Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. Compensation and in-depth editorial research, determines where & how companies appear below. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. Compensation and in-depth editorial research, determines where & how companies appear below. 

Bank of America® Premium Rewards® Credit Card

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Bank of America® Premium Rewards® Credit Card Review

Embark on a rewarding journey – Apply now to unlock a rich welcome bonus, earn unlimited points on your adventures, and indulge in up to $200 of travel credits. Your next great experience awaits!

Bank of America® Premium Rewards® Credit Card Review

Bank of America® Premium Rewards® Credit Card

Learn More

Embark on a rewarding journey – Apply now to unlock a rich welcome bonus, earn unlimited points on your adventures, and indulge in up to $200 of travel credits. Your next great experience awaits!

Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Introduction

Are you on the hunt for a credit card that rewards you for your travel and dining indulgences while offering a solid all-round earning rate?

The Bank of America® Premium Rewards® Credit Card is a contender you may want to consider.

Designed for those with an appetite for earning points on every swipe, this card also packs welcome bonuses and travel credits that can lure in frequent travelers.

In this review, we’ll deep-dive into the perks, benefits, and potential drawbacks of this high-end rewards card so you can decide if it aligns with your spending habits and lifestyle needs.

Welcome Bonus

When it comes to choosing a new credit card, a lucrative welcome bonus can be a significant deciding factor. The Bank of America® Premium Rewards® Credit Card understands this appeal and delivers an attractive offer to its new cardholders.

  • Bonus Points: New card members have the opportunity to earn a substantial amount of bonus points. The specifics of this bonus may vary over time, so it’s essential to check the latest offer when applying. As of the latest information available, the card offers a welcome bonus of 50,000 to 60,000 points after meeting a spending requirement, typically within the first three months from account opening.
  • Spending Requirements: To qualify for the bonus, there’s usually a spending threshold you must reach. This threshold is meant to encourage spending on the card and is set at a level that’s attainable for most cardholders who shift their regular expenses to their new credit card.
  • Value: The welcome bonus points hold a certain value when redeemed for travel, gift cards, or statement credits. Depending on the redemption option you choose, the value of these points may vary, but they often have a higher redemption value when used for travel-related expenses through Bank of America’s travel center.
  • Timeline: It’s crucial to be mindful of the time limit within which you need to meet the spending requirement to earn the welcome bonus. Missing this window means forfeiting the bonus, which is an essential part of the card’s initial value proposition.

Remember, while a generous welcome bonus is enticing, it’s important to spend responsibly and within your financial means. The goal is to take advantage of the bonus without incurring unnecessary debt or financial strain.

Earning Rewards

The Bank of America® Premium Rewards® Credit Card offers a straightforward and competitive rewards structure designed to benefit both frequent travelers and everyday spenders. Let’s look at how you can accumulate points with this card to get closer to your next reward.

  • Travel and Dining Purchases: You’ll earn 2 points for every dollar spent on travel and dining. Whether you’re flying to a business meeting, booking a family vacation, or dining out with friends, these purchases will help you rack up points quickly.
  • All Other Purchases: Beyond travel and dining, all other purchases will get you 1.5 points per dollar spent. This includes everyday expenses like groceries, gas, online shopping, and more.
  • No Caps or Expirations: There’s no limit to the number of points you can earn, and your points do not expire as long as your account remains open and in good standing, giving you the freedom to accumulate them over time.
  • Preferred Rewards Program: If you’re part of the Bank of America Preferred Rewards program, you can earn even more. Depending on your tier within the program, you could see an increase in your points earn-rate by 25%-75%, pushing your rewards to up to 3.5 points on travel and dining and up to 2.62 points on all other purchases.
  • Earning Potential: The card is structured to reward you for every purchase, making sure you’re always working toward your next perk or payoff. That’s particularly noteworthy for cardholders who prefer a single card for all expenses, allowing for a steady and consistent accumulation of points.

To maximize your earning potential:

  • Enroll in Preferred Rewards: If you qualify for the Preferred Rewards program, be sure to enroll to boost your points per dollar earned.
  • Use it for Everything: Make your Premium Rewards card the default for all your expenses to take full advantage of the 1.5 points per dollar on general purchases.
  • Plan for Big Purchases: If you have major expenses coming up, timing them with your card application can help you meet the welcome bonus threshold and earn a large points windfall.

Remember, while earning points is thrilling, the best approach is to use your credit card wisely and pay off your balance in full each month to avoid interest charges, which can quickly negate the value of any rewards earned.

