your rewards earning. We looked at whether the card's intro offer is competitive with similar cards, including the minimum spending requirement.
- Ongoing rewards — Does the card offer a strong rewards rate for spending, especially travel purchases? Are there any spending caps or hoops to jump through?
- Benefits — What benefits does the card offer, especially for travelers? Does it come with perks that are standard on most other premium travel cards, like travel insurance, airport lounge access, and statement credits?
You can find out more about our review methodology in our guide to how we rate credit cards at Business Insider.
Tessa Campbell Investing and Retirement Reporter Tessa Campbell is an investing and retirement reporter on Business Insider’s personal finance desk. Over two years of personal finance reporting, Tessa has built expertise on a range of financial topics, from the best credit cards to the best retirement savings accounts.ExperienceTessa currently reports on all things investing — deep-diving into complex financial topics, shedding light on lesser-known investment avenues, and uncovering ways readers can work the system to their advantage.As a personal finance expert in her 20s, Tessa is acutely aware of the impacts time and uncertainty have on your investment decisions. While she curates Business Insider’s guide on the best investment apps, she believes that your financial portfolio does not have to be perfect, it just has to exist. A small investment is better than nothing, and the mistakes you make along the way are a necessary part of the learning process.Expertise: Tessa’s expertise includes:- Credit cards
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