Bank of America® Premium Rewards® credit card review

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Bank of America® Premium Rewards® credit card last updated on 05.03.2021

Bank of America® Premium Rewards® credit card: Details and benefits

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 mid-level 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.

How the rewards tiers work

Deposit balance Rewards rate Rewards value
No deposit account 2 points on dining and travel, 1.5 points for every $1 spent on all other purchases. Plus, earn 2 points for every $1 spent on grocery store purchases – now through 12/31/21. $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.

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.


  • 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.


  • 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.

Is it worth it for you?

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.

Get the most value from Bank of America® Premium Rewards® credit card

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.

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.