Is the Bank of America Premium Rewards Card Worth Its Annual Fee?

Rachel SmithNov 25, 2019

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Bank of America has a few different travel credit card options, including the . But one thing this card has that some other Bank of America cards don’t have is an annual fee. Is it worth paying? For some, the answer is a resounding yes, but others may not be so sure. Here are some questions to ask yourself:

Don’t let the word “premium” scare you. The comes with an annual fee of . This is within the standard range of many travel rewards and airline cards.

holders receive up to a $100 statement credit every four years to use toward either TSA Precheck or Global Entry. This benefit alone means the card “pays for itself” the first year.

The Precheck application fee is $85, while Global Entry costs $100. Not sure which one to apply for? Read more about .

Another strong benefit of the is that it gives cardholders up to $100 as a statement credit each calendar year for airline incidentals on domestic airline flights originating in the U.S. These incidental fees include checked baggage fees.

On Delta, American and United, a standard first checked bag now costs $30 each way on domestic flights. Use the $100 airline fee every year, and you’ll completely offset the ’s annual fee.

Other common “incidental fees” that travelers may face include:

Airline change or cancellation fees can easily be higher than $100 per trip, so this statement credit could come in handy.

The offers a nice welcome bonus. .

This card could easily be used in combination with other rewards programs, depending on your travel plans. And a $500 statement credit certainly makes the annual fee worth it, at least for the first year.

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If you plan to fly at least once a year and want your TSA Precheck or Global Entry application fee covered, the is a good bet.

If you take advantage of everything the has to offer within the first year, the annual fee could be well worth it.

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the , including those best for:

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