Credit Cards » Credit Card Reviews » Bank of America Premium Rewards Card Review (2024)
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Bank of America Premium Rewards Card Review (2024)

While the basic rewards rate of this card is not so high, there are benefits such as travel statement credits or TSA Precheck Reimbursement
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Bank of America Premium Rewards

Bank of America® Premium Rewards®

Rewards Plan

1.5X – 2X Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases

Welcome Bonus

60,000 points 60,000 online bonus points for spending $4,000 on new purchases in the first 90 days of opening their card account.

Credit Rating

Good – Excellent

0% Intro

N/A

Annual Fee

$95

APR

20.24% – 27.24% Variable
Bank of America Premium Rewards

Bank of America® Premium Rewards®

Rewards Plan

1.5X – 2X Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases

Welcome Bonus

60,000 points 60,000 online bonus points for spending $4,000 on new purchases in the first 90 days of opening their card account.

0% Intro

N/A

PROS

CONS

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.

Bank of America® Premium Rewards®

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

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.

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.

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.

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.

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.

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.

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.

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.

The rewards rate of 1.5X – 2X is quite low compared to other travel rewards cards. Also, there is limited rewards on everyday purchases.

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.
BoFa card available points to redeem
(Screenshot from Bank Of America app)

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

chase_sapphire_preffered

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

Wells Fargo Autograph

1X – 3X 3X points on restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Also, earn 1X points on other purchases
$0

Venture X Rewards

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

Citi Strata Premier℠ Card

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

U.S. Bank Altitude Connect Visa Signature

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)
PenFed Pathfinder Rewards Visa Signature
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

amex platinum

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

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.

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.

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.

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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Rewards Plan:
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Welcome Bonus:
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Rewards Plan:
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Welcome Bonus:
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Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
85,000 miles 85,000 bonus miles after you spend $4,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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amex platinum

Rewards Plan:
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
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

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Rewards Plan:
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Welcome Bonus:
95,000 points 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
Up to 3x miles 3 miles per $1 spent on United purchases immediately after earning your $125 annual United purchase credit, 2 miles on all other travel and select streaming services, 1 mile on all other purchases
Welcome Bonus:
60,000 miles 60,000 bonus miles + 500 Premier qualifying points (PQP) after you spend $4,000 on purchases in the first 3 months your account is open.
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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amex platinum

Rewards Plan:
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
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
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Welcome Bonus:
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Welcome Bonus:
85,000 miles 85,000 bonus miles after you spend $4,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

FAQs

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.

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.

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

Chase Preferred card is the clear winner as it offers better travel rewards than the BofA Premium Rewards and variety of travel protections.

Bank of America Premium Rewards vs. Chase Sapphire Preferred

The BoFa Premium Rewards Elite offers better travel perks, but is it worth the difference in the annual fee? We don't think so. Here's why.

Bank of America Premium Rewards vs. Elite: How They Compare?

The BofA Premium Rewards is the winner when it comes to travel benefits, but there are cases when you'll prefer the BofA Travel Rewards.

Bank of America Premium Rewards vs. Travel Rewards: Comparison

Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Rewards Plan:
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
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
95,000 points 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
85,000 miles 85,000 bonus miles after you spend $4,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

amex platinum

Rewards Plan:
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
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
95,000 points 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
Up to 3x miles 3 miles per $1 spent on United purchases immediately after earning your $125 annual United purchase credit, 2 miles on all other travel and select streaming services, 1 mile on all other purchases
Welcome Bonus:
60,000 miles 60,000 bonus miles + 500 Premier qualifying points (PQP) after you spend $4,000 on purchases in the first 3 months your account is open.
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.