Rewards Plan
Welcome Bonus
Credit Rating
0% Intro
Annual Fee
APR
- Travel Statement Credits
- TSA PreCheck Reimbursement
- High Minimum Redemption
- Low Rewards Rate
Rewards Plan
Welcome Bonus
0% Intro
PROS
- Travel Statement Credits
- TSA PreCheck Reimbursement
CONS
- High Minimum Redemption
- Low Rewards Rate
APR
20.24% - 27.24% Variable
Annual Fee
$95
Balance Transfer Fee
3%
Credit Requirements
Good - Excellent
The Bank of America Premium Rewards credit card is a decent reward card option, particularly if you are not brand loyal to any airline or hotel chain. However, unless you are an existing B of A customer or plan to move most of your banking activities over to it, you will struggle to leverage the full potential of this card.
There are a number of card options with a similar annual fee that offer comparable or greater rewards. However, you may need to compromise on some of the other card perks, such as the travel insurance coverages.
- Travel Statement Credits
- TSA PreCheck or Global Entry Reimbursement
- Preferred Member Points Bonus
- Travel Coverage
- Visa Signature Luxury Hotel Collection
- Concierge Services
- High Minimum Redemption
- Need Preferred Member Status to Access the Highest Rewards
- No Airport Lounge Access
- Low Rewards Rate
Does the card provide travel insurance?
Yes, the Bank of America Premium Rewards card offers decent travel insurance coverage including trip interruption/cancellation, lost luggage, baggage delay and rental car collision waiver insurances. However, you must ensure that you pay for your fares with your card to activate your coverage.
What are card income requirements?
There are no official income requirements for the Premium Rewards card, but Bank of America will evaluate your income along with other factors when making an approval decision.
Can I get pre-approved?
Bank of America does typically offer pre approval for its credit cards including the Premium Rewards. You may receive an email, promotional message via the app or other marketing material offering pre approval.
In this Review
Simulation: How Much Rewards You Can Earn?
Check out the table below to see how many points you could earn by using the Bank of America Premium Rewards card. The table estimates how many points you could earn based on your typical spending in different categories.
Please keep in mind that the table is just an estimate, and your actual earnings may vary depending on your spending habits and other factors. However, it can give you a good idea of the potential benefits of this card.
| |
|---|---|
Spend Per Category | Bank of America Premium Rewards
|
$10,000 – U.S Supermarkets | 10,000 points |
$3,000 – Restaurants
| 6,000 points |
$5,000 – Airline | 10,000 points |
$4,000 – Hotels | 8,000 points |
$4,000 – Gas | 4,000 points |
Estimated Annual Points | 38,000 Points |
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Pros and Cons
Just like any other credit card, the BoFa Premium Rewards credit card has some advantages and disadvantages:
Pros | Cons |
|---|---|
Travel Statement Credits | High Minimum Redemption |
TSA PreCheck or Global Entry Reimbursement | Need Preferred Member Status to Access the Highest Rewards |
Preferred Member Points Bonus | No Airport Lounge Access |
Travel Coverage | Low Rewards Rate |
Visa Signature Luxury Hotel Collection | |
Concierge Services |
- Travel Statement Credits
You can receive up to $100 each year towards airline incidental purchases. This includes baggage fees, seat upgrades, airline lounge fees and in flight services.
- TSA PreCheck or Global Entry Reimbursement
This one is one of the cards you receive a reimbursement every four years to cover your TSA PreCheck or Global Entry application fee. You will need to pay for your application fee with your card to qualify for the statement credit.
- Preferred Member Points Bonus
As a cardholder and Preferred Rewards member, you can earn up to 75% more points on each purchase.
This creates the potential to earn up to 3.5 points for every dollar on dining and travel and up to 2.62 points for each dollar on all other purchases.
- Travel Coverage
The Bank of America Premium Rewards card offers a suite of travel coverage including trip cancellation/interruption, trip delay, rental car collision waiver, lost luggage and baggage delay insurances, along with emergency evacuation or transportation services.
- Visa Signature Luxury Hotel Collection
Since the Bank of America Premium Rewards credit card is a Visa Signature, you can access the Luxury Hotel Collection.
This provides premium benefits when you use your card to book accommodation via the Luxury Hotel Collection.
- High Minimum Redemption
You need a minimum of 2,500 points if you want to redeem for cash back or travel, while gift cards have a minimum redemption of 3,125 points. This is a little higher than many comparable cards.
- Need Preferred Member Status to Access the Highest Rewards
If you want to receive the highest possible rewards, you will need to have higher tier Preferred Member status.
This means that you will need to have at least $50,000 in a Bank of America account to access the best reward rates.
- No Airport Lounge Access
Although unlimited lounge access is typically reserved for credit cards with a hefty annual fee, it is unusual for a card with this level of annual fee to not offer any form of lounge access.
Even discounted access would be a nice addition to the card’s feature set.
- Low Rewards Rate
The rewards rate of 1.5X – 2X is quite low compared to other travel rewards cards. Also, there is limited rewards on everyday purchases.
