Bank of America to Unveil Premium Rewards Card

Ellen Cannon
By Ellen Cannon 
Published
Edited by Kenley Young

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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

0%

Travel/dining: 2 All other spending: 1.5

$20,000 to $49,999

25%

Travel/dining: 2.5 All other spending: 1.875

$50,000 to $99,999

50%

Travel/dining: 3 All other spending: 2.25

$100,000 or more

75%

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
5.0
NerdWallet Rating
Rewards rate

1x-5x

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

Points

Intro offer

60,000

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®.

Points
Chase Freedom Unlimited Credit Card

on Chase's website

Chase Freedom Unlimited®
5.0
NerdWallet Rating
Rewards rate

1.5%-6.5%

Enjoy 6.5% cash back on travel purchased through Chase Travel; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, 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.

Cashback

Intro offer

$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
4.7
NerdWallet Rating
Rewards rate

2x-5x

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.

Miles

Intro offer

75,000

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.

Miles
See more travel cards

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