Bank of America Premium Rewards Credit Card Review: A Reliable Earner With a Lot of Upside
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Written by
Ben Luthi
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Edited by
Emily Gadd
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Reviewed by
Jasmin Baron
Unlike many other travel credit cards, the Bank of America® Premium Rewards® credit card doesn’t offer a lot of flashy perks or high-value travel redemptions. However, its simple rewards structure can offer a lot of value to Bank of America customers, and it makes it easy to recoup the cost of its modest annual fee every year.
If you’re looking for a new rewards credit card with flexible points, here’s what you need to know about the BofA Premium Rewards credit card and how to determine if it’s right for you.
Intro Bonus
Receive 60,000 online bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of account opening
Purchase and Balance Transfer APR
19.99% – 27.99% Variable APR on purchases and balance transfers
Rewards
1.5x – 2x Points Earn unlimited 2 points for every $1 spent on travel and dining purchases.
Earn unlimited 1.5 points for every $1 spent on all other purchases.
If you’re a Bank of America Preferred Rewards® member, you can earn 25% – 75% more points on every purchase.
Recommended Credit Score
Excellent/Good
670 – 850*
Annual Fee
$95
CardCritics™ Opinion
The Bank of America Premium Rewards credit card stands out for its strong rewards structure, offering 2 points per dollar on travel and dining and 1.5 points per dollar on all other purchases. But the card’s real value emerges for Bank of America customers who can leverage the Preferred Rewards program to earn up to 75% more points on every purchase — potentially transforming this mid-tier card into a premium earner.
Additionally, the combination of flexible redemption options, solid travel benefits and a reasonable $95 annual fee makes it particularly compelling for existing BoA customers seeking their first premium travel card.
Our Critical Analysis:
Bank of America® Premium Rewards® credit card
- High rewards potential
- Various travel benefits
- Flexible redemption options
- Strong travel and purchase protections
PROS
- Maximizing rewards can be challenging
- Limited bonus rewards categories
- No transfer partners
- No intro APR
CONS
Bank of America Premium Rewards Benefits
Despite its modest $95 annual fee, the Bank of America Premium Rewards credit card offers some solid perks, especially if you’re a loyal Bank of America customer. Here’s what you can expect as a cardholder.
Enhanced Rewards for BofA Customers
Bank of America Preferred Rewards® program members earn 25% to 75% more points on every purchase, significantly boosting the card’s earning potential.
The bonus translates to between 2.5 and 3.5 points per dollar spent on travel and dining and between 1.87 and 2.62 points per dollar on all other purchases. That maximum base rewards rate easily beats out what you can earn with most rewards credit cards on the market.
To qualify for the Preferred Rewards program, you need to maintain at least $20,000 across eligible Bank of America and Merrill investment accounts.
Generous Travel Credits
The card provides up to $100 in annual airline incidental statement credits for qualifying purchases such as seat upgrades, baggage fees, in-flight services and airline lounge fees. With that benefit alone, you can offset the cost of the card’s annual fee.
In the past, I’ve used the credit to upgrade my boarding position on Southwest flights, cover checked baggage fees and even get better seats.
Additionally, cardholders receive up to $100 in airport security statement credits for TSA PreCheck or Global Entry application fees every four years, covering most or all of the cost of membership to one of these popular programs.
Solid Trip Protections
The card comes with several travel protections that can provide peace of mind with every trip, including:
- Trip cancellation and interruption insurance
- Trip delay reimbursement
- Baggage delay insurance
- Lost luggage reimbursement
- Emergency evacuation and transportation coverage
- Roadside dispatch
- Auto rental collision damage waiver
You’ll also get some purchase protections, including purchase security, return protection and extended warranty coverage.
Flexible Redemptions
While it’s technically considered a travel credit card, the BofA Premium Rewards credit card allows you to use your points to book travel, buy gift cards or get cash back, and points are generally worth 1 cent each. The downside is that you need to have at least 2,500 points to redeem.
Bank of America Premium Rewards Drawbacks
Although the Bank of America Premium Rewards credit card has some clear benefits, there are also some downsides to consider before you apply.
Limited Travel Redemption Value
This card doesn’t give you the option to transfer to airline or hotel loyalty partners, which some other travel credit cards do. This simpler approach limits redemption flexibility for experienced travelers who know how to maximize point values through airline and hotel transfers.
Limited Bonus Rewards Categories
The card offers 2 points per dollar on travel and dining purchases and 1.5 points per dollar on everything else. However, if you want a card that offers bonus rewards on things like groceries, gas, streaming services and other everyday spending, you’ll have to look elsewhere.
It Can Be Hard To Maximize Rewards
The minimum balance to qualify for the Preferred Rewards program is $20,000, but to make the card’s rewards competitive, you’ll likely need at least $50,000 or $100,000 in assets parked with BofA or Merrill.
If you can’t meet those significant thresholds, you may get more value from another rewards credit card.
Who Is the Bank of America Premium Rewards Credit Card Best For?
Frequent travelers looking for flexibility in credit card rewards should take a serious look at the Bank of America Premium Rewards credit card, especially if you’re already a Bank of America customer. The card can be a great choice for people who want a straightforward rewards structure without the complexity of transfer partners or category restrictions.
