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Bank of America Premium Rewards Review: Impressive Travel Perks and Flexible Redemptions

Review Updated
Lyle Daly
By: Lyle Daly

Our Credit Cards Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

You have to give Bank of America kudos for its to-the-point approach when naming credit cards. Its cash back card is the Bank of America® Customized Cash Rewards credit card. Its travel card is the Bank of America® Travel Rewards credit card. And its most feature-packed offering is the Bank of America® Premium Rewards® credit card.

The Bank of America® Premium Rewards® credit card combines the benefits of the other two cards and throws in some new ones for good measure. But it’s also the only one of those cards to carry an annual fee. Let’s see if you’ll get your money’s worth with our Bank of America® Premium Rewards® credit card review.

Ratings Methodology

Bank of America® Premium Rewards® credit card

Apply Now for Bank of America® Premium Rewards® credit card

On Bank of America's Secure Website.

Bank of America® Premium Rewards® credit card
Rating image, 4.00 out of 5 stars.
4.00 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Credit Score:
Good/Excellent (670-850) Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Apply Now for Bank of America® Premium Rewards® credit card

On Bank of America's Secure Website.

Intro APR Circle with letter I in it. N/A

Purchases: N/A

Balance Transfers: N/A

Regular APR

19.99% - 26.99% (Variable)

Rewards Circle with letter I in it. 2 points per dollar on travel & dining purchases, unlimited 1.5 points per dollar on all other purchases, 25%-75% more points for Bank of America Preferred Rewards members

1.5 - 2 points per dollar

Annual Fee

$95

Welcome Offer Circle with letter I in it. 60,000 online bonus points after you make at least $4,000 in purchases in the first 90 days of account opening

60,000 points

  • The bonus offer, premium travel & dining rewards, and up to $200 in travel-related statement credits make this a compelling offer for travelers who can justify paying an annual fee.

    • Big sign-up bonus
    • Bonus travel and dining rewards
    • Travel credits
    • Consumer and travel protections
    • Annual fee
    • NEW OFFER! 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.
    • 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.
    • Low $95 annual fee.
    • 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.

Full Bank of America Premium Rewards review

This credit card is a good fit for: Cardholders who travel often and want a straightforward, high-value rewards card. Those who have banking or investment accounts with Bank of America can earn more points through its Preferred Rewards program.

Top perks

Earn up to 2 points per $1

The Bank of America® Premium Rewards® credit card earns these rewards rates:

  • 2 points per $1 on travel and dining.
  • 1.5 points per $1 on other eligible spending

Most rewards credit cards that have bonus categories only earn 1 point per $1 back on your other spending, but Bank of America gives you the best of both worlds.

60,000 bonus points

This sign-up bonus is worth $600 and requires $4,000 of spending in the first 90 days after you open your account. For our money, this is one of the best sign-up bonuses based on its value and an easy-to-reach spending minimum

Up to 75% bonus for Preferred Rewards clients

Parking your cash with Bank of America entitles you to extra credit card points, as there's a Preferred Rewards program for banking and investment clients who meet three-month average combined-balance minimums in their Bank of America and Merrill accounts. The table below shows you each tier of the program, the balances you'll need, and how much of a bonus you'll earn.

Tier Required balance Points bonus Rewards rate on travel and dining Rewards rate on other purchases
Gold $20,000 to $49,999.99 25% 2.5 points 1.875 points
Platinum $50,000 to $99.999.99 50% 3 points 2.25 points
Platinum honors $100,000 or more 75% 3.5 points 2.625 points

$100 annual statement credit for airline incidentals

Bank of America will automatically credit you up to $100 annually for incidental airline fees that you charge to your card. Common types of incidentals include baggage fees, daily airport lounge passes or annual lounge memberships, any type of ticketing fee, and in-flight services charged by the airline.

Up to $100 Global Entry/TSA PreCheck statement credit

You also receive a statement credit when you use your Bank of America® Premium Rewards® credit card to pay for a Global Entry or TSA PreCheck membership. This statement credit is available every four years, and memberships last for five with each program, but you're allowed to renew a year in advance. Make sure you sign up for Global Entry, because TSA PreCheck is included with that.

Multiple redemption options

No matter how you choose to redeem your rewards, the value is $0.01 per point. The card offers several redemption options:

  • Cash back as a statement credit
  • Cash back as a deposit into your eligible Bank of America or Merrill account
  • Travel purchases, including flights, hotels, or car rentals, you make through the Bank of America Travel Center
  • Gift cards you select through Bank of America

Travel and purchase protections

The card has an extensive set of protections that can help if anything goes wrong with travel or products that you purchase. The travel protections include coverage for trip delays, cancellations, interruptions, baggage delays, and lost luggage. Purchase protections include coverage for damage or theft and extended warranty coverage.

No foreign transaction fee

You're safe to use your card internationally without that pesky 3% fee many other cards have.

Read more: Best Travel Rewards Cards

Alternatives to consider

  • If you want a travel card with no annual fee: You can save the annual fee and get many of the same benefits with the Bank of America® Travel Rewards credit card. It offers 1.5 points per $1 on purchases, and since it's a Bank of America credit card, Preferred Rewards clients get extra rewards on their spending.
  • If you aren't a Bank of America Preferred Rewards client: The Capital One Venture Rewards Credit Card could be a better choice since it earns an unlimited 2 miles per $1 on purchases. You can redeem rewards at $0.01 per mile or transfer them to Capital One's travel partners.
As of Jun. 01, 2023
Image for
Image for
Image for
Bank of America® Premium Rewards® credit card Bank of America® Travel Rewards credit card Capital One Venture Rewards Credit Card
Rating image, 4.00 out of 5 stars.
4.00 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.00 out of 5 stars.
5.00 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Apply Now for Bank of America® Premium Rewards® credit card

On Bank of America's Secure Website.

