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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.
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.
While it's not the most feature-packed option, this rewards card has a balanced lineup of perks. Here's a look at what it offers and why it's especially useful for Bank of America loyalists.
Bank of America keeps it simple with this card's rewards program. It earns:
You get $0.01 per point no matter how you redeem them. If you have a Bank of America bank account, or a Merrill investment account, you could deposit your points as cash back there. You could use your points for bookings through the Bank of America Travel Center. Or, you could just use them as a statement credit on your credit card bill.
This card isn't the biggest earner, but it does have a competitive sign-up bonus. You earn 60,000 points after making at least $4,000 in purchases in the first 90 days. Since points are worth $0.01 each, the sign-up bonus is worth $600.
RELATED: The Ascent's Hub for the Best Credit Card Sign-Up Bonuses
The Bank of America Preferred Rewards program makes a big difference in how much value you get from this card. The program is open to anyone who has at least $20,000 combined across Bank of America bank accounts and Merrill investment accounts. While it has lots of benefits, the relevant one here is a 25% to 75% credit card rewards bonus.
There are four tiers to the program. The table below has each tier of the program, the balance requirements, and the bonus amount. The sweet spot is a balance of at least $100,000, which gets you the maximum bonus of 75%.
If you don't mind saving or investing that much with Bank of America and Merrill, then this card becomes much better for earning rewards. You'll earn 3.5 points on dining and travel and 2.625 points everywhere else. I haven't seen any credit card that earns more than 2% on all your spending.
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 to $999,999.99 | 75% | 3.5 points | 2.625 points |
Diamond | $1 million or more | 75% | 3.5 points | 2.625 points |
This card has two statement credits that could help you save on travel expenses:
Of the two, the Global Entry/TSA PreCheck credit is a fantastic perk, especially if you're a frequent flyer. The immigrations and customs process is much faster with Global Entry. It often takes less than a minute -- a whole lot better than standing in line. TSA PreCheck makes getting through airport security faster and less intrusive.
By the way, a Global Entry membership includes TSA PreCheck. So if you think you might want them both, go for Global Entry.
The value of airline incidental credits depends on your travel habits. If you pay these types of fees often, then getting up to $100 a year back is a nice benefit. But if you're good at avoiding airline fees, then this feature could be useless for you.
Travel is exciting, but there's also a lot that can go wrong. Your luggage could be delayed -- or end up on the opposite side of the world. You could go through a trip delay, or even a cancellation.
Everyone hopes not to experience any of these, but just in case, it helps to be prepared. This Bank of America card provides protection from all of those situations. On eligible bookings paid for with this card, it offers:
It also provides coverage for more than just travel. It also has purchase protection, extended warranty coverage, and return protection on eligible purchases.
For some people, this Bank of America card is going to be a perfect match. But if not, you're better off looking elsewhere, because it also has a few big limitations.
Without the Preferred Rewards program, this card's rewards rate is nothing special. It effectively earns 2% on travel and dining and 1.5% on other purchases. Technically it earns points, but since 1 point is worth $0.01, we can just convert those to percentages to make it easy.
Those rates don't stack up well to the best credit card options. There are cash back cards that earn 2% back on purchases, with no annual fee. This Bank of America card costs $95 per year and earns less. There are also cards that earn 3% to 4% per $1 on travel and dining.
The Preferred Rewards program makes or breaks this card. If you're not a member, and you're not planning to be, I wouldn't get it.
This Bank of America card has some travel benefits, but it's not really a travel credit card. Points have the same value of $0.01 apiece, whether you use them for cash back or travel.
Many travel credit cards let you transfer your points to airline and hotel loyalty programs. Then, you can use those points to book award airfare or hotel stays. It's a great way to get more value for your points. I often get $0.03 per point or more from my travel rewards by transferring them.
But Bank of America doesn't give you this option. You can't transfer your points anywhere. That's frustrating, because Chase, American Express, Capital One, and Citi all offer this. Even Wells Fargo has gotten in on the action. For that reason, this isn't a great choice as a travel card.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
---|---|---|---|---|---|
Rating image, 5.00 out of 5 stars.
5.00/5
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 |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.74% - 27.74% Variable APR |
||
Rating image, 5.00 out of 5 stars.
5.00/5
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 |
$200 cash rewards Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. | 2% cash rewards Earn unlimited 2% cash rewards on purchases. |
Intro: 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers Purchases: 0% intro APR, 12 months from account opening Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers Regular: 19.74%, 24.74%, or 29.74% Variable APR |
||
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
25,000 points 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 | 1.5 points per dollar 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 as long as your account remains open. |
Intro: 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.74% - 28.74% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Purchases: 0% Intro APR for 15 billing cycles for purchases Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days Regular: 18.74% - 28.74% (Variable) |
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
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.
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 $600 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
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.
For everyone else, it's still a solid card, but it may not be the right choice. You could most likely find other cards that will earn you more back. Keep looking at other credit card reviews for more options. Or, consider if you'd be open to banking or investing with Bank of America to qualify for its Preferred Rewards program.
Read more: Best Bank of America Credit Cards
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
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.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
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