The card particularly benefits Bank of America customers with substantial account balances who can access the Preferred Rewards program tiers. Finally, the card could work well for those seeking a “starter” premium card who aren’t ready for the high annual fees and complex benefits of top-tier travel cards.
Is It the Right Card for You?
You may consider the Bank of America Premium Rewards credit card if you meet any of these criteria:
- You’re a BofA customer with significant balances and want a Bank of America credit card
- You prefer flexible redemptions over transfer partners
- You can maximize the annual airline incidental credit
- You prefer straightforward rewards over complex bonus categories
- You want mid-tier premium benefits without an eye-watering annual fee
Alternatives to the Bank of America Premium Rewards Credit Card
If you’re unsure whether the BofA Premium Rewards credit card is right for you, here are some other options to consider:
- Chase Sapphire Preferred® Card: With the same $95 annual fee, the Sapphire Preferred Card offers valuable transfer partners and higher earning rates in bonus categories. It’s ideal for travelers who want to maximize redemption value through airline and hotel transfers, though it requires learning the Ultimate Rewards® ecosystem for optimal value.
- Citi Strata Premier® Card: The Citi Strata Premier Card, an advertising partner, is another rewards credit card with a $95 annual fee, but it has higher bonus earning rates and more bonus categories than the Premium Rewards credit card, earning better rewards on select travel, plus other everyday spending. The Citi ThankYou® points program also comes with transfer partners, giving you more options for maximizing the value of your redemptions.
Card Details From Bank of America
- Low $95 annual fee.
- Receive 60,000 online bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of account opening.
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases. No limit to the points you can earn and your points don’t expire as long as your account remains open.
- If you’re a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means you could earn 2.5-3.5 points on travel and dining purchases and 1.87 – 2.62 points on all other purchases, for every $1 you spend.
- Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center.
- Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.
- Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delays and lost luggage.
- No foreign transaction fees.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
How Does the Bank of America Premium Rewards Credit Card Stack Up Against Competitors?
Here’s how the Bank of America Premium Rewards credit card compares to similar mid-tier travel cards:
| Bank of America Premium Rewards credit card | Chase Sapphire Preferred Card | Citi Strata Premier Card | |
| Welcome Bonus | Receive 60,000 online bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of account opening | Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. | Earn 60,000 bonus ThankYou® Points after spending $4,000 in the first 3 months of account opening, redeemable for $600 in gift cards or travel rewards at thankyou.com. |
| Annual Fee | $95 | $95 | $95 |
| APR | 19.99% - 27.99% Variable APR on purchases | 19.99% - 28.24% Variable | 19.99% - 27.99% (Variable) |
| Rewards Rate | Earn unlimited 2 points for every $1 spent on travel and dining purchases. Earn unlimited 1.5 points for every $1 spent on all other purchases. If you're a Bank of America Preferred Rewards® member, you can earn 25% - 75% more points on every purchase. | Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases. | 10x on Hotels, Car Rentals, and Attractions booked through CitiTravel.com. Earn 3 Points per $1 spent on Air Travel and Other Hotel Purchases. Earn 3 Points per $1 spent on Restaurants. Earn 3 Points per $1 spent on Supermarkets. Earn 3 Points per $1 spent on Gas and EV Charging Stations. Earn 1 Point per $1 spent on All Other Purchases $100 Annual Hotel Benefit: Once per calendar year, enjoy $100 off a single hotel stay of $500 or more (excluding taxes and fees) when booked through CitiTravel.com. Benefit applied instantly at time of booking. Travel insurance protection: Trip Cancellation and Trip Interruption (Common Carrier), Trip Delay, Lost or Damaged Luggage, MasterRental Coverage (Car Rental). |
| Standout Features | Up to $100 in annual airline incidental statement credits Up to $100 in statement credits every four years toward the TSA PreCheck or Global Entry application fee |
Up to $50 in annual statement credits toward hotels booked through Chase Travel℠ | $100 off a single hotel stay of $500 or more (excluding taxes and fees) when booked through Citi Travel |
Frequently Asked Questions About the Bank of America Premium Rewards Credit Card
What credit score do you need for the Bank of America Premium Rewards credit card?
The Premium Rewards credit card requires good to excellent credit, which translates to a FICO score of 670 or higher. That said, approval isn’t guaranteed based on your credit score alone. The card issuer will also consider your credit history, income and other debts.
What is the 2/3/4 rule for Bank of America?
The unofficial Bank of America 2/3/4 rule limits credit card approvals to no more than two cards per rolling two-month period, three cards per rolling 12-month period, and four cards per rolling 24-month period. This restriction applies only to Bank of America credit cards, so cards from other issuers do not count toward the 2/3/4 rule. Business cards do not appear to be counted as part of the 2/3/4 rule.
What triggers a Bank of America Premium Rewards travel credit?
The $100 annual airline incidental credit on the BoA Premium Rewards credit card covers qualifying purchases such as seat upgrades, ticket change and cancellation fees, checked baggage fees, in-flight entertainment, in-flight food and beverages, and airport lounge fees affiliated with eligible airline carriers.
Airline ticket purchases, mileage purchases, mileage transfer fees, gift cards, duty-free purchases, award tickets and fees incurred with airline alliance partners don’t qualify.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
*CardCritics™ references a FICO® 8 score, which is one of many different types of credit scores. A financial institution may use a different score when evaluating your application.
