Bank of America® Premium Rewards® credit card Review
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Written by
Jasmin Baron
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Edited by
Emily Gadd
The Bank of America® Premium Rewards® credit card keeps things simple by offering elevated rewards on travel and dining and a great flat rate on everything else. Bank of America customers are rewarded handsomely with even higher rewards rates and the welcome bonus is also tough to beat.
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
20.24% – 28.24% 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
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 are already a Bank of America® customer. This card offers elevated rewards on travel and dining and a great flat rate on everything else. The bonus is tough to beat and the annual travel credits are another great perk that helps justify the modest annual fee.
Our Critical Analysis:
Bank of America® Premium Rewards® credit card
- Impressive bonus opportunity
- Exceptional and straightforward ongoing rewards
- Flexible redemption options
- Preferred Rewards® members can earn 25% – 75% more rewards on every purchase
- Annual airline incidental statement credits
- No Foreign Transaction Fee
PROS
- No intro APR period on purchases or balance transfers
- Annual Fee
CONS
Start With a Welcome Bonus Worth $600
The Premium Rewards credit card currently offers 60,000 online bonus points after you make at least $4,000 in purchases on your card within the first 90 days of your account opening. That’s a $600 value, making the modest annual fee of $95 more than worth it. This significant bonus is a great way to kick off your rewards.Unlimited 2x Points on Travel & Dining
Your rewards will continue to add up quickly while you earn 2 points per dollar on all of your travel and dining purchases. Purchases that fall outside of those categories earn 1.5 points per dollar. There are no spending caps or category activations to worry about either.Bank of America Preferred Rewards® program members can accelerate their rewards earnings by 25% to 75%. Your eligibility for this program is based on your Bank of America and Merrill combined balances. That means you can earn up to 3.5 points per $1 on travel and dining purchases and all of your other purchases can earn up to 2.62 points per $1.
Redeeming Your Points
You’ll have a ton of flexibility and several straightforward options when you decide that you want to start redeeming your points. You can simply redeem as:
Additional Benefits
With no foreign transaction fees and a TSA PreCheck or Global Entry statement credit of up to $100 every four years, this card is great for domestic and international travel.
Cardholders can also get up to $100 in Airline Incidental Statement Credits annually for qualifying purchases such as:
- Seat upgrades
- Baggage fees
- In-flight services
- Airline lounge fees
These credits are automatically applied to your card statement. This benefit alone justifies the modest annual fee. This card also has protection for trip delays and cancellations as well as lost baggage reimbursement.
What Makes the Premium Rewards credit card Stand Out?
The Premium Rewards credit card stands out for its strong rewards structure, offering 2x points on travel and dining and 1.5x points on all other purchases. It also features a generous welcome bonus and an annual $100 airline incidental credit, enhancing its value for frequent travelers.
Additionally, customers with significant deposits in Bank of America accounts can benefit from the Preferred Rewards program, which can boost rewards earnings by up to 75%.
Is It the Right Card For You?
The Premium Rewards credit card may be the right fit for you if any of the following apply:
- You frequently spend on travel and dining, allowing you to take advantage of the 2x points in these categories.
- You are looking for a travel card, but aren’t interested in complicated point transfers or being locked into specific hotels or airline brands.
- You are an existing Bank of America customer who can leverage the Preferred Rewards program for higher rewards rates.
- You are looking for a card with a strong welcome bonus and annual $100 airline incidental credit to offset the $95 annual fee.
- You are a traveler who can make use of the comprehensive travel protections and insurance benefits included with the card.
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.
Frequently Asked Questions
These answers to some frequently asked questions will help you decide if the Bank of America® Premium Rewards® credit card is the right card for you.
What credit score is needed for the Bank of America® Premium Rewards® credit card?
The Premium Rewards credit card requires good to excellent credit. Typically a FICO credit score of 670 or above meets this criteria. However, having a credit score of 670 or above does not guarantee approval since other factors are taken into consideration.
Does the Bank of America® Premium Rewards® credit card charge an annual fee?
Yes, the Premium Rewards credit card comes with a $95 annual fee. If you plan to take advantage of the annual airline incidental credits and/or spend regularly on travel or dining it should be pretty easy to justify this annual expense.
Is the Bank of America® Premium Rewards® credit card welcome bonus hard to earn?
The welcome bonus is relatively easy to earn for those who use their card regularly. It requires that you spend $4,000 within the first 90 days of account opening which nets out to about $44.45 per day needed to reach that amount.
Is there a minimum point balance to make a redemption?
Redemption of points is available once 2,500 points are reached. Bank of America sets a minimum of 3,125 points for redemption in the form of gift cards.
Is there a limit to the points you can earn?
There’s no limit on points with this card. There’s no fee to redeem points, and points do not expire.
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.
