On a similar note...
On a similar note...
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The Bank of America® Premium Rewards® credit card is a great option for those who are constantly on the road or flying the friendly skies. While it does carry an annual fee, the benefits could make up for it, depending on your budget and your travel goals.
The Bank of America® Premium Rewards® credit card is right for you if:
You like a big sign-up bonus
Bank of America® does its best to tempt you to sign up for this card by dangling a welcome offer carrot: Receive 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening.
Do you hate annual fees? The value of the bonus essentially wipes out the card's $95 annual fee for the first five years.
You have an account balance over $20,000
The Bank of America® Premium Rewards® credit card really shines if you carry more than $20,000 combined in a Bank of America® or Merrill account.
This card is worth it to those with higher account balances. Cardholders with accounts carrying between $20,000 and $49,999 get a 25% rewards bonus on every purchase. Cardholders with accounts holding between $50,000 and $99,999 get a 50% bonus. And, last but not least, cardholders who have $100,000 or more get a whopping 75% points boost.
Points earned per dollar spent also increase as the amount held in accounts goes up. If you have below $20,000, you can earn 2 points on travel and dining and 1.5 points on everything else. If you carry between $20,000 and $49,999, you can earn 2.5 points on travel and dining and 1.875 points on everything else. If you have between $50,000 and $99,999 in account balances, you can earn 3 points on travel/dining and 2.25 points on everything else. And if you happen to be a power Bank of America® consumer with $100,000 or more in your accounts, you can earn 3.5 points and 2.625 points in those categories.
Your points don't expire, and there's no limit to how many you can earn. Your points earning power can skyrocket the more you stock away at Bank of America® or Merrill.
You spend plenty on travel
Now that you're ready to start stocking up points, get ready for all the items Bank of America® includes under its "travel" category. (Remember, cardholders earn unlimited 2 points for every $1 spent on travel and dining purchases.) Here are just a few: Airlines, hotels, passenger trains, buses, taxis, limousines, boat rentals, parking lots and garages, tolls and bridge fees, amusement parks, carnivals, circuses, aquariums and zoos.
You like options when redeeming points
Your points can be redeemed in a variety of ways. Points can be used for travel via the Bank of America® Travel Center. They can be turned into credit on your account, used to purchase gift cards or even deposited into a Bank of America® checking account, savings account or 529 plan. You can also simply redeem your points for cash back at a value of 1 cent per point.
You want frequent flyer perks
The Bank of America® Premium Rewards® credit card comes with some perks that can add up for a frequent flyer. There's a $100 in statement credit every year for use on all the little fees airlines hit you with, like checked bags, lounge access, and in-flight entertainment and food. You'll also receive up to a $100 credit every four years to cover the application fees for Global Entry or TSA Precheck.
How to Maximize Your Rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2020, including those best for:
Airline miles and a large bonus: Chase Sapphire Preferred® Card
No annual fee: Wells Fargo Propel American Express® card
Flat-rate rewards with no annual fee: Bank of America® Travel Rewards credit card
Premium travel rewards: Chase Sapphire Reserve®
Luxury perks: The Platinum Card® from American Express
Business travelers: Ink Business Preferred® Credit Card