- Concierge Services
Another Visa Signature perk is access to a concierge service, which can help you with your travel plans, event reservations, restaurant recommendations and more.
What Can I Do With My Points?
The Bank of America Premium Rewards program offers a variety of flexible redemption options for your points, allowing you to choose the one that best fits your needs. Here's a breakdown of your choices:
- Travel: book flights, hotels, and car rentals directly through the Bank of America Travel Center. This option offers a redemption rate of 1 cent per point, so 10,000 points translates to $100 towards travel.
- Statement credit: Redeem your points for a statement credit to your Premium Rewards credit card account. This is a simple way to offset past purchases or reduce your upcoming balance.
- Deposit to Bank of America accounts: Direct your points as a deposit to your eligible Bank of America checking or savings account. This can be a good option if you're looking to boost your savings or cover upcoming expenses.
- Merrill account credit: Transfer your points to an eligible Merrill account, including 529 plans. This can be a way to invest in your future or help someone else achieve their financial goals.
- Gift Card: Redeem points for gift cards from a wide range of retailers and brands. This option offers flexibility and choice, letting you spend your points on whatever you desire.
- Merchandise: Purchase merchandise through the Bank of America Travel Center. You can directly buy items using your points, similar to how you would redeem them for travel.
Who is the Premium Rewards Card Best For?
The Bank of America Premium Rewards card is a solid choice for B of A customers who already have Preferred Member status. This immediately elevates the rewards potential for the card, which makes it compare favorably with most other cards in this segment.
The card could also be a good pick for regular travelers who don’t have any particular airline loyalty. You can enjoy decent travel insurance coverage, reimbursements and statement credit, which can enhance your flying and travel experience, without needing to pay a massive annual fee.
If you would like to explore alternatives, you can take a look at other BoFa cards or browse other rewards cards. Here are some examples:
Card | Rewards | Annual Fee |
| 2X – 5X
5x total points on travel purchased through Chase Travel, 3x points on dining, online grocery purchases and select streaming services. 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases.
| $95
|
|---|---|---|---|
| 1X – 3X
3X points on restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Also, earn 1X points on other purchases
| $0 | |
| 1X – 10X
10 miles per dollar on hotels and rental cars when booking via Capital One Travel, 5 miles per dollar on flights and 2 miles per dollar on all eligible purchases
| $395 | |
| 1X – 10X
10X per dollar on hotel, car rentals and attractions booked through CitiTravel.com, 3X points on restaurant, supermarket, gas station, and air travel and other hotels purchases, and 1X points per dollar on all other purchases | $95 | |
| 1X – 5X
5X points on prepaid hotels and car rentals booked directly in the Altitude Rewards Center; 4X points on travel, gas stations, and EV charging stations; 2X points on grocery stores, grocery delivery, dining, and streaming services; and 1X points on all other eligible purchases
| $95 (waived first year) | |
 | 1.5x – 4x
3 points on all travel categories (4 points for PenFed Honors Advantage Members), and 1.5 points on all other purchases
| $95
Waived for existing Honors Advantage Members
| |
| 1X – 10X
5X total points on air travel and 10X total points on hotels, car rentals and dining when you purchase through Chase Ultimate Rewards®, immediately after earning your $300 annual travel credit. Also, earn 3x points on dining at restaurants and travel (after meeting the $300 travel credit), then 1x points per dollar spent on all other purchases. | $550 | |
| 1X – 5X
5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
| $695 (Rates & Fees) |
Tips for Using the BoFa Premium Rewards Card
Although the Premium Rewards card is quite straightforward, there are a few things that you can do to maximize its value.
-
Use Your Card For All Travel Purchases
In addition to getting a higher tier of rewards on your travel purchases, the suite of travel insurances will only kick in if you use your card to purchase your fares and accommodation.
-
Apply for TSA PreCheck or Global Entry
TSA PreCheck and Global Entry can enhance your airport experience with dedicated security and customs lines.
If you apply for one of these programs using your card to pay for the application fees, you’ll be reimbursed, which means that you can enjoy the program benefits for free.
-
Work Towards Preferred Member Status
It may be worthwhile to move most or all of your banking to Bank of America and work towards Preferred Member status. This offers a number of benefits including up to 75% more rewards points on your card purchases.
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FAQs
How do I redeem rewards?
If you want to redeem your rewards, you will need to log into your account. You can then select your preferred redemption method. These include statement credits, deposits into a Bank of America account or gift cards. You can also search for travel purchases through the travel portal and use your points as your payment method.
How hard is it to get a Bank of America Premium Rewards card?
You do need to have good to excellent credit to qualify for the Premium Rewards card, but there are no other specific restrictions. So, if you have decent credit you should not have any particular difficulties getting this card.
When it may not be a good idea?
This card is not the best option if you don’t have any connections to Bank of America. There are numerous other rewards cards with a similar annual fee that offer higher ongoing rewards and a similar benefits package.
Compare BofA Premium Rewards Card
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