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Bank of America’s Premium Rewards Card Now Available

This travel card's benefits are excellent on their own. If you're a Preferred Rewards member, they may be unbeatable.
Oct. 7, 2020
Credit Cards, Promos, Travel Credit Cards
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  • Bank of America® Premium Rewards® credit card

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The new Bank of America® Premium Rewards® credit card is now taking applications on select websites, including NerdWallet.

This card earns 2 points per dollar spent on travel and dining and 1.5 points per dollar on all other purchases. Points are worth 1 cent apiece no matter how you redeem them — for travel, statement credit, gift cards or a deposit to your Bank of America® or eligible Merrill accounts.

However, if you’re a Bank of America® customer enrolled in the bank’s Preferred Rewards program, your rewards are boosted 25% to 75%. That means you could earn 2.5 to 3.5 points per dollar on travel and dining and 1.875 to 2.625 points per dollar elsewhere — among the best rates for cards in its class. The annual fee is $95, comparable to that on the Chase Sapphire Preferred® Card and on major airline credit cards.

Use the full travel credit, and this card effectively pays you $5 a year to carry it.

Cardholders get an annual credit of up to $100 to cover incidental airline fees, such as checked bags, seat upgrades, lounge passes and in-flight food, beverages and entertainment. Use the full credit every year, and this card effectively pays you $5 a year to carry it. Plus, every four years, you can get a reimbursement of up to $100 for the application fee for Global Entry or TSA PreCheck.

There’s a hefty sign-up bonus to get you started off right: Receive 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening. And like any good travel card, it doesn’t charge foreign transaction fees.

Read NerdWallet’s full editorial review of the card or visit our details page to apply.

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