Credit Cards » Compare Credit Cards » Bank of America Premium Rewards vs. Chase Sapphire Preferred
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Bank of America Premium Rewards vs. Chase Sapphire Preferred

Chase Preferred card is the clear winner as it offers better travel rewards than the BofA Premium Rewards and variety of travel protections
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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.

Both Bank of America Premium Rewards Credit Card and Chase Sapphire Preferred Card offer generous welcome bonuses, good rewards rates, and a variety of travel benefits. But which card is right for you?

General Comparison

While both cards have a similar annual fees, Chase offers much better rewards than the Bank of America Premium Rewards – the point rewards ratio is higher for all categories, even the strongest categories of the BofA Premium Rewards card.

Bank of America® Premium Rewards®

chase_sapphire_preffered

BoFa Premium Rewards
Chase Sapphire Preferred
Annual Fee
$95
$95
Rewards
Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases
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.
Welcome bonus
60,000 online bonus points for spending $4,000 on new purchases in the first 90 days of opening their card account.
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
0% Intro APR
N/A
N/A
Foreign Transaction Fee
$0
$0
Purchase APR
20.24% – 27.24% Variable
21.24%–28.24% variable APR
Read Review
Read Review
Top Offers

Amex gold

Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership

hilton honors card

Rewards Plan:
3X – 7X 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
Welcome Bonus:
70,000 points 70,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership

Marriot bonvoy bevy card art

Rewards Plan:
2x – 6x 6X points on purchases at hotels participating in Marriott Bonvoy, 4X points at restaurants worldwide (including takeout and delivery in the U.S.) and U.S. supermarkets (up to $15,000 in combined purchases per year, then 2X points), 2X points on all other purchases
Welcome Bonus:
85,000 points 85,000 Marriott Bonvoy bonus points after you use your new Card to make $5,000 in purchases within the first 6 months of Card Membership
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 gold

Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership

hilton honors card

Rewards Plan:
3X – 7X 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
Welcome Bonus:
70,000 points 70,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership

Marriot bonvoy bevy card art

Rewards Plan:
2x – 6x 6X points on purchases at hotels participating in Marriott Bonvoy, 4X points at restaurants worldwide (including takeout and delivery in the U.S.) and U.S. supermarkets (up to $15,000 in combined purchases per year, then 2X points), 2X points on all other purchases
Welcome Bonus:
85,000 points 85,000 Marriott Bonvoy bonus points after you use your new Card to make $5,000 in purchases within the first 6 months of Card Membership
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers

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:
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.

Rewards Battle: BofA Premium Rewards vs. Chase Preferred

When comparing rewards earning, there's a clear standout: the Sapphire Preferred card sets itself apart with its exceptional point rewards rates, especially for groceries, supermarket purchases, and travel expenses.

Bank of America® Premium Rewards®

chase_sapphire_preffered

Spend Per Category
BoFa Premium Rewards
Chase Sapphire Preferred
$15,000 – U.S Supermarkets
22,500 points
45,000 points
$5,000 – Restaurants
10,000 points
15,000 points
$5,000 – Airline
10,000 points
25,000 points
$5,000 – Hotels
10,000 points
25,000 points
$4,000 – Gas
6,000 points
4,000 points
Total Points
58,500 points
114,000 points
Estimated Redemption Value
1 point ~ 1 cent
1 point ~ 1 – 1.5 cent
Estimated Annual Value
$585
$1,140 – $1,710

Chase Sapphire Preferred® points offer more than just cash back. Explore thrilling possibilities by booking flights, hotels, or car rentals through the Chase Ultimate Rewards portal. Additionally, consider transferring points to airline and hotel partners for added flexibility.

Beyond travel, you can opt for non-travel alternatives like redeeming points for statement credits, gift cards, or unique experiences through Chase Ultimate Rewards.

Chase book hotel with points
Book hotel with points (Screenshot from Chase app)

The Bank of America® Premium Rewards® Card presents diverse redemption avenues. Within Travel, leverage the Bank of America Travel Center for convenient bookings at a 1 cent per point rate. Although not the highest value, it offers simplicity.

Transferring points to partner programs, like Air France-KLM Flying Blue and British Airways Avios, at a 1:1 ratio expands flexibility.

For Cash Back, opt for immediate relief by redeeming points as Statement Credits at 1 cent per point or consider depositing points into eligible Bank of America accounts.

If you have a Merrill Lynch investment account, points can be transferred for potential investment opportunities. Gift Cards provide spending flexibility, while the “Experiences” portal offers unique events for added excitement and variety.

Which Extra Benefits You'll Get With Each Card?

