Bank Of America®️ Premium Rewards® Credit Card Review [2022]: Is It Worth It?

Pair the Bank of America Premium Rewards credit card with the Preferred Rewards program to boost your earning potential.
Last updated Aug. 1, 2022 | By Ben Walker, CEPF | Edited By Melinda Sineriz

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The Bank of America®️ Premium Rewards® credit card could make sense for frequent travelers who want to earn travel rewards but avoid a high annual fee. This card has what you would expect in a mid-range travel card, including a generous welcome bonus, helpful earning categories, and popular travel benefits.

And with the opportunity to boost your rewards with the Bank of America Preferred Rewards program, the Bank of America Premium Rewards Card might edge out some of its competition. To see whether this card makes sense for your situation, let’s consider how its benefits and drawbacks might affect the value it offers.

Generous Welcome Bonus

Annual Fee

$95

Benefits and Drawbacks

Benefits

  • 50,000 bonus point welcome offer
  • 2X points on travel and dining
  • Statement credits for TSA PreCheck® or Global Entry
  • No foreign transaction fees

Drawbacks

  • Has annual fee
Card Details
  • Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 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.
  • 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.
  • No limit to the points you can earn and your points don't expire.
  • 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.
  • 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.

In this Bank of America Premium Rewards Card review

Who should get the Bank of America Premium Rewards credit card?

As a travel credit card, the Bank of America Premium Rewards credit card is best suited for individuals who want to earn travel rewards and take advantage of travel benefits. The $95 annual fee puts this card into a category of mid-range travel credit cards, competing with cards from issuers such as Chase, American Express, Capital One, and Citi.

But its competition lacks one of this card’s most valuable benefits: being able to earn bonus rewards through the Preferred Rewards program. This could equate to 25% to 75% more points on top of the card’s existing earning potential.

The Bank of America Premium Rewards also helps to top some of its competitors by offering benefits such as TSA PreCheck or Global Entry fee reimbursement and $100 in annual airline incidental credits you can use toward checked bags or access to airline-owned airport lounges.

But you can’t transfer your rewards to travel partners, which limits your point redemption options. This card also typically requires good or excellent credit and wouldn’t be a good choice for balance transfers because there’s no intro APR offer.

Card basics

Card type Travel
Credit card issuer Bank of America
Credit card network Visa
Annual fee $95
Intro bonus Earn 50,000 online bonus points (worth $500) after spending $3,000 in the first 90 days of account opening
Reward rate 2X points on travel and dining, and 1.5X points on all other purchases
Recommended credit score Good, Excellent
Foreign transaction fee None

Bank of America Premium Rewards credit card benefits and perks

  • Generous welcome offer: Earn 50,000 online bonus points (worth $500) after spending $3,000 in the first 90 days of account opening.
  • Bonus earning: Earn 2X points on travel and dining, and 1.5X points on all other purchases.
  • Helpful redemptions: Redeem your rewards for statement credits, deposits into eligible Bank of America bank accounts, credit to an eligible Merrill investment account, or for gift cards and travel purchases (such as airfare) through the Bank of America Travel Center.
  • $100 airline incidental statement credit: Cardholders receive up to $100 in annual statement credits for qualifying airline incidental purchases, such as seat upgrades, baggage fees, and more.
  • TSA PreCheck or Global Entry: Receive up to $100 in TSA PreCheck or Global Entry application fee credits every four years.
  • Preferred Rewards program: Receive between a 25% to 75% rewards bonus on your purchases as a Bank of America Preferred Rewards member. To qualify for this program, you need at least a $20,000 three-month combined average daily balance between eligible Bank of America and Merrill accounts (including eligible 529 accounts).
  • No foreign transaction fees: This card has no foreign transaction fees, so you don’t have to worry about this extra charge when using your card on purchases abroad.
  • Travel coverage: Travel protections include trip delay reimbursement, trip cancellation and interruption, baggage delay, lost luggage reimbursement, and emergency evacuation and transportation coverage.
  • Visa Signature benefits: Visa Signature benefits vary depending on the card issuer, but this card includes concierge services and access to the Visa Signature Luxury Hotel Collection.

Drawbacks to the Bank of America Premium Rewards credit card

  • Annual fee: There’s a $95 annual fee attached to this card, which immediately cuts into the card’s value. But the card’s earning potential and benefits could more than offset this fee in certain situations.
  • No transfer partners: Many travel rewards credit cards earn rewards that can be transferred to travel partners, such as airline or hotel loyalty programs. This card doesn’t offer that option, which can be a significant drawback for some travelers. For other options with this feature, check out our list of the best travel credit cards.
  • Preferred Rewards threshold: You need at least a $20,000 combined balance to qualify for the Preferred Rewards program and the opportunity to earn bonus rewards on your purchases. To achieve the 75% rewards boost, you need at least a $100,000 combined balance in the Platinum Honors tier. Not everyone will qualify for these benefits, which could make other options more appealing. For alternative credit card offers, check out our list of the best rewards credit cards.