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Apply Now for Capital One Venture Rewards Credit Card

On Capital One's Secure Website.

Read Full Review
Read Full Review

Credit Rating Requirement:

Good/Excellent (670-850) Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Credit Rating Requirement:

Good/Excellent (670-850) Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Credit Rating Requirement:

Good/Excellent (670-850) Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Welcome Offer: Circle with letter I in it. 60,000 online bonus points after you make at least $4,000 in purchases in the first 90 days of account opening

60,000 points

Welcome Offer: Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.

25,000 points

Welcome Offer: Circle with letter I in it. 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel

75,000 miles

Rewards Program: Circle with letter I in it. 2 points per dollar on travel & dining purchases, unlimited 1.5 points per dollar on all other purchases, 25%-75% more points for Bank of America Preferred Rewards members

1.5 - 2 points per dollar

Rewards Program:

1.5 points per dollar

Rewards Program: Circle with letter I in it. Earn unlimited 2X miles on every purchase, every day. Earn 5X miles on hotels and rental cars booked through Capital One Travel.

2x - 5x miles

Intro APR: Circle with letter I in it. N/A

Purchases: N/A

Balance Transfers: N/A

Intro APR: Circle with letter I in it. 0% Intro APR for 18 billing cycles for purchases. 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 17.99% - 27.99% Variable APR on purchases and balance transfers will apply. A 3% fee applies to all balance transfers.

Purchases: 0% Intro APR for 18 billing cycles for purchases

Balance Transfers: 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days

Intro APR:

Purchases: N/A

Balance Transfers: N/A

Regular APR:

19.99% - 26.99% (Variable)

Regular APR:

17.99% - 27.99% (Variable)

Regular APR:

20.74% - 28.74% (Variable)

Annual Fee:

$95

Annual Fee:

$0

Annual Fee:

$95

Highlights:

  • NEW OFFER! 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.
  • 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.
  • Low $95 annual fee.
  • 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.

Highlights:

  • Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire.
  • 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
  • Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
  • Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
  • 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 17.99% - 27.99% Variable APR will apply. A 3% fee applies to all balance transfers.
  • If you're a Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • 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.

Highlights:

  • Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
  • Earn unlimited 2X miles on every purchase, every day
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Enjoy two complimentary visits per year to Capital One Lounges or to 100+ Plaza Premium Lounges through the Partner Lounge Network
  • Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
  • Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
  • Transfer your miles to your choice of 15+ travel loyalty programs
Apply Now for Bank of America® Premium Rewards® credit card

On Bank of America's Secure Website.

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Apply Now for Capital One Venture Rewards Credit Card

On Capital One's Secure Website.

Show More Arrow graphic to expand and collapse content Show Less Arrow graphic to expand and collapse content

What could be improved

Better travel redemptions

Despite the multiple redemption options you’ll have with this card, I’d like to see Bank of America offer a higher fixed rate for travel redemptions, such as the $0.0125 to $0.015 per point you get with Chase's travel rewards cards.

Find the best credit card for your needs

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

Compare cards

Suggested credit score

To apply for the Bank of America® Premium Rewards® credit card, you should have good to excellent credit, which coincides with a FICO® Score of 670 or higher. This isn't a hard-and-fast rule, but it gives you a much better chance of success. Reports indicate that it can also help your application when you have a banking or investment account with Bank of America.

Is the annual fee worth it?

The $95 annual fee is well worth it based on all the value you can get from the Bank of America® Premium Rewards® credit card.

If you can use the $100 airline incidentals credit every year, then that already covers more than what you pay for the annual fee. The $100 Global Entry credit is also worth $20 per year, raising this card's yearly value to $120.

There's also the value of the rewards you earn. You'll be up $500 after getting the sign-up bonus. For every $1,000 you spend on eligible travel and dining, you're earning $20 in rewards. The same amount spent on other purchases will get you $15 in rewards. Even with modest spending, your annual rewards will likely total much more than $95.

Learn more: Best No Annual Fee Credit Cards

The Bank of America Premium Rewards is right for you if:

If you're in the Preferred Rewards program, then the Bank of America® Premium Rewards® credit card is without a doubt the card for you. With that program's bonuses added in, the card's rewards rates will be too good to pass up.

And what about for everyone else? The Bank of America® Premium Rewards® credit card is one of the better credit cards out there. That's true whether you're interested in travel benefits or cash back. You should consider applying if you prefer the simplicity of fixed-rate point redemptions and a card that earns a solid rewards rate on your eligible spending.

Read more: Best Bank of America Credit Cards

FAQs

  • The minimum credit limit for the Bank of America® Premium Rewards® credit card is reported to be $5,000. Cardholders often receive high credit limits with this card, with some reporting credit limits of over $50,000. Bank of America sets your credit limit based on your income, credit profile, and other financial information.

  • The Bank of America® Premium Rewards® credit card is a metal credit card. Bank of America started making it with a metal core in 2021 after previously issuing it in plastic. (For a period of time, some users may still get the plastic version while the company rolls out the metal core version).

  • The Bank of America® Premium Rewards® credit card can be hard to get. There are reports that approval requirements are strict for this card. In addition to having good to excellent credit, it also helps if you have a banking or investing relationship with Bank of America.

Our Credit Cards Expert

Lyle Daly
By: Lyle Daly

Writer

Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.