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.
Pros & Cons
New cardholder bonus offer
Bonus rewards on travel, dining
Premium travel protections
No foreign transaction fees
Has annual fee
Requires good/excellent credit
Best rewards limited to certain customers
This $0-annual-fee card offers a solid flat rewards rate of 1.5 points per dollar on all purchases. Bank of America® customers can get rewards bonuses of up to 75% based on the balances in their bank and investment accounts.
Compare to Other Cards
16.24%-23.24% Variable APR
16.24%-23.24% Variable APR
12.24%-23.24% Variable APR
0% intro APR for 15 months on purchases and balance transfers
Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
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 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..
Rewards: 2 points per dollar on travel and dining, 1.5 points per dollar on all other spending.
Interest rate: The ongoing APR is 16.24%-23.24% Variable APR.
Foreign transaction fees: None.
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.
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.
The Bank of America® Premium Rewards® credit card boosts your rewards by 25% to 75% if you're a member of bank's 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
Points earned per dollar
Travel/dining: 2 All other spending: 1.5
$20,000 to $49,999
Travel/dining: 2.5 All other spending: 1.875
$50,000 to $99,999
Travel/dining: 3 All other spending: 2.25
$100,000 or more
Travel/dining: 3.5 All other spending: 2.625
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.
Bonuses and travel perks
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 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.. The bonus alone will cover your annual fee for the first five 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.
Purchases made with the card carry the Visa Signature protections, including purchase and return protection. Travel protections include trip insurance for delays, cancellations, interruptions, baggage delay or lost luggage, and emergency evacuation. And the Visa Signature concierge is at your service for other needs.
Bank of America® Premium Rewards® credit card vs. the competition
The Bank of America® Premium Rewards® credit card has plenty to recommend it, especially if you're already doing business with Bank of America®. But depending on how you spend and how you travel, a different card may be a better fit. For example:
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 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®.
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. This card has an annual fee of $95 and comes with a decent sign-up bonus: Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.
Also, you can see how this card stacks up against other top travel cards by checking out our best credit cards page.
Is Bank of America® Premium Rewards® credit card 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.
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.