Earning and redeeming points

Potential earnings in years one and two

Here's a look at how your points can add up with the Bank of America Premium Rewards credit card. To calculate these values, we used a point valuation of 1 cent per point.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Potential year one earnings: $950.50

Potential year two earnings: $450.50

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model, which looks at points earned via spending, the sign-up bonus, and the annual fee.

Keep in mind that your earnings could significantly increase with the bonus rewards available through the Preferred Rewards program.

Best ways to earn

If you compare credit cards, you’ll find most rewards cards offer different earning rates in multiple bonus categories. For the Bank of America Premium Rewards Card, you can earn 2X points on travel and dining, and 1.5X points on all other purchases. To help maximize your earning potential, you would want to use your card as much as possible on purchases you already plan on making, especially for all travel and dining purchases.

To improve your earning potential even more, consider becoming a Preferred Rewards member. This can boost your rewards by 25% to 75% on every purchase, which can quickly add to your points total. To qualify for this program, you need at least $20,000 in combined eligible Bank of America and Merrill accounts.

Categories Rewards rate
On travel and dining 2X
On all other purchases 1.5X

Maximizing your redemptions

The points you can earn with the Bank of America Premium Rewards credit card don’t typically vary in value. If you earn 5,000 points, that’s $50 worth of rewards no matter which redemption option you choose, from cash back to award travel.

Here are your available redemption options:

  • Statement credits
  • Deposits into a Bank of America checking or savings account
  • Credit to a qualifying cash management account or 529 account with Merrill
  • Gift card or travel purchases through the Bank of America Travel Center

Bank of America Premium Rewards credit card FAQs

What is the annual fee for the Bank of America Premium Rewards Card?

The annual fee for the Bank of America Premium Rewards Card is $95. Earning rates include 2X points on travel and dining, and 1.5X points on all other purchases. You can earn bonus rewards on top of these rates if you qualify for Bank of America’s Preferred Rewards program.

What credit score do you need for the Bank of America Premium Rewards credit card?

You typically need at least a good credit score to qualify for the Bank of America Premium Rewards credit card. This means a FICO score, a type of credit score, of 670 or higher could be enough for approval, though 800 and above is best.

What is the Bank of America Premium Rewards Card interest rate?

The Bank of America Premium Rewards card offers a 18.24% - 25.24% variable interest rate. This is in line with the type of interest rate you would likely find on most credit cards.

Other cards to consider

The Bank of America Premium Rewards credit card could make sense in some situations, but it won’t be the perfect fit for everyone. If it doesn’t seem right for you, here are two other options to consider.

The Chase Sapphire Preferred® Card is a similar mid-tier travel credit card that earns travel rewards (in the form of Chase Ultimate Rewards points) and has a $95 annual fee. But its travel benefits are some of the best available. Your points are automatically worth 25% more when redeemed for travel in the Chase Ultimate Rewards portal and they can be transferred to more than a dozen transfer partners. In addition, you receive a $50 hotel credit each year and an annual 10% anniversary bonus for purchases made the previous year.

For more information, check out our Chase Sapphire Preferred review.

The Capital One® Savor® Cash Rewards Credit Card also has a $95 annual fee, but it’s focused on earning cash back rather than travel rewards. Its earning rates — 8% cash back on Capital One Entertainment and Vivid Seats purchases; 4% cash back on dining, entertainment, and select streaming services; 3% at grocery stores (excluding superstores such as Walmart® and Target®), and 1% cash back on all other purchases — are likely to be more useful for everyday purchases than what the Bank of America Premium Rewards offers.

For more information, check out our Capital One Savor Cash Rewards review.

Generous Welcome Bonus

Special Offer

Earn 50,000 online bonus points (worth $500) after spending $3,000 in the first 90 days of account opening

See how these cards compare:

Chase Sapphire Preferred® Card
Chase Sapphire Preferred® Card
  • 60,000 point sign-up bonus
  • 5X points on Lyft rides and travel booked through Chase Ultimate Rewards
  • 25% more value when redeeming rewards for travel through Chase Ultimate Rewards
  • 10% anniversary point bonus each year
  • $50 annual credit on hotel stays booked through Ultimate Rewards
  • Premium travel protection benefits
Capital One® Savor® Cash Rewards Credit Card
Capital One® Savor® Cash Rewards Credit Card
  • $300 cash bonus welcome offer
  • 4% cash back on dining, entertainment, and select streaming services
  • No foreign transaction fees

Author Details

Ben Walker, CEPF Ben Walker, CEPF, is a credit cards and travel writer at FinanceBuzz who loves helping others achieve their travel goals through financially sound decisions. For over a decade, he has been using credit card points and miles for the sole purpose of traveling the world. Ben is a Certified Educator of Personal Finance and has been featured in The Washington Post, MSN, Debt.com, and Finder.com.