Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
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 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. 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 our picks for the best travel credit cards of 2021, including those best for:
Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card
No annual fee: Bank of America® Travel Rewards credit 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