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, but cardholders also earn a flat rate of 1.5X points on all non-bonus spending. Those who apply and are approved can also earn a generous welcome offer, $200 in travel credits and an array of Bank of America Premium Rewards card benefits — which can make the offer an even better deal.

If you’re curious 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 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 can redeem your rewards for cash back in the form of a statement credit, a deposit into an eligible Bank of America or Merrill account, gift cards or travel through the Bank of America Travel Center.

You also get a handful of helpful 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. These credits can be used 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

Cardholders also get up to $100 in application fee credits toward a Global Entry or TSA PreCheck membership. This statement credit offer can be applied 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 travel insurance benefits and protections, including the following:

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 the cardholder and eligible family members.

Trip cancellation and interruption insurance

You’ll also receive trip cancellation and interruption insurance, which is good for eligible prepaid expenses when your trip is canceled or cut short by a covered event. This coverage is good for up to $2,500 for non-refundable passenger fares when a covered event takes place.

Baggage delay insurance

If your baggage is delayed by six hours or more, you can use this insurance to pay for incidental expenses in amounts of 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 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.

Roadside dispatch

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.

Purchase protection

When items you purchase with your card are stolen or damaged within 90 days of purchase, your item will be reimbursed, repaired or replaced through Bank of America purchase protection coverage (for up to $10,000 per claim).

Return protection

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. Specifically, you’ll be covered for up to $250 per item and up to $1,000 per year.

Extended warranties

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 12 extra months when doubling a warranty.

How to maximize the benefits offered by the Bank of America Premium Rewards credit card

Since the Bank of America Premium Rewards credit card bases the rewards you earn on your spending, maximizing 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. From there, using it for other purchases you need to make can help you rack up 1.5X points per dollar spent on a regular basis.

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. Ultimately, this means eligible cardholders with the Bank of America Premium Rewards credit card could earn 2.5X to 3.5X points for every dollar spent on travel and dining purchases and 1.87X to 2.62X points for every dollar spent elsewhere.

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. 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 its 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 to the benefits offered by other top travel credit cards. With some basic research, you can find a travel credit card that checks off the boxes you care about the most.