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The Most Valuable Perks of the Bank of America Premium Rewards Card

Nov. 11, 2019
Travel, Travel Credit Cards
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  • Bank of America® Premium Rewards® credit card

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The Bank of America® Premium Rewards® credit card stands out from other Bank of America® cards in that it comes with a $95 annual fee — which isn’t necessarily the best reason to stand out.

But don’t let the fee automatically turn you off. The card also has a slew of perks and benefits that may make having it worth your while.

Points power

One of the Bank of America® Premium Rewards® credit card‘s main attractions is its points earning power. The basic offer is 2 points for every dollar spent on travel and dining and 1.5 points for every dollar spent on everything else. This is a great return, especially when you consider what Bank of America® includes in its “travel” category: airlines, hotels, car rentals, museums, carnivals, commuter trains, taxis, buses, amusement parks, zoos, parking lots and garages, road tolls, bridge fees and more.

If you have cash in a Bank of America® or Merrill account, you’ll be able to earn up to 75% more rewards with the card through their Preferred Rewards program.

Amount in accountsRewards boostPoints earned per dollar
Under $20,0000%Travel/dining: 2
All other spending: 1.5
$20,000 to $49,99925%Travel/dining: 2.5
All other spending: 1.875
$50,000 to $99,99950%Travel/dining: 3
All other spending: 2.25
$100,000 or more75%Travel/dining: 3.5
All other spending: 2.625

If you’re a Bank of America® consumer with a high balance in a qualifying account, the card’s earning power is impossible to ignore.

Luxury hotel deals

If you carry the Bank of America® Premium Rewards® credit card, you’ll get access to the Visa Signature Luxury Hotel Collection, which includes some of the world’s most intriguing and prestigious hotel properties including brands like Park Hyatt, Shangri-La, and the Peninsula.

When you use your card to book a stay at a participating hotel, you’ll receive benefits including a best-rate guarantee (as long as you find the lower rate within 24 hours of booking), automatic room upgrade when available, VIP status, late checkout when available, complimentary in-room Wi-Fi, breakfast for you and a guest and a $25 food or beverage credit. Having a Bank of America® Premium Rewards® credit card not only gives you access to some fantastic hotels, but it also makes your stays at those hotels even better. That’s a valuable perk for any frequent traveler.

Purchase protection

Attention, clumsy consumers: The Bank of America® Premium Rewards® credit card is here to help with purchase protection coverage. With luck, you’ll never need to use this benefit. But anyone who’s broken something expensive days after buying it will be happy to have it.

Let’s say two weeks after buying a new MacBook Pro, you spill an entire cup of coffee on it and fry the poor thing’s guts. As long as you made the purchase with your Bank of America® Premium Rewards® credit card, you’re good. This card’s purchase protection covers items that are stolen or damaged, as long as the incident occurred within 90 days of the purchase for up to $10,000 per claim. That’s priceless peace of mind.

Some restrictions apply. Consult your new account materials to verify excluded items.

Credits upon credits

Every frequent flyer could use some help with airline fees. The Bank of America® Premium Rewards® credit card does just that, with a yearly $100 credit to cover incidental charges like checked bag fees, seat upgrades, ticket changes, lounge access, and in-flight food, drinks, and entertainment. This card also comes with a credit of up to $100 to cover the application fees Global Entry or TSA Precheck (available every four years).

These credits are essential for regular flyers. You don’t want to worry about a seat upgrade charge on the last leg of a 12-hour flight day, and Global Entry and Precheck help you avoid countless hours waiting in airport lines.

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 2020, including those best for:

Check out these articles for more inspiration and advice:
Bank of America vs. Chase: Which is best for you?
NerdWallet’s top travel credit cards
How to choose a travel credit card

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