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Bank of America Premium Reward Credit Card Rating

 

Rewards Program (30 points)

  • Points, Miles, or Cash Back Rates (15 points)
    The card offers 2x points on travel and dining, and 1.5x points on all other purchases.
    This earns 10 points for moderate earning rates.

  • Redemption Flexibility (10 points)
    Rewards can be redeemed for travel, cash back, statement credits, and other options, with flexible redemption rates.
    This earns 10 points for having multiple redemption options with favorable conversion rates.

  • Rewards Expiration and Transfer Options (5 points)
    Bank of America Premium Rewards points do not expire as long as the account is open, but the card has limited transfer options to travel partners.
    This earns 3 points for rewards that do not expire but have limited transfer options.

 

Total for Rewards Program: 23 points

 

Welcome Offer (20 points)

  • Value (15 points)
    The card typically offers a 50,000-point welcome offer, which is worth approximately $500 in travel or cash, after spending $3,000 within the first 90 days.
    This earns 15 points for a high-value welcome offer with a reasonable spending threshold.

  • Ease of Earning (5 points)
    The welcome offer is relatively easy to earn with a moderate spending threshold of $3,000 in 90 days.
    This earns 3 points for moderate difficulty.

 

Total for Welcome Offer: 18 points

 

Fees (10 points)

  • Annual Fee (6 points)
    The card has a $95 annual fee.
    This earns 4 points for a low annual fee.

  • Foreign Transaction Fees (4 points)
    The card has no foreign transaction fees.
    This earns 4 points.

 

Total for Fees: 8 points

 

APR and Financing Options (15 points)

  • Introductory APR (5 points)
    The card does not offer a 0% introductory APR.
    This earns 0 points.

  • Standard APR (5 points)
    The card has a moderate standard APR (ranges from 18.99% to 25.99% variable, depending on creditworthiness).
    This earns 3 points.

  • Balance Transfer Options (5 points)
    The card charges a 3% balance transfer fee, and the APR is moderate.
    This earns 3 points.

 

Total for APR and Financing Options: 6 points

 

Cardholder Benefits (15 points)

  • Travel Benefits (5 points)
    The card offers TSA PreCheck/Global Entry credits, a $100 annual travel credit, travel insurance, and no foreign transaction fees. However, it does not include lounge access.
    This earns 4 points for moderate travel benefits.

  • Purchase Protection and Insurance (5 points)
    The card offers purchase protection and an extended warranty, though no price protection.
    This earns 3 points for limited protection.

  • Other Perks (5 points)
    The card includes statement credits for travel and TSA/Global Entry, but not many unique perks beyond that.
    This earns 4 points.

 

Total for Cardholder Benefits: 11 points

 

Subjective Prestige (10 points)

  • Perceived Status and Exclusivity (10 points)
    The Bank of America Premium Rewards card is moderately prestigious, primarily appealing to Bank of America customers but lacking exclusivity and status compared to premium cards.
    This earns 5 points for moderate prestige.

 

Final Score

  • Rewards Program: 23 points
  • Welcome Offer: 18 points
  • Fees: 8 points
  • APR and Financing Options: 6 points
  • Cardholder Benefits: 11 points
  • Subjective Prestige: 5 points

 

Total Score: 71 points

 

Recommendation:

 

Recommended with reservations (65-79 points).


The Bank of America Premium Rewards Credit Card is a strong option for travelers, particularly Bank of America customers who can benefit from the Preferred Rewards program. It offers good value through solid rewards, a competitive welcome offer, and travel credits, but falls short in APR and lacks some premium cardholder perks, making it better suited for moderate spenders who want reliable travel rewards without a high annual fee.

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