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 Review

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Bank of America® Premium Rewards® Credit Card Review

The Bank of America Premium Rewards card offers flexible redemption options and some solid travel perks for a reasonable $95 annual fee.

Bank of America® Premium Rewards® Credit Card Review

Bank of America® Premium Rewards® Credit Card Review

Learn More

The Bank of America Premium Rewards card offers flexible redemption options and some solid travel perks for a reasonable $95 annual fee.

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

In a financial world brimming with an array of credit card options, standing out is no small feat. Yet, the Bank of America® Premium Rewards® credit card manages not only to stand out but to shine, offering a compelling array of benefits that cater to a wide range of consumer needs. Whether you’re a seasoned traveler, a rewards points collector, or someone seeking flexibility in how you earn and redeem points, this card warrants a closer look. This review delves into the myriad features, benefits, and potential drawbacks of the Bank of America® Premium Rewards® credit card. From its robust rewards system to comprehensive travel insurance, we will guide you through everything you need to know to decide if this is the right card for your wallet. With a focus on consumer experiences and needs, we aim to provide an informative and insightful overview, reflecting the quality standards set by recent Google guidelines. Let’s explore together what makes the Bank of America® Premium Rewards® credit card a contender in the competitive field of premium credit cards.

Welcome Bonus

A critical factor in choosing a credit card is often the welcome bonus—that initial sweetener that can make signing up feel like a rewarding decision from day one. The Bank of America® Premium Rewards® credit card does not disappoint in this department, offering a tantalizing bonus that promises to kickstart your points-earning journey in grand style.

  • Generous Points Bonus: New cardholders are treated to a generous bonus of 50,000 online bonus points after making at least $3,000 in purchases in the first 90 days of account opening. This bonus is not just a number; it translates to a substantial $500 when redeemed for travel, dining, or cash back rewards, offering immediate value and a significant return on your initial spending.
  • Immediate Impact: The welcome bonus is designed to ensure that new cardholders feel the value of their new credit card right away. With a relatively modest spending requirement of $3,000 within the first three months, the bonus is accessible to many consumers without necessitating an alteration in their spending habits.
  • Versatile Redemption Options: Beyond the substantial monetary value, the flexibility in how you can redeem these points is a key benefit. Whether you’re looking to book a trip, enjoy a fine dining experience, or simply want some cash back to offset your monthly expenses, the versatility ensures that every cardholder can find a use for their points that feels tailored to their needs and preferences.

The Bank of America® Premium Rewards® credit card’s welcome bonus is carefully crafted to attract a wide range of potential cardholders. By offering a substantial and versatile welcome bonus, it sets the stage for a rewarding credit card experience right from the start. For anyone looking to maximize their rewards from their credit card spending, this welcome bonus is an enticing feature that’s hard to overlook.

Earning Rewards

At the heart of any rewards credit card is its ability to allow cardholders to earn points on their everyday spending. The Bank of America® Premium Rewards® credit card shines brightly in this aspect, offering a well-structured and lucrative rewards earning system that caters to a broad spectrum of spending habits. Here’s how you can accumulate rewards with this premium card:

  • Diverse Earning Rates: The card comes equipped with competitive earning rates that ensure you’re rewarded generously for your purchases. You’ll earn 2 points for every dollar spent on travel and dining purchases, which encompasses everything from flights and hotels to eating out at your favorite restaurants. For all other purchases, the card offers 1.5 points per dollar spent, ensuring that every purchase moves you closer to your next reward.
  • No Earning Caps: One of the standout features of the Bank of America® Premium Rewards® credit card is the absence of caps on the points you can earn. This means that the sky’s the limit when it comes to accumulating rewards, making it a perfect match for heavy spenders or those planning large purchases.
  • Enhanced Earnings for Bank of America Customers: The rewards go even further for Bank of America customers. If you’re a member of the Preferred Rewards program, you could earn an additional 25% to 75% rewards bonus on every purchase. This means your earning rates could potentially increase to as much as 3.5 points per dollar on travel and dining and 2.62 points per dollar on all other purchases, depending on your membership tier.
  • Flexibility in Redemption: Accumulating points is only half the equation; the ease of redeeming them is equally important. The Bank of America® Premium Rewards® credit card offers straightforward and flexible redemption options. Points can be redeemed for travel, dining experiences, gift cards, cash back, and more. This flexibility ensures that your rewards align with your personal preferences and lifestyle.

The reward structure of the Bank of America® Premium Rewards® credit card is designed not only to reward spending but to do so in a way that is both flexible and rewarding across a wide array of categories. Whether you’re dining out, booking your next adventure, or simply making everyday purchases, this card ensures that your spending works harder for you. It’s a compelling option for those who want to maximize their earning potential without being bogged down by complicated rewards structures or redemption restrictions.

