Bank of America Premium Rewards Credit Card Review

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Bank of America® Premium Rewards® credit card
Good for Intro Bonus and Added Benefits

Bank of America® Premium Rewards® credit card

Learn more externa link icon at our partner’s secure site.
Rewards rate:

Earn unlimited 2 points for every $1 spent on travel and dining purchases. Earn 2 points for every $1 spent on grocery store purchases – now through 12/31/21. Earn unlimited 1.5 points for every $1 spent on all other purchases.

  • Intro bonus: 50,000 points
  • Annual fee: $95
  • Regular APR: 15.99% – 22.99% Variable APR on purchases and balance transfers
  • Recommended credit score: 670-850 (Good to Excellent)

The Bank of America Premium Rewards credit card* offers bonus rewards on every purchase you make, plus a few premium travel benefits. There are no foreign transaction fees, and you’ll have plenty of options when it comes to redeeming the points you earn.

At a Glance

  • Earn 50,000 bonus points (worth $500) when you spend $3,000 on purchases within 90 days of account opening
  • Earn 2 points per dollar spent on travel and dining
  • Earn 2 points per dollar spent on grocery store purchases through 12/31/21.
  • Earn 1.5 points per dollar on all other purchases
  • Up to $200 in travel statement credits
  • $95 annual fee
  • 15.99%-22.99% variable APR

Pros

  • Generous welcome bonus

  • Up to $200 in travel statement credits

  • Flexible rewards redemptions

  • No foreign transaction fees

Cons

  • $95 annual fee

  • Travel credits are for specific purchases only: airline incidentals and Global Entry or TSA PreCheck membership

  • No intro APR offer

Additional Card Details

The Bank of America Premium Rewards Credit Card offers a few additional benefits outside its regular points rewards. 

You’ll get up to $100 in credits toward Global Entry or TSA Precheck membership every four years, plus up to $100 in airline incidental credits every year. This incidental credit is automatically applied to seat upgrades, baggage fees, in-flight services, and airline lounge fees you charge to your card. 

You can also take advantage of ongoing purchase travel protections, including trip delay reimbursement, trip cancellation and interruption insurance, auto rental insurance, baggage delay insurance, lost luggage reimbursement, travel and emergency assistance services, purchase protection against damage or theft, extended warranties, and more.

Should You Get this Card?

This card’s flexible rewards structure makes it a good option for people who want a travel credit card that offers benefits beyond travel rewards — especially if you’re a Bank of America Preferred Rewards member.

The Bank of America Premium Rewards Credit Card offers a few valuable travel perks and travel insurance benefits, but you can redeem your rewards for more than just travel. Once you rack up points with this Bank of America credit card, you can redeem them for deposits into an eligible Bank of America or Merrill account, including eligible 529 accounts, or for statement credits, gift cards or bookings in the Bank of America Travel Center. 

This card is an especially good option for Bank of America Preferred Rewards customers. If you’re a member of the Preferred Rewards program and have a combined balance of at least $20,000 in a qualifying Bank of America deposit or Merrill investment account, you can boost your rewards even more:

  • 25% rewards bonus: $20,000-$50,000 combined balance
  • 50% rewards bonus: $50,000-$100,000 combined balance
  • 75% rewards bonus: $100,000 or higher combined balance

That could boost your rewards rate up to 3.5 points for every $1 you spend on travel and dining and up to 2.62 points for each $1 spent on other purchases. 

Just make sure the value you’ll get from this card — via rewards in bonus categories or by taking advantage of added benefits — is enough to offset its $95 annual fee.

How to Use the Bank of America Premium Rewards Credit Card

Once you’re approved for the Bank of America Premium Rewards Credit Card, start maximizing rewards by spending at least $3,000 within 90 days of account opening to ensure you’ll earn the 50,000-point bonus, worth $500 right off the bat.

From there, this makes a solid choice for an everyday rewards card. You can use your card for everyday spending and bills to earn a flat 1.5 points on every dollar, and on dining and travel purchases to net 2 points per dollar. 

Pro Tip

The Bank of America Premium Rewards Credit Card offers generous rewards already, but you can boost your points rewards by 25% to 75% if you join the Bank of America Preferred Rewards program and meet minimum balance requirements.

Use your credit card for any airfare-related purchases that might trigger part or all of the $100 annual travel statement credit, including upgrades on your flight, baggage fees and other incidentals. Booking travel with this card (including flights and auto rentals) will also ensure you’re eligible for the travel protections. And make sure to sign up for Global Entry or TSA Precheck membership to take advantage of the fee credit upon joining and when it’s time to renew.

When you’re ready to redeem your rewards, consider which option makes most sense for your spending and overall financial plan. Each point is worth 1 cent no matter how you choose to redeem. While gift cards and statement credits are easy redemption options, the Bank of America Premium Rewards Credit Card also lets you use points to book travel in the Bank of America Travel Center or transfer them to an eligible investment account, including any 529 college savings accounts you have set up. 

Bank of America Premium Rewards Credit Card compared to other cards

Bank of America® Premium Rewards® credit card

Bank of America® Premium Rewards® credit card

  • Intro bonus:
    50,000 points
  • Annual fee:
    $95
  • Regular APR:
    15.99% – 22.99% Variable APR on purchases and balance transfers
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon at our partner’s secure site.
Capital One Venture Rewards Credit Card

Capital One Venture Rewards Credit Card

  • Intro bonus:
    100,000 miles
  • Annual fee:
    $95
  • Regular APR:
    17.24% – 24.49% (Variable)
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon at our partner’s secure site.
Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Intro bonus:
    80,000 points
  • Annual fee:
    $95
  • Regular APR:
    15.99% – 22.99% Variable
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon at our partner’s secure site.

Bottom Line

EDITORIAL INDEPENDENCE

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

A minimum 1.5 points on every dollar you spend — along with the potential boost for Preferred Rewards members — makes the Bank of America Premium Rewards Credit Card a valuable everyday rewards option. And if you’re not quite ready to commit to a more travel-focused rewards card, you can enjoy a few travel perks with this card while also having flexibility to redeem rewards in other ways.

But before you apply, take time to compare this card to other travel and cash back rewards options that might have more benefits or a rewards rate that aligns better with your spending.

Frequently Asked Questions

What triggers the Bank of America Premium Rewards Credit Card travel credit?

The $100 annual travel credit is for airline incidentals. This credit is good for “qualifying purchases such as seat upgrades, baggage fees, in-flight services and airline lounge fees,” according to the card’s terms.

What credit score do you need for the Bank of America Premium Rewards Credit Card?

You’re most likely to get approved for the Bank of America Premium Rewards Credit Card if your credit is “very good” or better, equal to a credit score of 740 or higher.

Does Bank of America have credit cards with no annual fee?

Bank of America has multiple credit cards with no annual fee, including the Bank of America Cash Rewards Credit Card and the Bank Americard Credit Card.

*All information about the Bank of America Premium Rewards credit card and Capital One Venture Rewards Credit Card has been collected independently by NextAdvisor and has not been reviewed by the issuer