Redeeming Rewards

After accumulating points on your Bank of America® Premium Rewards® Credit Card, the next exciting step is redeeming them. This card offers flexibility and several redemption options to ensure you can use your points in the way that provides the best value for you. Here’s a look at how to redeem your rewards:

  • Cash Back: You have the option to redeem points for cash back, which can be deposited directly into your Bank of America checking or savings account. This is a straightforward way to see a return on your spending and may appeal to those looking to offset everyday expenses or save for a larger goal.
  • Travel Credits: Points can be redeemed for travel-related expenses, such as flights, hotels, and car rentals, through the Bank of America travel center. When booking through this portal, you may find your points hold more value compared to other redemption methods.
  • Statement Credits: If you prefer, you can redeem your points for a statement credit. This option allows you to directly reduce your credit card balance by a corresponding amount.
  • Gift Cards and Experiences: Redeeming points for gift cards is another popular choice. Additionally, Bank of America offers the opportunity to use points for unique experiences, providing a diverse range of options from entertainment to culinary and travel experiences.

The redemption process is user-friendly:

  • Online and Mobile: You can redeem your points conveniently online or via the Bank of America mobile app, providing access to redemption options anytime, anywhere.
  • 1 Cent per Point: Each point typically has a redemption value of one cent when applied towards cashback, travel credits, or statement credits, keeping the conversion simple and transparent.
  • No Blackout Dates: There are no blackout dates or restrictions when redeeming points for travel, giving you the freedom to plan trips on your terms.

To optimize your redemption:

  • Evaluate the Value: Assess the value of each redemption option to ensure you’re getting the best possible return for your points.
  • Consider Your Goals: Align your redemption with your financial or personal goals – whether that’s saving money, traveling more, or enjoying new experiences.

Ultimately, the flexibility in redemption means you can customize how you use your points to reflect your priorities, making the Premium Rewards card a versatile choice for many consumers.

Perks and Benefits

The Bank of America® Premium Rewards® Credit Card goes beyond the basics of point earning and redemption, offering an array of additional perks and benefits that enhance its value proposition. These features cater to a variety of consumer needs and preferences, from travel enthusiasts to those seeking comprehensive protection and security. Here’s an overview:

  • Travel Statement Credits: Cardholders can receive up to $200 in travel statement credits annually, offsetting travel-related expenses like seat upgrades, baggage fees, airport lounge access, and more.
  • Global Entry/TSA PreCheck Credit: Enjoy a credit towards the application fee for Global Entry or TSA PreCheck, making airport security faster and more convenient.
  • Trip Delay Reimbursement: When your travel plans go awry, the trip delay reimbursement can provide compensation for unexpected costs like meals and lodging.
  • Emergency Travel Assistance: If issues arise while traveling, such as a lost passport or medical emergency, cardholders have access to a 24/7 travel and emergency assistance service.
  • Purchase Protections: The card also offers protections like extended warranty coverage, return protection, and purchase security, providing added peace of mind for your purchases.
  • Fraud Monitoring: With ongoing fraud monitoring, any unusual activity on your card is flagged, helping to protect against unauthorized transactions.
  • Visa Infinite Benefits: As part of the Visa Infinite program, cardholders enjoy additional perks, including concierge services, access to the Visa Luxury Hotel Collection, and VIP status at certain premier properties.

To take full advantage of these benefits:

  • Understand Coverage: Make sure to read the terms and conditions to fully understand what is covered under each benefit and the process for filing a claim or receiving credit.
  • Plan Around Perks: Incorporate card benefits into your travel planning, such as utilizing the travel credits and expedited airport screening programs.
  • Use the Concierge Service: Leverage the Visa Infinite concierge for help with travel bookings, dining reservations, event access, and more.

These benefits justify the card’s annual fee for many, especially for those who travel frequently or prefer a card that offers robust protective features and added conveniences. The collective value of these perks can easily outweigh the cost for cardholders who utilize them to their fullest extent.

Pros and Cons

Every credit card has its highlights and areas that might not appeal to every consumer. Here, we’ll outline the pros and cons of the Bank of America® Premium Rewards® Credit Card to help you weigh its merits against potential drawbacks.

Pros:

  • Strong Earning Rates: 2 points per dollar on travel and dining and 1.5 points on everything else make for a solid earning plan, especially for those who travel and dine out frequently.
  • Versatile Redemption Options: Points can be redeemed for cash back, travel, gift cards, or experiences, providing great flexibility.
  • Annual Travel Credits: Up to $200 in statement credits for travel purchases annually can effectively offset the card’s annual fee.
  • Global Entry/TSA PreCheck Credit: The application fee credit for these programs every four years is a boon for regular travelers.
  • Preferred Rewards Program: Customers with BofA banking or investment accounts can boost their earning rate, which could significantly increase the card’s value.