Redeeming Rewards

One of the most appealing aspects of the Bank of America® Premium Rewards® credit card is the flexibility and simplicity it offers when it comes to redeeming your hard-earned rewards. The card is designed to give cardholders freedom and variety in how they choose to use their points, ensuring that the rewards you earn can be utilized in the ways that matter most to you. Here’s a closer look at how you can redeem your rewards:

  • Travel with No Blackout Dates: For those bitten by the travel bug, points can be redeemed for flights, hotels, vacation packages, cruises, rental cars, and more. Best of all, there are no blackout dates, giving you the freedom to book your travel whenever it’s most convenient for you. The travel redemption process is straightforward, allowing you to use your points directly on the Bank of America Travel Center, which operates similarly to other online travel booking platforms.
  • Dining and Experience Redemptions: If you’re a food enthusiast or love trying new experiences, the Premium Rewards® card has you covered. You can redeem your points for dining out at your favorite restaurants or booking unique experiences that make life memorable. From gourmet dining events to outdoor adventures, the card allows you to indulge in your passions.
  • Cash Back and Gift Cards: For those who prefer cash back, the card offers a simple redemption option where points can be converted into a statement credit or deposited directly into a Bank of America checking or savings account. If you’re looking for a gift or just a way to treat yourself, you can also redeem points for gift cards from a wide variety of retailers, providing flexibility and choice.
  • Charitable Donations: If you’re inclined towards philanthropy, the Premium Rewards® card offers the opportunity to use your points for charitable donations. It’s a meaningful way to give back to society by supporting causes that are close to your heart.

The redemption threshold is also user-friendly, requiring as little as 2,500 points to start redeeming, which equates to $25. This low threshold means that you can start enjoying the fruits of your spending sooner rather than later.

One of the hallmarks of the Bank of America® Premium Rewards® credit card is its dedication to creating an effortless and versatile redemption process. Whether you’re looking to explore new destinations, enjoy the finer things in life, get some cash back on your expenditures, or make a difference through charitable contributions, the card opens up a world of possibilities. This wide array of redemption options ensures that the rewards you earn don’t just sit idle but are put to good use, enhancing your lifestyle and financial flexibility.

Perks and Benefits

The Bank of America® Premium Rewards® credit card extends far beyond just earning and redeeming points. It’s packed with a suite of perks and benefits designed to enhance your spending experience and provide value that justifies its place in your wallet. Let’s explore the array of advantages this card offers:

  • Travel Statement Credits: Annually, cardholders receive up to $100 in statement credits for airline incidental purchases such as seat upgrades, baggage fees, in-flight services, and airport lounge access. Additionally, there’s a $100 statement credit available every four years for Global Entry or TSA Pre✓® application fees, making your travel experience smoother and more enjoyable.
  • No Foreign Transaction Fees: For the international traveler, this benefit cannot be overstated. The absence of foreign transaction fees means you can use your card worldwide without incurring additional charges, making it an ideal companion for overseas adventures.
  • Comprehensive Travel Insurance: Travel with peace of mind knowing you’re covered by a suite of insurance options. This includes trip delay reimbursement, trip cancellation/interruption insurance, baggage delay insurance, and lost luggage reimbursement. Travel accident insurance and emergency evacuation and transportation coverage are also included, ensuring you’re protected against a wide range of travel mishaps.
  • Purchase Protections: The card also offers protections on your purchases, such as return protection, which can reimburse you for eligible items that the merchant won’t take back within 90 days of purchase, and purchase security, which can replace, repair, or reimburse you for eligible items in the case of theft or damage within 90 days of purchase.
  • Extended Warranty Protection: On top of the manufacturer’s warranty, the card extends your warranty coverage, providing additional protection for your purchases.
  • Preferred Rewards Program: Cardholders who are also part of Bank of America’s Preferred Rewards program can enjoy even greater benefits, including higher rewards earning rates on their card, priority customer service, and exclusive banking benefits. These perks are tier-based, and the benefits increase as your qualifying Bank of America® banking and Merrill investment balances grow.
  • Flexible Redemption Options: The ease with which you can redeem your points for travel, cash back, gift cards, or even charity donations adds another layer of practicality and satisfaction to the card’s benefits.

The Bank of America® Premium Rewards® credit card truly offers a rich selection of perks and benefits that cater to the diverse needs and preferences of its cardholders. From bolstering your travel experience to providing valuable protections on your purchases and enhancing your banking relationship with Bank of America, the card is designed to deliver premium value that complements your lifestyle and spending habits. Whether you’re a globetrotter, a savvy shopper, or someone who appreciates added layers of security and convenience, this card offers compelling reasons to consider it a vital part of your financial toolkit.

