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The Bank of America Premium Rewards Credit Card offers a robust rewards structure, competitive travel perks, and an attainable annual fee compared to other premium cards on the market. Whether you’re a Bank of America customer or simply seeking a card with solid rewards and flexibility, this card provides a well-rounded package for both travel enthusiasts and everyday spenders.
Let’s take a closer look at what the card offers and how it can benefit you.
The Bank of America Premium Rewards Credit Card offers a straightforward rewards system that lets you earn points on travel, dining, and everyday purchases. With 2x points on travel and dining and 1.5x points on everything else, the card competes well against other premium rewards cards. The card’s rewards structure is simple and easy to understand, which makes it a great option for users who want consistent rewards without juggling multiple bonus categories.
Frequent travelers and foodies will benefit most from the 2x points on travel and dining. Travel purchases can include anything from flights and hotels to taxis and Uber rides. The dining category is also broad, including restaurants, fast food chains, and even bars and cafes.
For non-travel and dining purchases, the Bank of America Premium Rewards Credit Card offers 1.5x points. This applies to everyday expenses like groceries, gas, and utilities. While it may not offer the same high rewards rate as some competitors, the consistent 1.5x rate is ideal for users who prefer simplicity over rotating categories.
One of the biggest advantages of the Bank of America Premium Rewards Credit Card is the potential to boost your rewards if you’re enrolled in the Bank of America Preferred Rewards program. Depending on your relationship with Bank of America (i.e., your combined balances in Bank of America and Merrill Lynch accounts), you could earn anywhere from a 25% to 75% rewards bonus. This means you could effectively earn 3.5x points on travel and diningand 2.62x points on all other purchases at the highest tier.
Points earned with the Bank of America Premium Rewards Credit Card are extremely flexible and can be redeemed for:
The flexibility of redemption options ensures that you can use your points for what suits your needs best, whether it’s travel, savings, or gift cards.
The Bank of America Premium Rewards Credit Card stands out with its comprehensive travel benefits, making it an appealing choice for frequent travelers who want premium perks without the hefty fees typically associated with high-end travel cards.
The card offers up to $100 in annual travel statement credits to cover incidental fees such as checked baggage fees, in-flight purchases, and seat upgrades. This credit is automatically applied after making eligible travel-related purchases, helping to offset the card’s $95 annual fee.
Travelers who frequently fly internationally or domestically will appreciate the TSA PreCheck/Global Entry fee credit. Every four years, you’ll receive up to a $100 credit toward the application fee for either program, allowing you to breeze through airport security lines with minimal hassle.
The card offers a variety of travel protections, including:
These protections can provide peace of mind when traveling, especially if your plans are unexpectedly interrupted.
The Bank of America Premium Rewards Credit Card offers a generous sign-up bonus of 60,000 points, which is worth $600 in cash or travel credits when you spend $4,000 in the first 90 days. This bonus is competitive with other premium rewards cards and adds immediate value to the card.
For users who can meet the spending threshold, the sign-up bonus offers a significant return on early spending.
One of the biggest draws of the Bank of America Premium Rewards Credit Card is its relatively low annual fee of $95, which is lower than many premium cards in its category. When you factor in the potential to earn $100 in travel credits and the TSA PreCheck/Global Entry fee credit, the card effectively pays for itself if you maximize these benefits.
The card also has no foreign transaction fees, making it an excellent option for international travelers.
The Bank of America Premium Rewards Credit Card does not offer a 0% introductory APR on purchases or balance transfers, which might be a drawback for users looking to finance large purchases or pay down debt. The card’s variable APR is between 19.24% and 26.24%, depending on your creditworthiness. This is on the higher end, so it’s best to avoid carrying a balance if possible to avoid high interest charges.
How does the Bank of America Premium Rewards Credit Card stack up against other popular premium rewards cards? Let’s take a look.
Read our full review of the Chase Sapphire Preferred here.
