The Bank of America Premium Rewards Credit Card is a popular choice among frequent travelers looking for flexibility in redeeming rewards. With its high rewards rate on travel and dining and solid returns on non-category bonus spending, this card offers versatility and value, especially for those who spend significantly in these categories.
With an annual fee of $95, cardholders can benefit from a welcome bonus of 50,000 points after spending $3,000 in purchases within the first 90 days of account opening. The card offers unlimited 2 points per dollar spent on travel and dining and 1.5 points per dollar on all other purchases. The Bank of America Premium Rewards Credit Card may be a great option for those whose spending patterns will make the annual fee worthwhile.
In addition to its attractive rewards structure, the card also provides top-tier benefits, including airline perks and lounge access. Account holders at the highest tier of Preferred Rewards can enjoy even more exclusive advantages, further enhancing the appeal of this credit card.
Overview of Bank of America Premium Rewards Credit Card
The Bank of America Premium Rewards credit card is an attractive option for individuals looking for a travel rewards card with simple earning and redeeming processes. This card offers competitive rates for various spending categories and encompasses a range of additional benefits and features.
Key Features
- Sign-Up Bonus: Receive 50,000 online bonus points (valued at $500) after meeting the spending requirements.
- No Foreign Transaction Fees: Enjoy international transactions without any extra charges.
- TSA Precheck credit: Receive reimbursement for TSA Precheck or Global Entry application fees.
- Visa Signature Concierge benefit: Utilize Visa’s concierge service for various personal and travel needs.
- Travel and Purchase Protections: Benefit from added insurance and security features.
Annual Fee
The Bank of America Premium Rewards credit card comes with a $95 annual fee. This fee isn’t necessarily low, but it can be justified, given the card’s rewards and benefits.
Reward Rates
- Travel and Dining: Earn 2 points per dollar spent on travel and dining purchases.
- Non-Category Bonus Spending: Receive 1.5 points per dollar spent on all other purchases, ensuring a decent return rate for non-category spending.
When choosing the Bank of America Premium Rewards credit card, consider your spending habits, whether the rewards and benefits align with your needs, and whether the annual fee is a reasonable expense for you.
Earning and Redeeming Rewards
Reward Categories
The Bank of America Premium Rewards credit card offers a straightforward and rewarding system focused on travel and dining purchases. Cardholders can earn:
- 2 points per dollar on travel and dining purchases
- 1.5 points per dollar on all other purchases
These rewards rates make the card a strong contender for those who spend primarily in the travel and dining sectors. The lack of rotating bonus categories ensures a consistent rewards structure.
Point Value
Points earned with the Bank of America Premium Rewards credit card hold a fixed value of 1 cent per point. This predetermined value ensures a consistent and straightforward redemption process, removing the need for complex calculations or worrying about point depreciation.
Redemption Options
Redeeming points earned with this travel rewards credit card is simple and offers various options:
- Travel purchases – Apply points to recent travel transactions or incidents
- Cashback – Receive statement credit to use for any purpose
- Gift cards – Redeem points for gift cards from popular retailers or restaurants
- Airline Incidental Statement – Apply points towards eligible airline incidentals like baggage fees or in-flight charges
In summary, the Bank of America Premium Rewards credit card offers a comprehensive and easy-to-understand rewards system. With a focus on travel and dining, the card provides decent returns on those categories and a variety of redemption options, making it a great choice for anyone seeking a solid travel rewards credit card.
Signup Bonus and Benefits
Welcome Bonus
The Bank of America Premium Rewards credit card offers a generous welcome bonus of 60,000 online bonus points (equivalent to a $600 value) when you make at least $4,000 in purchases within the first 90 days of account opening.
Travel Benefits
This card caters well to travelers, offering unlimited 2 points for every $1 spent on travel and dining purchases, and unlimited 1.5 points per $1 spent on all other purchases. Additionally, cardholders can benefit from Global Entry or TSA PreCheck fee credits every four years (up to $100 in statement credit). Various travel protections are also in place, such as trip cancellation and interruption insurance, trip delay reimbursement, and emergency evacuation coverage.
As a Premium Rewards cardholder, you’ll also receive an annual $100 airline incidental credit, which can be used towards expenses such as baggage fees and in-flight purchases.
Additional Perks
Cardholders who are part of the Bank of America Preferred Rewards program stand to gain even more value. The Preferred Rewards program offers a tiered bonus structure, with the potential for a 25%-75% increase in rewards points depending on the qualifying balance in your combined Bank of America accounts. This means you could earn a higher rewards rate on your travel and dining purchases as well as other purchases, making it a valuable card for regular Bank of America customers.
