Bank of America to Unveil Premium Rewards Card

Ellen Cannon
By Ellen Cannon 
Edited by Kenley Young

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

In September 2017, Bank of America® will jump on the premium card bandwagon when it introduces the Bank of America® Premium Rewards® credit card. The market for such products has exploded in recent years and includes such cards as the Chase Sapphire Reserve®, Citi Prestige® Card and The Platinum Card® from American Express.

The Bank of America® Premium Rewards® credit card will have an annual fee of $95 — much lower than any of the other cards mentioned above — and will earn 2 points per dollar spent on travel and dining and 1.5 points per dollar on all other purchases, with no limit to the number of points you can earn.

Cardholders who are already Bank of America® customers will reap more benefits through its Preferred Rewards program. Customers who have money in checking and savings accounts or investment accounts will earn extra points.

Amount in accounts

Rewards boost

Points earned per dollar

Under $20,000


Travel/dining: 2 All other spending: 1.5

$20,000 to $49,999


Travel/dining: 2.5 All other spending: 1.875

$50,000 to $99,999


Travel/dining: 3 All other spending: 2.25

$100,000 or more


Travel/dining: 3.5 All other spending: 2.625

The Bank of America® Premium Rewards® credit card card has a sign-up bonus of 50,000 points after you spend $3,000 in the first three months the account is open. This is a lower spending threshold than other cards in this market. Also like its counterparts, the Bank of America® Premium Rewards® credit card offers an annual travel credit to cover some expenses. At $100, the travel credit doesn’t match those offered by other premium cards, but it does offset the annual fee of $95.

Earning points is only half of the rewards equation; you need to know what the redemption values are to truly evaluate a card. Bank of America points can be redeemed for travel, cash and gift cards. The value of points redeemed for travel is not listed on the Bank of America® Rewards Program guidelines. For cash, 2,500 to 9,999 points redeem at $0.005 per point; 10,000 to 24,999 points redeem at $0.008, and 25,000 or more points redeem at $0.010. A minimum of 3,500 points is often required for a $25 gift card, although there are sometimes special offers from select retailers that will net a gift card in that amount for fewer points.

Travel Cards from Our Partners
Chase Sapphire Preferred Credit Card

on Chase's website

Chase Sapphire Preferred® Card
NerdWallet Rating
Rewards rate


5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.


Intro offer


Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's over $900 when you redeem through Chase Travel℠.

Chase Freedom Unlimited Credit Card

on Chase's website

Chase Freedom Unlimited®
NerdWallet Rating
Rewards rate


Enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.


Intro offer

Up to $300

Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!

Capital One Venture Rewards Credit Card

on Capital One's website

Capital One Venture Rewards Credit Card
NerdWallet Rating
Rewards rate


Earn unlimited 2X miles on every purchase, every day. Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options.


Intro offer


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.

See more travel cards

Find the right credit card for you.

Whether you want to pay less interest or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow the search for you.

Get Started
Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.