The Chase Sapphire Preferred is a long-standing favorite among travel enthusiasts due to its flexible rewards and valuable redemption options through the Chase Ultimate Rewards portal. Both cards offer 2x points on travel and dining, but Chase Sapphire Preferred offers 5x points on travel booked through Chase, and 3x points on online grocery purchases and streaming services.
However, the Bank of America Premium Rewards card offers up to 75% more rewards if you’re a Preferred Rewards member, which could make it more lucrative for high-balance Bank of America customers. Additionally, the $100 annual travel credit makes the Bank of America card more accessible for offsetting travel expenses.
Read our full review of the Capital One Venture Rewards card here.
The Capital One Venture Rewards Credit Card offers a flat 2x miles on all purchases, which makes it simple for users who don’t want to juggle multiple bonus categories. However, its travel benefits are less robust than the Bank of America Premium Rewards card, with no $100 annual travel credit and no TSA PreCheck/Global Entry fee credit.
For users who value flexible redemption and want to earn consistent rewards on all purchases, the Capital One Venture may be the better option. However, the Bank of America card is more advantageous for frequent travelers who can maximize the $100 travel credit and TSA PreCheck/Global Entry benefit.
Read our full review of the Amex Gold Card here.
The American Express Gold Card is another premium card that offers 4x points on dining and 3x points on flights booked directly with airlines. While it’s an excellent choice for foodies and frequent flyers, it comes with a much higher annual fee of $325.
For users who prefer a lower annual fee and want travel perks like a $100 travel credit and TSA PreCheck/Global Entry reimbursement, the Bank of America Premium Rewards card is a more affordable option. However, the American Express Gold Card’s rewards rates on dining and flights might appeal more to those who spend heavily in those categories.
The Bank of America Premium Rewards Credit Card offers an attractive combination of travel perks, solid rewards rates, and a reasonable annual fee. Its 2x points on travel and dining and 1.5x points on all other purchases make it a versatile choice for users who want to earn rewards without the hassle of rotating categories.
Frequent travelers will appreciate the $100 annual travel credit, TSA PreCheck/Global Entry fee reimbursement, and comprehensive travel protections. Moreover, if you’re a Bank of America customer enrolled in the Preferred Rewards program, you could significantly boost your rewards earnings, making this card even more valuable.
However, the card does have a few limitations, including the absence of a 0% introductory APR offer and a rewards structure that may not be as high as competitors in certain categories. If you’re looking for a simple, flexible travel and rewards card with a relatively low annual fee, the Bank of America Premium Rewards Credit Card is worth considering.
For Bank of America customers, the Premium Rewards Credit Card is a no-brainer, especially if you’re enrolled in the Preferred Rewards program. With the potential for a 75% rewards boost, valuable travel credits, and strong travel protections, this card provides significant value for a low annual fee. Even for non-Bank of America customers, the card’s travel benefits and flexible redemption options make it a compelling choice in the premium rewards card market.
Affiliate and Relationship Disclosure: Credit Mileage may receive compensation from affiliate links included in this post at no extra cost to you. This helps support our mission of providing quality financial education and resources. Additionally, Credit Mileage has a direct business relationship with eCreditAdvisor, which may be mentioned or linked in our content. Our opinions and recommendations remain our own, and we only promote products or services that we believe offer value to our readers. We currently do not have any credit card affiliate links on our website.
Editorial note: The views expressed in this article are solely those of the author and do not reflect the opinions of any bank, credit card company, airline, or hotel chain. None of these organizations have reviewed, approved, or endorsed the content in any way.
Legal and Financial Advice Disclosure: Credit Mileage is not a law firm, and this article is not intended to provide legal or financial advice. This information is meant purely for educational purposes. We strive to offer accurate and up-to-date information, but it is not a substitute for professional financial or legal advice. Always consult with a qualified attorney or financial advisor before making any decisions regarding your financial situation.
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The Bank of America Travel Rewards credit card offers a straightforward approach to earning travel rewards with unlimited 1.5 points per dollar and no annual fee. Ideal for budget-conscious travelers, this card provides value through flexible redemption and zero foreign transaction fees.
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