Cons:

  • Annual Fee: The $95 annual fee could be a barrier for those who aren’t sure they’ll make full use of the card’s benefits.
  • High Spending Required for Bonus: The welcome bonus comes with a spending requirement that might be steep for some potential cardholders.
  • No Transfer Partners: Unlike some other travel rewards cards, you cannot transfer points to airline or hotel loyalty programs, which may limit point value for some users.

Overall, the Bank of America® Premium Rewards® Credit Card is a strong contender among travel rewards cards, especially for loyal Bank of America customers who can maximize the Preferred Rewards benefits. However, the best fit depends on individual spending habits, travel patterns, and the importance of flexible point redemption.

Comparison to Other Cards

In the market full of credit card options, it’s crucial to know how the Bank of America® Premium Rewards® Credit Card stacks up against its competitors. This will help you evaluate if the card is the right fit for your wallet. Let’s compare this card with others in its class.

  • Reward Rate: The Premium Rewards card offers 2 points per dollar on travel and dining and 1.5 points on all other purchases, which is competitive within the rewards card space. Compared to Bank of America’s own Travel Rewards Credit Card, which offers a flat rate of 1.5 points on all purchases, the Premium Rewards card can provide more value for travelers and foodies.
  • Annual Fee: With a $95 annual fee, it’s less expensive than some high-end travel cards, which can have fees of $500 or more. Yet, it’s higher than no-annual-fee cards, which might be preferable for those who spend less or don’t travel as often.
  • Travel Credits: The $200 annual travel statement credit differentiates this card from many others, as it can effectively reduce the net cost of the card for frequent travelers. Not all cards offer such a benefit or may offer travel credits in a more restrictive manner.
  • Redemption Flexibility: The Premium Rewards card scores high on redemption flexibility, offering cashback, travel credits, gift cards, and more. This is on par with or better than many cards, which may restrict redemptions or offer less favorable conversion rates.

Let’s look at some direct comparisons:

  • Chase Sapphire Preferred® Card: Comparable in its travel and dining rewards, Chase Sapphire Preferred offers additional benefits in points transfer to airline and hotel partners, potentially increasing the value of points.
  • American Express® Gold Card: With a higher focus on dining rewards, the Amex Gold card is potentially more lucrative for food enthusiasts but comes with a higher annual fee.
  • Capital One Venture Rewards Credit Card: The Capital One Venture card offers unlimited 2x miles on every purchase, which is more straightforward, but the redemption options may not be as diverse.

In conclusion, the Premium Rewards credit card represents a middle ground with a balanced mix of earning rates, annual fee, and compelling benefits. It’s particularly well-suited for those already banking with Bank of America, as they can leverage the Preferred Rewards program to maximize their returns.

Conclusion

The Bank of America® Premium Rewards® Credit Card is a powerhouse for individuals who travel and dine out regularly, offering robust rewards, flexibility, and additional travel perks to sweeten the deal. Its value is further amplified for those enrolled in the Bank of America Preferred Rewards program. While the annual fee and spending requirement for the welcome bonus should be considered, the array of benefits can offset these costs for the right user. This card is best-suited for those who seek a mix of high-value rewards and diverse redemption options coupled with extensive travel benefits.

Frequently Asked Questions

Can I maximize my credit card rewards with everyday spending? Yes, using a rewards credit card for everyday spending is one of the most effective ways to maximize your rewards. Look for cards that offer high reward rates on categories such as groceries, gas, and utilities, and always pay off your balance each month to avoid interest charges.

Is it better to redeem points for travel or cash back? The best redemption option depends on your personal preferences and goals. Points often have a higher value when redeemed for travel, especially when transferred to airline or hotel partners. However, cash back offers more immediate and flexible financial benefits. Evaluate the conversion rate and choose the option that gives you the most value.

How important is a sign-up bonus when choosing a credit card? A sign-up bonus can provide significant value, especially if it aligns with your spending ability and you can meet the bonus requirements without overspending. A substantial sign-up bonus can offset annual fees and provide a large points boost.

What is the impact of an annual fee on a credit card’s value? An annual fee can affect the overall value of a credit card, especially if the fee is high, and you don’t use the card’s benefits frequently enough to offset the cost. However, cards with annual fees often offer higher rewards rates and additional perks that can outweigh the fee for active users.

Should I choose a credit card with travel protection benefits? If you travel frequently, a credit card with travel protection benefits can be invaluable. Benefits like trip cancellation insurance, lost luggage reimbursement, and travel emergency assistance can save you money and stress during unforeseen situations.

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