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The Bank of America® Premium Rewards® credit card's points-earning structure was built with a specific customer in mind: current and prospective Bank of America Preferred Rewards members. If that’s you, or if it could be, this card is out to lure you with points bonuses of 25% to 75% for spending on the card.
That’s on top of the 2 points per $1 spent on dining and travel and 1.5 points on all other purchases. Plus, there is also an offer to earn 2 points per $1 spent on grocery store purchases through December 31, 2021. The current sign-up bonus on the card is as follows: 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..
Here are seven reasons why the Bank of America® Premium Rewards® credit card may be the card for you.
1. Bank of America Preferred clients earn bonus points on every purchase
Customers enrolled in Bank of America Preferred Rewards program get a bonus of anywhere from 25% to 75% more points when spending with this card. To qualify for Preferred Rewards, you must maintain a balance of at least $20,000 in a BOA bank account or in a Merrill investment account.
2. Earn extra points on travel, dining and groceries
Like the $0-annual-fee Bank of America® Travel Rewards credit card, the Bank of America® Premium Rewards® credit card pays 1.5 points per $1 on most purchases. But unlike its less expensive alternative, the Bank of America® Premium Rewards® credit card pays 2 points per dollar spent on dining and travel.
3. Low annual fee for a premium card
True, $95 a year is nothing to sneeze at. But it’s cheap compared to other premium cards, like the $695-a-year The Platinum Card® from American Express.
4. Get reimbursed for TSA Precheck or Global Entry
Every four years, when you apply and reapply for expedited security screening, put the charges on your Bank of America® Premium Rewards® credit card and you’ll get a statement credit up to $100 for the charges.
5. $100 every year toward checked bags, seat upgrades and more
This perk is Bank of America’s answer to the free checked bag you get with airline-branded credit cards, but instead of a free bag, it’s a statement credit. It’s also more flexible: You can use it for seat upgrades and other incidentals, up to $100 per year.
6. Luxury travel perks
The travel insurance you get with this card helps with everything from trip delays to lost luggage to emergency evacuation and transportation. You’ll also get some extra perks when you use the card to book at Luxury Collection hotels and you’ll enjoy access to the Visa Signature Concierge service, which can help with everything from travel planning to getting event tickets to restaurant recommendations.
7. Easy, flexible points redemptions
Unlike co-branded cards that require you to redeem your points for travel through their websites, the Bank of America® Premium Rewards® credit card rewards you with reimbursements. You just use the card to purchase travel from any provider you like, then apply your points toward either a statement credit that offsets all or part of the purchase or a deposit into your Bank of America or Merrill account. Your points can also be redeemed for gift cards.
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 2022, 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