Bank of America Premium Rewards Review: Big Bonuses for B of A’s Best Customers
The Bottom Line
4.2
Frequent travelers looking for flexibility in how they redeem rewards should give this card a look, especially if they're already Bank of America® customers.
Rates, fees and offers
Rates, fees and offers
Annual fee
$95
Rewards rate
1.5x-2x
Bonus offer
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.
Intro APR
N/A
Ongoing APR
APR: 20.24%-28.24% Variable APR
Cash Advance APR: See Terms
Penalty APR: 29.99%, Variable
Balance transfer fee
4% of the amount of each transaction
Foreign transaction fee
None
More details from Bank of America
More details from Bank of America
- Low $95 annual fee.
- 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.
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases. No limit to the points you can earn and your points don't expire as long as your account remains open.
- If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means you could earn 2.5-3.5 points on travel and dining purchases and 1.87 - 2.62 points on all other purchases, for every $1 you spend.
- Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center.
- Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.
- Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delays and lost luggage.
- No foreign transaction fees.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Pros and Cons
Pros
Sign-up bonus
Earn more points on travel and dining
Premium travel protections
Higher rewards rates for Bank of America and Merrill customers
Cons
Has annual fee
Requires good/excellent credit
Best rewards limited to certain customers
Detailed Review
Frequent travelers looking for flexibility in credit card rewards ought to take a look at the Bank of America® Premium Rewards® credit card — especially if they’re already Bank of America® customers with significant balances in their accounts. For a relatively modest annual fee, cardholders can earn a great sign-up bonus, good reward rates and points that have the same value regardless of how you redeem them.
Bank of America® Premium Rewards® credit card: The basics
Card type: Rewards.
Annual fee: $95.
Sign-up bonus: 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.
Rewards: 2 points per dollar on travel and dining, 1.5 points per dollar on all other spending.
Points can be redeemed for a credit on your statement, gift cards, a deposit into a Bank of America® or Merrill account (checking, savings or 529 plan) or travel booked through the Bank of America Travel Center. No matter how you redeem, each point is worth 1 cent, which means you could use the card as a cash-back card or a travel card without any loss in value.
The minimum number of points you need to redeem is 2,500.
Interest rate: N/A.
Foreign transaction fees: None.
Other benefits:
Credit of up to $100 for the application fee for Global Entry or TSA Precheck when you pay with the card.
Credit of up to $100 in airline incidental statement credits for qualifying purchases like seat upgrades, baggage fees, in-flight services and airport lounges.
Trip cancellation and interruption insurance.
Trip delay reimbursement.
Baggage delay and lost luggage reimbursement.
Emergency evacuation and transportation coverage.
The Bank of America® Premium Rewards® credit card vs. the Bank of America® Premium Rewards Elite credit card
The Bank of America® Premium Rewards® credit card has a more expensive sibling card, called the Bank of America® Premium Rewards Elite credit card. They offer the same ongoing rewards and a few of the same benefits, but the Elite version offers more in the way of travel credits, as you might expect on a card with a much higher annual fee.
Here's a look at how they stack up.
Empty Table Header | Bank of America® Premium Rewards® credit card | Bank of America® Premium Rewards Elite credit card |
|---|---|---|
Annual fee | $95. | $550. |
Sign-up bonus | 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. | Receive 75,000 online bonus points — a $750 value — after you make at least $5,000 in purchases in the first 90 days of account opening. |
Rewards |
|
|
Travel credits |
|
|
Foreign transaction fee | None. | None. |
Compare to Other Cards
Benefits and Perks
Solid rewards that can get even better
With the Bank of America® Premium Rewards® credit card, you'll earn 2 points back on travel and dining and 1.5 points back on everything else. There is no limit to the rewards you can earn, and your points never expire.
Keep in mind that Bank of America® has one of the broadest definitions of "travel" of any credit card issuer. It includes not just the usual airlines, hotels and car rental agencies, but also attractions like museums, carnivals, amusement parks and zoos, as well as common transportation expenses like passenger trains, buses, taxis, parking lots and garages, tolls and bridge fees. So you have ample opportunities to earn 2X rewards on weekend outings, staycations and even your morning commute.
Plus, the Bank of America® Premium Rewards® credit card boosts your rewards by 25% to 75% if you're a member of the Bank of America Preferred Rewards® program, open to those with at least $20,000 in combined balances in Bank of America®, or eligible Merrill accounts:
Amount in accounts | Rewards boost | Points earned per dollar |
|---|---|---|
Under $20,000 | 0% | Travel/dining: 2 All other spending: 1.5 |
$20,000 to $49,999 | 25% | Travel/dining: 2.5 All other spending: 1.875 |
$50,000 to $99,999 | 50% | Travel/dining: 3 All other spending: 2.25 |
$100,000 or more | 75% | Travel/dining: 3.5 All other spending: 2.625 |
Bonuses and credits
Despite its name, the Bank of America® Premium Rewards® credit card doesn't give you perks on the level of premium cards such as the Chase Sapphire Reserve®. But it doesn't charge an annual fee of $550 or more, like those cards do. For a fraction of the fee, it gives you plenty of value on top of its rewards rates:
A big sign-up bonus gives you a head start on points: 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. The bonus alone will cover your annual fee for the first six years.
Up to $100 in statement credit each year to cover incidental airline fees such as for checked bags, seat upgrades, ticket changes, lounge access or in-flight refreshments or entertainment.
A statement credit of up to $100 every four years for the Global Entry or TSA Precheck application fee.
No foreign transaction fees.
Cardholders have access to the Visa Signature Luxury Hotel Collection and get perks like room upgrade when available, late checkout, complimentary WiFi and daily breakfast, and a $25 food or beverage credit.
Drawbacks and Considerations
You can't transfer points
The points you earn on the Bank of America® Premium Rewards® credit card are worth a penny apiece, and you can't convert them to points in airline or hotel loyalty programs. The Chase Sapphire Preferred® Card, by contrast, allows you to transfer points on a 1:1 basis with a number of programs, including United, Southwest, Marriott and Hyatt. It charges an annual fee of $95. You earn bonus rewards in a variety of popular spending categories, including dining and travel. Points are worth 1.25 cents apiece when redeemed for travel booked through Chase. There's also a great sign-up bonus: Earn 100,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
You may want simpler rewards
The Capital One Venture Rewards Credit Card earns 2 miles per dollar on most purchases. Miles are redeemable for credit against any travel purchase — just book travel however you want, then use your miles to "erase" the charge. Plus, like the Chase Sapphire Preferred® Card, you can also transfer points to a number of loyalty programs. This card has an annual fee of $95 and comes with a solid sign-up bonus: Enjoy $250 to use on Capital One Travel in your first cardholder year, plus earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening - that’s equal to $1,000 in travel.
Also, you can see how this card stacks up against other top travel cards by checking out our best credit cards page.
How To Decide If It's Right For You
The Bank of America® Premium Rewards® credit card offers rewards and perks equal to or better than the competition in its weight class, and it beats them all if you’re a Bank of America® customer. The bonus points you earn will pile up quickly, and you'll be packing your bags in no time.
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Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
