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The new Bank of America® Premium Rewards® credit card is now taking applications on select websites, as of Oct. 2017, including NerdWallet.
This card earns 2 points per dollar spent on travel and dining and 1.5 points per dollar on all other purchases. Points are worth 1 cent apiece no matter how you redeem them — for travel, statement credit, gift cards or a deposit to your Bank of America® or eligible Merrill accounts.
However, if you’re a Bank of America® customer enrolled in the bank's Preferred Rewards program, your rewards are boosted 25% to 75%. That means you could earn 2.5 to 3.5 points per dollar on travel and dining and 1.875 to 2.625 points per dollar elsewhere — among the best rates for cards in its class. The annual fee is $95, comparable to that on the Chase Sapphire Preferred® Card and on major airline credit cards.
Cardholders get an annual credit of up to $100 to cover incidental airline fees, such as checked bags, seat upgrades, lounge passes and in-flight food, beverages and entertainment. Use the full credit every year, and this card effectively pays you $5 a year to carry it. Plus, every four years, you can get a reimbursement of up to $100 for the application fee for Global Entry or TSA PreCheck.
There's a hefty sign-up bonus to get you started off right: 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. And like any good travel card, it doesn't charge foreign transaction fees.