Bank of America® Premium Rewards® credit card review

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Snapshot

4.2

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Bank of America Image
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on Bank of America's secure site

Best Bank of America travel card

Bank of America® Premium Rewards® credit card

Rewards rate

1.5X–2X Cash back

Annual fee

$95

Intro bonus

50,000 points

Regular APR

15.99% - 22.99% Variable APR on purchases and balance transfers

Recommended Credit Score

Good to Excellent  (670 - 850)

Card Overview

Bank of America’s newest credit card gives top-notch rewards to cardholders who show some loyalty to the bank. In a nutshell, the more money you have deposited with Bank of America, the greater your earnings potential with the Bank of America® Premium Rewards® credit card. For Preferred Rewards clients, this card is a no-brainer.

On the surface, the goodies offered by the Bank of America Premium Rewards credit card are similar to other midlevel cards. Premium Rewards offers enhanced travel benefits and no foreign transaction fees. But customers enrolled in the bank’s Preferred Rewards program will receive enhanced credit card reward benefits in one of three tier levels based on the combined sum held in their Bank of America accounts.

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What are the advantages and disadvantages?

Pros

  • If you qualify for one of the higher rewards rates, it’s one of the best in the field.
  • There’s no cap on rewards and they never expire.
  • There’s multiple redemption options, all worth the same.
  • Low annual fee of $95
  • Get up to $100 in Airline Incidental Statement Credits annually and TSA Pre✓ ®/Global Entry Statement Credits of up to $100, every four years
  • Redeem rewards for cash back as a statement credit, deposit into an eligible Bank of America account, credit to eligible Merrill account, or gift cards or use at the Bank of America Travel Center.

Cons

  • There’s no introductory APR offer.
  • The highest rewards rates go to those who have the most money in a qualifying account, a feat that may not be attainable for some.
  • There’s no airport lounge access.

A deeper look into the current card offer

Quick highlights

  • Rewards rate: 2 points on travel and dining purchases; 1.5 points per $1 spent on all other purchases. Plus, earn 2 points for every $1 spent on grocery store purchases – now through 12/31/21.
  • Welcome offer: 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
  • Annual fee: $95
  • Purchase intro APR: N/A
  • Balance transfer intro APR: N/A
  • Regular APR: 15.99% – 22.99% variable APR on purchases and transfers

Sign-up bonus

There’s a nice sign-up bonus of 50,000 bonus points, worth $500 value, if you spend $3,000 on the card within the first 90 days of opening the account. The card also offers airline incidental statement credits of up to $100 annually and up to a $100 application fee reimbursement every four years for a Global Entry fee application or TSA PreCheck.

Rewards rate

The Bank of America® Premium Rewards® credit card has various rewards tiers, which are outlined below:

Deposit balance Rewards rate Rewards value
No deposit account Earn unlimited 2 points for every $1 you spend on travel and dining purchases. Plus, earn 2 points for every $1 spent on grocery store purchases – now through 12/31/21. Earn 1.5 points for every $1 you spend on all other purchases. No limit to the points you can earn and your points don’t expire. $5,000 spend on dining and travel = $100 in rewards
3-month average combined daily balance of $20,000 to $50,000 Earn an additional 25% rewards bonus $5,000 spend on dining and travel = $125 in rewards
3-month average combined daily balance of $50,000 to $100,000 Earn an additional 50% rewards bonus $5,000 spend on dining and travel = $150 in rewards
3-month average combined daily balance of $100,000+ Earn an additional 75% rewards bonus $5,000 spend on dining and travel = $175 in rewards

Those at the highest tier though will get a best-in-class rewards rate on all their spending.

How to redeem rewards

There are no limits to the amount of rewards you can earn and points never expire.

You can redeem your points, starting at 2,500 points, through the Bank of America website or over the phone. Points can be redeemed for purchases at the Bank of America Travel Center, buying gift cards, as a statement credit or deposited into your eligible Bank of America or Merrill account, all for the same redemption rate.

Bankrate’s Take: Is the Bank of America® Premium Rewards® credit card worth it?

If you’re already doing your banking with Bank of America or you have a qualifying Merrill account, the rewards benefits potential of this card could be amazing–especially if you qualify for the highest tier.

Cardholders get Visa Signature perks including travel and auto insurance and protections, as well as benefits and discounts at hotels that are part of the Signature Luxury Hotel Collection, which can help increase this card’s value for frequent travelers, too.

The best way to maximize your value with this card is by becoming a top-tier Preferred Rewards member and earn the highest rewards rate on your dining and travel purchases. You should also take full advantage of the other benefits, like the airline incidental credit and Global Entry or TSA PreCheck fee reimbursement to make up for the card’s annual fee.