6 Bank of America Premium Rewards Benefits You Didn’t Know About
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Written by
Ben Luthi
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Edited by
Emily Gadd
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Reviewed by
Jasmin Baron
The Bank of America® Premium Rewards® credit card offers simple and flexible rewards plus perks that can easily outweigh the card’s modest $95 annual fee. But depending on how you use the card, you may be missing out on some key benefits that could help you squeeze more value out of its features.
Whether you already have the Bank of America Premium Rewards credit card or are considering it, here are some of its top perks you might not be aware of.
1. Flexible Airline Credits
This card comes with up to $100 in annual airline incidental credit. You can use it with most domestic airlines on flights that originate in the US, except for Allegiant Air, Spirit Airlines and Sun Country Airlines. To qualify for the credit, you must use your Premium Rewards credit card for the purchase, and the transaction must be separate from your airline ticket charge.
Eligible expenses include:
- Preferred seating upgrades
- Ticket change and cancellation fees
- Checked baggage fees
- In-flight entertainment
- Onboard food and beverage charges
- Airport lounge fees affiliated with eligible airline carriers
The Premium Rewards credit card is far from the only travel credit card that offers an airline incidental credit. However, you may get more flexibility.
For example, The Platinum Card® from American Express, an advertising partner, offers up to $200 in airline incidental fees each year, but it’s only available on one airline at a time, and you can only choose from eight airlines (enrollment required).
It’s also important to note that the airline incidental fee credit alone is enough to make up for the card’s $95 annual fee.
2. Application Fee Credit for Global Entry or TSA PreCheck
Cardholders can get up to a $100 enrollment credit for Global Entry or TSA PreCheck every four years. The TSA PreCheck enrollment fee starts at $76.75 (fees are different based on the provider). Global Entry costs $120 and comes with TSA PreCheck benefits. Both memberships last five years.
3. Big Bonuses for Dedicated Bank of America Customers
Like other Bank of America® credit cards, the Premium Rewards credit card offers 25% to 75% more points on your everyday purchases if you’re a Bank of America Preferred® Rewards member.
Depending on your relationship with the card issuer, you may be able to earn between 2.5 and 3.5 points per dollar on travel and dining and between 1.87 and 2.62 points per dollar on all other purchases. If you can max those out, you’d be hard-pressed to find a card with better rewards on everyday spending.
To qualify for the Preferred Rewards program, you need to maintain a three-month combined balance of $20,000 or more across eligible Bank of America and Merrill accounts — though you may be able to become a member sooner as a new customer.
4. Seamlessly Invest Your Rewards
While the Premium Rewards credit card offers travel perks, it’s not a travel credit card in the strictest sense.
In fact, one of the ways you can redeem your rewards is as a credit to an eligible Merrill account, which includes 529 plans. If you don’t have much room in your budget for investing or you want to maximize your hard-earned rewards, transferring them to an investment account can be a solid choice.
Other redemption options include:
- Direct deposit into a Bank of America checking or savings account
- A statement credit to your account
- Gift cards and travel purchases through the Bank of America Travel Center
5. Direct Deposit Advances
Most of the time, it’s recommended that you avoid cash advances to minimize the cost of high interest rates and fees. But occasionally, the Bank of America Premium Rewards credit card offers direct deposit cash advances with an introductory APR promotion.
You can borrow up to your total available credit and have it deposited directly into your checking account to use however you wish.
As a longtime cardholder, I’ve taken advantage of these promotions twice to fund home improvement projects.
While there was an upfront fee of 4%, it was still cheaper than a personal loan or home equity line of credit, and I didn’t have to apply for a new card to get a low introductory APR on purchases. And even though the card doesn’t offer a balance transfer promotion to new cardholders, I occasionally see a low APR offer in my account. Balance Transfers and certain Cash Advances, such as Direct Deposits, are made available to you at Bank of America’s discretion. Please see their terms for more information.
6. A Range of Travel Protections
It can be hard to find a good travel companion, but you won’t have many problems with the Premium Rewards credit card. In addition to no foreign transaction fees, the card also offers a handful of valuable trip protections that can save you money if things go awry:
- Emergency evacuation and transportation: If you suffer a serious medical emergency while traveling, the card can coordinate and cover transport to the nearest appropriate medical facility.
- Trip delay reimbursement: If your trip is delayed by more than 12 hours, you may be eligible for up to $500 in coverage per ticket for expenses like meals, lodging and transportation.
- Baggage delay coverage: If your checked baggage is delayed, you can receive up to $100 per day (up to five days) in reimbursement for essential items like clothing and toiletries.
- Lost luggage reimbursement: Provides reimbursement for lost or stolen luggage and its contents.
- Trip cancellation and interruption insurance: Offers up to $2,500 in protection if you need to cancel or cut a trip short due to covered reasons, such as illness.
- Travel and emergency assistance services: Includes help in coordinating medical, legal and travel services while you’re traveling.
- Rental car insurance: Provides secondary coverage for damage or theft of a rental car when you pay with your card and decline the rental agency’s insurance.
Bottom Line
The Bank of America Premium Rewards credit card packs impressive value, especially for loyal Bank of America customers and frequent travelers who want flexibility without high fees.
Between travel protections, investment-friendly redemptions and valuable airline and security credits, it offers benefits that can easily offset its annual fee. It’s a strong choice if you want a card that blends everyday rewards with practical perks.
Whether you already have the card or are thinking about applying, taking full advantage of its lesser-known features could help you get even more from your spending and travel experiences.
Frequently Asked Questions About Bank of America Premium Rewards Benefits
Is the Bank of America Premium Rewards Card metal?
No, the card you receive will be made from plastic, though it does feel sturdier than standard plastic credit cards.
Is the Bank of America Premium Rewards Elite worth It?
The Bank of America® Premium Rewards® Elite Credit Card offers the same rewards rates as the Premium Rewards credit card, but it offers far more travel perks.
Examples include up to $300 annually in airline incidental fee credits, up to $150 in annual lifestyle credits and more. This premium credit card may be worth it if you travel more frequently and can generate enough value to offset the card’s steep $550 annual fee.
Which Bank of America rewards card is best?
Ultimately, there’s no single credit card that’s best suited for everyone, so it’s important to know your spending habits and feature preferences. Take some time to research and compare different Bank of America credit cards, along with cards offered by other issuers, to determine which one is best for you.
