Although the Bank of America® Premium Rewards® credit card isn’t as popular as other travel credit cards at this level, there are plenty of reasons to consider it. Not only does it offer 2X points on travel and dining purchases, cardholders also earn a flat rate of 1.5X points on all non-bonus spending. Plus, when you apply, you’ll get a generous welcome offer, $200 in travel credits to use and an array of complimentary card benefits, which add even more value to this offer.
If you’re curious about which perks you’ll get with the Bank of America Premium Rewards card and how everything works, read on to learn more.
Bank of America Premium Rewards card highlights
Before we break down the card benefits, it’s important to know about details like the card’s welcome offer, earning rate and fees.
- Welcome offer: Earn 50,000 bonus points (worth $500) when you spend $3,000 on purchases within 90 days of account opening
- Rewards rate: Earn 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases
- Annual fee: $95
- APR: 15.99 percent to 22.99 percent (variable)
With the Bank of America Premium Rewards credit card you’ll earn 2 points per dollar on travel and dining purchases and 1.5X points on all other purchases. The rewards you earn with this card are unlimited, and your points don’t expire as long as your account is open.
Cardholders have some flexibility when it comes to redeeming rewards. You can redeem for:
- Cash back in the form of a statement credit or a deposit into an eligible Bank of America or Merrill account
- Gift cards
- Travel booked through the Bank of America Travel Center
Bank of America Premium Rewards credit card travel benefits
While the Bank of America Premium Rewards credit card doesn’t let you transfer your points to airline and hotel partners like some other travel credit cards do, you do get some travel perks just for being a cardholder.
No foreign transaction fees
This card doesn’t require you to pay foreign transaction fees if you use it for purchases abroad, making it a good choice for travel outside of the U.S. These fees would normally add another 3 percent (on average) to every overseas purchase you make.
Up to $100 in statement credits for airline incidentals
Cardholders can qualify for up to $100 in statement credits toward airline incidental expenses each year they have the card. You can use these credits for charges like seat upgrades, baggage fees, in-flight services, airline lounge fees and more.
Up to $100 in statement credits for Global Entry or TSA PreCheck
You’ll also get up to $100 in application fee credits toward a Global Entry or TSA PreCheck membership. This statement credit offer can be applied to your account once every four years.
Bank of America Premium Rewards card travel protections
The Bank of America Premium Rewards credit card also comes with a number of free insurance benefits and travel protections, such as:
Trip delay reimbursement
When you pay for eligible travel with your credit card, you’ll receive trip delay coverage when a covered trip is delayed by more than 12 hours. This coverage is good for up to $500 per ticket for you and eligible family members.
Trip cancellation and interruption insurance
You’ll also receive trip cancellation and interruption insurance, which is good for up to $2,500 in eligible prepaid expenses when your trip is canceled or cut short by a covered event.
Baggage delay insurance
If your baggage is delayed by six hours or more, you can use this insurance to pay for incidental expenses (up to $100 per day). This coverage applies for up to five days, and it’s secondary to any reimbursement you’ll receive from a common carrier.
Lost luggage reimbursement
If your checked or carry-on luggage is lost by a common carrier or stolen during transit, you can receive reimbursement. You have to pay for your common carrier travel with your credit card in order to qualify.
Travel and emergency assistance services
This benefit lets you reach out for help when you’re traveling and you need emergency assistance. Examples of assistance you can receive include medical and legal referrals.
Emergency evacuation and transportation coverage
If you become injured or sick when traveling far from home, you can get assistance with bills related to emergency evacuation and transportation.
Secondary auto rental coverage
Cardholders also qualify for auto rental coverage in the form of an auto rental collision damage waiver, which provides reimbursement for vehicle collision or theft. This coverage is secondary to other insurance you may have.
Finally, note that cardholders get access to a roadside dispatch number that provides emergency roadside assistance, towing and locksmith services 24 hours a day. The hotline is free, but you’ll have to pay for any services you receive.
Bank of America Premium Rewards card purchase protections
The Bank of America Premium Rewards credit card offers quite a few purchase protections that will automatically apply to eligible purchases you charge to your card.
When items you purchase with your card are stolen or damaged within 90 days of purchase, your item will be reimbursed, repaired or replaced (up to $10,000 per claim) through Bank of America purchase protection coverage.
Return protection provides you with reimbursement when you wish to return an item within 90 days of purchase but the retailer won’t take it back. Coverage is good for up to $250 per eligible item and up to $1,000 per year.
Eligible items that come with a manufacturer’s warranty can receive extended warranty protection through this benefit. This coverage doubles the existing manufacturer’s warranty — Bank of America adds up to 24 extra months when doubling a warranty.
How to maximize the benefits offered by Bank of America Premium Rewards credit card
Since the Bank of America Premium Rewards credit card rewards you for spending, the best way to maximize its benefits involves using it for all of your purchases and bills. You should aim to use it for dining and travel purchases specifically since you can earn an elevated rate of 2X points for each dollar spent.
Also note that Bank of America Preferred Rewards members can earn 25 percent to 75 percent more rewards for using this card or other Bank of America rewards cards. This free program is for Bank of America customers who have an active, eligible Bank of America account and a three-month combined average daily balance of $20,000 or more in eligible Bank of America or Merrill accounts. You can enroll in the program once these requirements are met.
When it comes to using the Bank of America Premium Rewards card benefits shared in this guide, remember that you’ll need to pay with your credit card to qualify for the above-mentioned benefits. If you pay with another credit card, you won’t be eligible for purchase protections or travel insurance benefits on those transactions.
The bottom line
The Bank of America Premium Rewards credit card isn’t as well known as some other travel cards, but there’s much more to it than meets the eye. In addition to the generous earning rate and welcome offer, cardholders will get quite a few perks along the way.
Even so, it never hurts to compare this card with other Bank of America credit cards or other rewards credit cards and their benefits. With some basic research, you can find a travel credit card that checks off the boxes you care about the most.