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The Bank of America® Premium Rewards® credit card is best known for the perks it offers to Bank of America® Preferred Rewards members — i.e. customers who keep three-month average combined balances of at least $20,000 or more in their Bank of America® or Merrill Lynch investment accounts.
These customers not only get benefits like discounted auto loan rates and higher interest rates on their savings, they also earn 25% to 75% more points with the Bank of America® Premium Rewards® credit card. The rewards boost depends on the cardholder’s Preferred Rewards program tier:
Gold level Preferred Rewards members get a 25% boost on the Bank of America Rewards® points they earn by using the card.
Platinum members get a 50% boost on the number of points they earn.
Platinum Honors Preferred Rewards members get a 75% boost.
Those are eye-catching benefits for customers who already have tens of thousands of dollars sitting in Bank of America® or Merrill Lynch accounts. But folks who don’t might wonder if this card is for them.
The Bank of America® Premium Rewards® credit card has benefits that might still be attractive to people who keep most of their money in 401(k)s or even sofa cushions. Though the card carries a $95 annual fee, it may still be worth having. Here are a few of the reasons why you might want a Bank of America® Premium Rewards® credit card.
Why get the Bank of America® Premium Rewards® credit card?
1. Flexible redemptions
If you don’t like to commit to using your rewards for travel, the Bank of America® Premium Rewards® credit card gives you flexibility. If you want to use your points to purchase travel through the Bank of America® Travel Center, you can. Don’t feel like traveling? That’s fine because most anything you could purchase with the card can be paid for with points when you use them for a statement credit.
You can also use your points for cash back in the form of a deposit to a Bank of America® checking or savings account. You can redeem points for a credit to an eligible Merrill Edge® or Merrill Lynch® account, including 529 accounts. Or you can use points for gift cards.
2. Up to $200 in travel statement credits
Use your Bank of America® Premium Rewards® credit card to pay for seat upgrades on a flight and Bank of America® will automatically subtract up to $100 of the cost from your bill. Checked bag fees, in-flight purchases and even paid access to airport lounges work the same way: Every year, Bank of America® will take up to $100 of those travel charges off your credit card bill.
The card also offers a $100 TSA PreCheck or Global Entry fee credit every four years.
3. A welcome bonus worth several hundred dollars
Receive 60,000 online bonus points - a $600 value - after you make at least $4,000 in purchases in the first 90 days of account opening. Plus, you’ll earn 2 points per $1 spent on dining and travel and 1.5 points per $1 on all other purchases.
4. No foreign transaction fees
Some cards charge up to 3% for transaction charged abroad. The Bank of America® Premium Rewards® credit card does not. For anyone who might travel outside of the U.S., this is a valuable feature.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are some of the best travel credit cards of 2024:
Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card
No annual fee: Wells Fargo Autograph℠ Card
Flat-rate travel rewards: Capital One Venture Rewards Credit Card
Bonus travel rewards and high-end perks: Chase Sapphire Reserve®
Luxury perks: The Platinum Card® from American Express
Business travelers: Ink Business Preferred® Credit Card
Planning a trip? Check out these articles for more inspiration and advice: Find the best travel credit card for you Best Bank of America credit cards Bank of America vs. Chase: Which is best for you?