Pros and Cons

Pros:

  • Generous Welcome Bonus: Offers 50,000 online bonus points after spending $3,000 in the first 90 days, which can translate to $500 in value.
  • Flexible Rewards: Earn 2 points per dollar on travel and dining, and 1.5 points on all other purchases with no caps on earnings.
  • Comprehensive Travel Benefits: Includes up to $100 airline incidental statement credit annually, and credit for Global Entry or TSA Pre✓® fees every four years. Plus, comprehensive travel insurance coverages.
  • Versatile Redemption Options: Points can be redeemed for travel, dining, cash back, and more, offering flexibility.
  • Preferred Rewards Program: Eligibility for enhanced rewards and benefits for Bank of America customers.

Cons:

  • Annual Fee: Carries a $95 annual fee, which may offset rewards for some users.
  • Earning Structure: While robust, heavy spenders in specific categories may find cards with higher rewards rates in those categories more advantageous.
  • Requires Good to Excellent Credit: May not be accessible to all consumers.

Comparison to Other Cards

The Bank of America® Premium Rewards® credit card holds a distinguished place in the market, but how does it stack up against its competitors? Let’s compare this card to other leading contenders to see where it shines and where you might consider an alternative.

Chase Sapphire Preferred® Card

  • Rewards: The Chase Sapphire Preferred® Card offers 2 points per dollar on travel and dining, similar to the Bank of America® Premium Rewards® credit card. However, it also includes a broader range of travel spending and offers 5 points per dollar on travel purchased through Chase Ultimate Rewards®.
  • Redemption Flexibility: Chase cardholders enjoy a 25% bonus value when redeeming points for travel through Chase Ultimate Rewards®, offering potentially greater value for travel redemptions compared to the flat rate of the Bank of America card.
  • Annual Fee: Both cards have comparable annual fees, making them directly competitive on cost.

The Chase Sapphire Preferred® Card might be a better choice for those who travel frequently and prefer booking through a card issuer’s travel portal for added value.

Capital One Venture Rewards Credit Card

  • Rewards: The Capital One Venture Rewards Credit Card simplifies earning by offering 2 miles for every dollar on every purchase, providing straightforward value without the need to track category spending.
  • Redemption: Capital One miles can be used to book new travel or erase travel purchases from your statement via Purchase Eraser, offering flexibility similar to the Bank of America card but with potentially easier redemption for some users.
  • Travel Credits: Unlike the Bank of America card, the Capital One Venture card does not offer specific airline incidental credits annually but does cover the Global Entry or TSA Pre✓® application fee every four years.

For those looking for an uncomplicated rewards structure with every purchase, the Capital One Venture Rewards Credit Card may be preferable.

Citi Premier® Card

  • Rewards: The Citi Premier® Card offers a higher earning rate in popular spending categories such as 3 points per dollar on travel, including gas stations, and 3 points on dining and supermarkets, which can outweigh the earning potential of the Bank of America card for some spenders.
  • Annual Hotel Savings: A unique feature of the Citi Premier® Card is the $100 off a single hotel stay of $500 or more, excluding taxes and fees, once per year, which could be beneficial for annual travelers.

Given its higher earning potential in specific categories, the Citi Premier® Card may appeal to those who spend significantly on travel, dining, and groceries.

Conclusion

In conclusion, the Bank of America® Premium Rewards® credit card stands out as a versatile and rewarding option for a wide range of consumers, especially those who appreciate the blend of generous rewards on travel and dining, comprehensive travel perks, and flexible redemption options. With its strong welcome bonus and the potential for enhanced rewards through the Preferred Rewards Program, this card offers significant value that can easily offset its annual fee for active users. While it may not be the unmatched leader in every single spending category, its broad appeal lies in its balanced offering that caters to both everyday spending and travel. For Bank of America customers looking to maximize their banking and investing relationship, the additional perks further sweeten the deal. However, for those with specific spending habits or rewards preferences, comparing other cards in the market is advisable to ensure you’re getting the best fit for your financial lifestyle. Ultimately, the Bank of America® Premium Rewards® credit card is a strong contender in the premium credit card arena, offering a compelling mix of benefits that deserve consideration from anyone looking to enhance their spending power and reward earning potential.

What is the annual fee for the Bank of America® Premium Rewards® credit card? The Bank of America® Premium Rewards® credit card has an annual fee of $95.

Can the points earned with the Bank of America® Premium Rewards® credit card expire? No, the points you earn with the Bank of America® Premium Rewards® credit card do not expire as long as your account remains open and in good standing.

Is there a foreign transaction fee associated with this card? No, the Bank of America® Premium Rewards® credit card does not charge foreign transaction fees, making it an excellent choice for international travel.

What kinds of travel purchases qualify for the 2 points per dollar earning rate? Travel purchases including airfare, hotels, cruises, car rentals, and travel agencies qualify for the 2 points per dollar earning rate with the Bank of America® Premium Rewards® credit card.

Can I transfer my points to airline or hotel loyalty programs? No, the Bank of America® Premium Rewards® credit card does not offer the option to transfer points to airline or hotel loyalty programs. However, points can be redeemed for a wide range of travel options through the Bank of America Travel Center or for cash back, gift cards, and more.

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