Bank Of America® Premium Rewards® Credit Card Review [2024]: Is It Worth It?

CREDIT CARDS - TRAVEL CREDIT CARDS
Pair the Bank of America Premium Rewards credit card with the Preferred Rewards program to boost your earning potential.
Updated July 11, 2024
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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 a $95 annual fee and everything 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

4.4

Bank of America® Premium Rewards® credit card

Annual Fee

$95

Benefits and Drawbacks
Card Details

In this Bank of America Premium Rewards Card review

Key takeaways

  • The Bank of America® Premium Rewards® credit card has a $95 annual fee but offers generous travel benefits such as TSA PreCheck® or Global Entry fee reimbursement and $100 in annual airline incidental credits.
  • This card provides a generous welcome bonus. Earn 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.
  • You can also earn 2 points per $1 on travel and dining purchases and 1.5 points per $1 on all other purchases.
  • The Bank of America Premium Rewards allows you to earn bonus rewards through the Bank of America Preferred Rewards® program, which can increase your points by 25% to 75% based on your combined account balance.
  • This card doesn’t offer reward transfers to travel partners, which limits redemption options. It also requires excellent credit and doesn’t offer an introductory APR for purchases or balance transfers.

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
Welcome offer Earn 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
Reward rate 2 points per $1 on travel and dining purchases and 1.5 points per $1 on all other purchases
Recommended credit score Good, Excellent
Foreign transaction fee None

Why we like the Bank of America Premium Rewards: benefits and perks

  • Generous welcome offer: Earn 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.
  • Bonus earning: Earn 2 points per $1 on travel and dining purchases and 1.5 points per $1 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 for purchases abroad.
  • Travel insurance: The Bank of America Premium Rewards offers several travel protections, including trip delay reimbursement, trip cancellation and interruption coverage, baggage delay protection, and lost luggage reimbursement.
  • Purchase protections: This card offers three types of protections for items you buy. This includes purchase and return protections as well as extended warranty coverage.
  • Car rental protection: You can get a number of Bank of America credit card benefits for rental car insurance. The Bank of America Premium Rewards gives you access to a secondary auto rental collision damage waiver.

What we don't like about the Bank of America Premium Rewards: drawbacks

  • 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: $1,311

Potential year two earnings: $711

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 2 points per $1 on travel and dining purchases and 1.5 points per $1 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 FAQ

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 2 points per $1 on travel and dining purchases and 1.5 points per $1 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 21.24% - 29.24% 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 Travel℠ 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 — 10% cash back on purchases made through Uber & Uber Eats (through 11/14/2024); 8% cash back on Capital One Entertainment; 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

4.4

Bank of America® Premium Rewards® credit card

Why We Like It

Earn 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

See how these cards compare:

Chase Sapphire Preferred® Card
Chase Sapphire Preferred® Card
  • Generous welcome offer valued at $750 when redeemed via Chase Travel
  • High rewards on dining and bookings via Chase Travel
  • 25% more value when redeeming points for travel through Chase Travel
  • Up to $50 in annual statement credits for hotel stays booked through Chase Travel
  • Receive valuable travel protections like trip delay reimbursement and primary rental car insurance
Capital One Savor Cash Rewards Credit Card
Capital One Savor Cash Rewards Credit Card
  • Earn a $300 cash bonus after spending $3,000 in the first 3 months
  • 4% cash back on dining, entertainment, and select streaming services
  • No foreign transaction fees

Bank of America Premium Rewards: bottom line

If you often travel and want to earn travel rewards and enjoy valuable travel benefits, you might enjoy having the Bank of America Premium Rewards in your wallet.

This travel credit card has a $95 annual fee, enables you to earn a generous welcome offer, and gives you access to TSA PreCheck® or Global Entry fee reimbursement.

However, it lacks the option to transfer rewards to travel partners. Explore the best credit cards for travel to find more options, some of which offer reward transfers.

Author Details

Ben Walker, CEPF, CFEI® Ben Walker, CEPF, CFEI®, is credit cards specialist. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.
Yahia Barakah, CEPF Yahia Barakah, CEPF, is a Senior Editor at FinanceBuzz and has created finance-focused content since 2011. As a Certified Educator of Personal Finance, he has a background in institutional investment and asset management, as well as a deep passion for financial literacy.