While the card does have a $95 annual fee, the various benefits and rewards can easily offset this cost with regular use. It’s worth comparing the Bank of America Premium Rewards card to other travel credit cards like the Chase Sapphire Preferred® Card, as it could offer more value depending on personal spending habits and preferences. For instance, the Bank of America card offers a better non-category bonus earning rate over the Chase card, which earns 1 point per dollar spent on non-category bonus spending through the Chase Ultimate Rewards® program.
Comparing to Other Credit Cards
Bank of America Credit Cards
The Bank of America Premium Rewards Credit Card offers an attractive rewards rate of 2 points per dollar spent on travel and dining and 1.5 points per dollar on other purchases without any limits. This card becomes even more rewarding for Bank of America Preferred Rewards members, as they can receive up to a 75% bonus on their rewards. However, when considering other Bank of America cards, the Bank of America®️ Travel Rewards Credit Card is a solid option for people who want a lower annual fee and travel-focused rewards.
Chase Sapphire Preferred Card
The Chase Sapphire Preferred Card is a popular alternative for travelers, as it offers similar rewards rates, with 2 points per dollar spent on travel and dining. However, the key difference lies in their rewards programs. The Chase Sapphire Preferred Card is part of the Chase Ultimate Rewards system, which allows cardholders to redeem points for a 25% bonus by booking through the Chase travel portal. Additionally, the points can be transferred to multiple travel partners at a 1:1 ratio, providing more flexibility for smart redemptions.
| Category | Bank of America Premium Rewards | Chase Sapphire Preferred |
|---|---|---|
| Travel/Dining Rewards | 2 points per dollar | 2 points per dollar |
| Other Purchases Rewards | 1.5 points per dollar | 1 point per dollar |
| Annual Fee | $95 | $95 |
| Balance Transfer Fee | 3% (min $10) | 5% (min $5) |
| Bank/Partner Transfers | Limited | Multiple, 1:1 ratio |
| Travel Portal Bonus | None | 25% bonus |
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card is another competitor, offering an unlimited 2 miles per dollar on every purchase. This flat rewards rate can be more appealing to those who don’t prioritize travel and dining spending. Cardholders can redeem miles for travel purchases via the Capital One travel portal, or transfer them to several travel partner programs. Additionally, the card offers up to a $100 credit for Global Entry or TSA Pre✓️ application fees.
| Category | Bank of America Premium Rewards | Capital One Venture Rewards |
|---|---|---|
| Travel/Dining Rewards | 2 points per dollar | 2 miles per dollar |
| Other Purchases Rewards | 1.5 points per dollar | 2 miles per dollar |
| Annual Fee | $95 | $95 |
| Balance Transfer Fee | 3% (min $10) | None |
| Bank/Partner Transfers | Limited | Many travel partners |
| Travel Portal Bonus | None | None |
| Airline Incidental Credit | Up to $100 | None |
| Global Entry/TSA Pre✓️ Fee | None | Up to $100 |
Fees and Interest Rates
In this section, we will discuss the Bank of America Premium Rewards Credit Card fees and interest rates. We will cover the Foreign Transaction Fee, APR and Interest Rates, and Balance Transfer Fees.
Foreign Transaction Fee
The Bank of America Premium Rewards Credit Card offers no foreign transaction fees. This makes it an attractive option for cardholders who travel abroad frequently. Many credit cards charge foreign transaction fees of around 3%, making it expensive for cardholders to make purchases in a foreign currency.
APR and Interest Rates
The variable APR for the Bank of America Premium Rewards Credit Card ranges from 19.74% to 26.74% depending on the cardholder’s creditworthiness. The regular interest rate falls within industry standards for reward credit cards. To avoid paying interest, it’s best to pay your balance in full each month.
Balance Transfer Fees
Transferring a balance to the Bank of America Premium Rewards Credit Card is subject to a fee of either $10 or 3% of the amount of each transfer, whichever is greater. While balance transfers can help consolidate debt, it is important to consider the fees associated with the transfer, especially if the balance is large.
Some things to consider when applying for this card:
- No foreign transaction fees
- Variable APR ranging from 19.74% to 26.74%
- Balance transfer fees of $10 or 3% of the transferred amount (whichever is higher)
In summary, the Bank of America Premium Rewards Credit Card offers competitive fees and interest rates compared to other credit cards in the market. However, it is important to be aware of these fees and interest rates to manage your credit card usage effectively.
Additional Cardholder Perks and Services
Preferred Rewards Program Benefits
The Bank of America Premium Rewards credit card offers additional benefits to Preferred Rewards members. If you are a Preferred Rewards member, you can earn a 25%-75% points bonus on your credit card purchases, depending on your tier. The tiers are determined by the combined balances of your Bank of America deposit accounts and Merrill investment accounts. This means that the more accounts you have with them, the more you can benefit from the program.
Travel and Purchase Protections
As a travel rewards credit card, the Bank of America Premium Rewards credit card comes with various travel and purchase protections to make your trips more enjoyable and worry-free. Some of these protections include:
- Trip delay reimbursement: If your trip is delayed for 12 hours or more, you can be reimbursed up to $500 per ticket for eligible expenses, such as meals and lodging.
- Baggage loss/delay insurance: In case your baggage is lost or delayed, you will be covered for up to $3,000 per passenger for lost items and up to $100 per day for a maximum of five days for delayed bags.
- TSA PreCheck/Global Entry credit: Get a credit of up to $100 every four years to cover your application fee for TSA PreCheck or Global Entry, which can help you save time at the airport security checkpoints.
- No foreign transaction fees: Enjoy using your credit card while traveling without worrying about extra fees for transactions made in foreign currencies.
- Travel accident insurance: Receive up to $1,000,000 in coverage for accidental death or dismemberment during your travels.
Visa Signature Luxury Hotel Collection
The Bank of America Premium Rewards credit card is a Visa Signature card, which grants you access to the Visa Signature Luxury Hotel Collection. This program offers special benefits at over 900 luxury hotels worldwide, including:
- Best available rate guarantee
- Automatic room upgrade upon arrival (when available)
- Complimentary in-room Wi-Fi
- Daily breakfast for two
- Late check-out (when available)
- A unique amenity valued at $25, such as a food or beverage credit or a spa credit
These perks can enhance your stay and provide additional value to your travel experiences.
Eligibility and Application Process
Credit Score Requirements
The Bank of America Premium Rewards credit card is designed for individuals with a good to excellent credit score. Generally, the recommended credit score range for this card is 690-850. While it’s not guaranteed that you’ll be approved with a score within this range, a higher score increases your chances of a successful application.
How to Apply
To apply for the Bank of America Premium Rewards credit card, follow these steps:
- Visit the Bank of America website and navigate to the Premium Rewards credit card page.
- Click on the Apply Now button to access the online application form.
- Complete the application form by providing your personal information, including full name, address, date of birth, social security number, employment, and income information.
- Review the terms and conditions of the card, agree to them, and click Submit.
If your application is approved, you’ll typically receive your card within 7-10 business days.
During the application process, you may also find it helpful to know some key features of the Bank of America Premium Rewards credit card:
- Annual Fee: Unlike some no annual fee cards, the Bank of America Premium Rewards credit card has an annual fee of $95.
- Sign-up Bonus: Receive 50,000 online bonus points, which have a $500 value, after qualifying purchases.
- Rewards Program: Earn 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases.
- Cash Back: Points can be redeemed for cash back, with a value of 1 cent per point.
- Application Fee Credit: This card features an up to $100 application fee credit for Global Entry or TSA Pre✓®.
- Bank of America Customized Cash Rewards Credit Card: If you prefer a no annual fee card, Bank of America also offers the Customized Cash Rewards credit card, a separate option with different features and rewards.
Remember to always be truthful in your application and provide accurate information. Good luck with your Bank of America Premium Rewards credit card application!
Frequently Asked Questions
Annual fee?
The Bank of America Premium Rewards credit card has an annual fee of $95.
Credit limit?
Credit limits for the Bank of America Premium Rewards credit card are determined based on your creditworthiness, which includes factors such as your credit history, income, and overall financial situation. It is essential to maintain a good credit score to receive a higher credit limit.
Lounge access?
The Bank of America Premium Rewards credit card does not offer complimentary lounge access as a card benefit.
Rental car insurance?
The Bank of America Premium Rewards credit card offers rental car insurance in the form of secondary auto rental collision damage waiver coverage. This means that if you decline the rental company’s insurance and charge the entire rental transaction to your card, you are covered for damage or theft, provided that your primary auto insurance is used first.
Airline incidental?
The Bank of America Premium Rewards credit card offers up to a $100 airline incidental statement credit annually for qualifying purchases, such as baggage fees, in-flight purchases, and seat upgrades. This credit, however, does not include airfare or mileage purchases.
Grace period?
The grace period for the Bank of America Premium Rewards credit card is typically 25 days from the close of the billing cycle. To avoid interest charges, it is recommended that you pay your balance in full by the payment due date each month.