When it comes to extra benefits, the Bank of America Premium Rewards offer more statement credits. Here's the comparison:

Bank of America Premium Rewards

Bank of America® Premium Rewards®

  • $100 Airline Incidental Statement Credits: Receive up to $100 annually for eligible purchases like seat upgrades, baggage fees, in-flight services, and airline lounge fees, automatically applied to your card statement.
  • $100 TSA PreCheck® or Global Entry: Get up to $100 for TSA PreCheck® or Global Entry application fees every four years, providing a convenient way to streamline your airport security experience.
  • Visa Signature Luxury Hotel Collection: Enjoy premium benefits with your Premium Rewards® card when booking through this exclusive hotel collection.
  • Balance Connect® for Overdraft Protection: Link your eligible Bank of America® checking account to your credit card to prevent declined purchases, returned checks, or other overdrafts with this optional service.
  • Concierge Service: Visa Signature® offers access to concierges who can assist with travel planning, provide restaurant recommendations, and make event reservations, enhancing your overall experience.
Chase Sapphire Preferred

chase_sapphire_preffered

  • $50 Anniversary Statement Credit: Every year on your card anniversary, you have the opportunity to earn up to $50 in statement credits for hotel stays made through the Chase Ultimate Rewards portal.
  • %25 Travel Bonus: When you redeem your reward points for travel through the Chase Ultimate Rewards portal, you'll receive a 25% bonus, enhancing the value of your points.
  • %10 Anniversary Bonus: Chase offers a 10% bonus on your total purchases from the previous year as an anniversary gift. For example, if you earned 20,000 points in the first year, you'll receive a 2,000-point bonus in the second year.
Chase transfer points to airlines
Chase transfer points to airlines (Screenshot from Chase app)
  • DoorDash Perks: Upon registration, you'll receive a one-year DoorDash subscription, DashPass, which offers reduced service fees and $0 delivery fees for orders over $12.
  • Lyft Rides: During the promotional period, you'll earn extra points on Lyft rides, currently available until March 2025.
  • Instacart+ Subscription: Linking your card to Instacart grants you a six-month Instacart+ subscription for free. As a member, you can earn up to $15 in statement credits per quarter until July 2024.

Which Card Offers Better Travel Insurance?

Both cards offer the following insurance and protections:

  • Purchase Protection: Safeguard your new purchases from damage or theft with comprehensive coverage.
  • Extended Warranty Protection: Extend the existing U.S. manufacturer's warranty by an additional year for eligible warranties lasting three years or less.
  • 24-Hour Travel Assistance Services: In the event of a lost or stolen credit card, access emergency services such as an immediate replacement card and cash advance.
  • Auto Rental Collision Damage Waiver: Offers primary coverage for theft and collision damage for most rental cars in the U.S. and abroad when you decline the rental company's insurance, with reimbursement up to the actual cash value of the vehicle.
  • Baggage Delay Insurance: Reimburses up to $100 per day for essential purchases like toiletries and clothing when your baggage is delayed by a passenger carrier for more than 6 hours, up to a total of 5 days.
  • Trip Delay Reimbursement: Covers unreimbursed expenses, such as meals and lodging, up to $500 per ticket when your common carrier travel is delayed for more than 12 hours or necessitates an overnight stay.

  • Trip Cancellation Reimbursement: If your trip is canceled or shortened due to covered situations like illness.
Chase Sapphire Preferred travel insurance benefits
With its extensive travel insurance benefits, the Chase Sapphire Preferred card may be a smart choice for frequent travelers (Photo by Africa Studio/Shutterstock)

However. the Bank of America Premium Rewards card offers better travel insurance with different types of protections:

  • Emergency Evacuation and Transportation Coverage: ensures that you and your immediate family receive financial support for eligible medical services and transportation in the event of injury or illness during a trip far from home.
  • Return Protection: offers reimbursement for dissatisfactory eligible items within 90 days of purchase, when the retailer won't accept the return.
  • Roadside Assistance: The card provides a 24/7 on-demand referral dispatch network, ensuring emergency roadside assistance, towing, and locksmith services are readily available, offering peace of mind for cardholders while on the road.
  • Lost Luggage Reimbursement: Provides coverage for damaged or lost luggage checked or carried on by you or an immediate family member when traveling.
Top Offers

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:
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.
Top Offers

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:
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.

When You Might Prefer The Chase Sapphire Preferred?

You might prefer the Chase Sapphire Preferred card if:

  • Better Points Rewards Ratio: according to our analysis, we can see the Chase Sapphire Preferred offers more points for the same spend and higher annual value of points compared to the Bank Of America Premium Rewards card
  • More Redemption Options: the Chase Ultimate rewards offers a variety of redemption options, much more than what you can get with Bank Of America.
Chase Sapphire Preferred Transfer points to Partners
Chase Sapphire Preferred transfer points to partners (Screenshot from taken by our team from Chase app)

When You Might Prefer The BofA Premium Rewards Card?

You might prefer the regular BofA Premium Rewards card if:

  • You Want Broader Travel Insurance: As we can see above, the BofA Premium Rewards offers offers a broader coverage so if you prioritize this aspect, it may be a better choice.
  • You Want Better Travel Perks: the BofA Premium Rewards offers a bit more enticing extra travel perks compared to the Chase Sapphire Preferred:

Compare The Alternatives

Whether you're seeking travel rewards, a straightforward cashback system, or specific perks tailored to your lifestyle, these alternatives have something for everyone.

Bank of America® travel rewards

capital-one-venture

Wells Fargo Autograph

Bank of America® Travel Rewards credit card
Capital One Venture Rewards Credit Card
Wells Fargo Autograph℠ Card
Annual Fee
$0
$95
$0
Rewards
1.5X 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
2X – 5X 2X miles per dollar on every purchase, plus 5X miles on hotels and rental cars booked through Capital One Travel
1X – 3X 3X points on restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Also, earn 1X points on other purchases
Welcome bonus
25,000 points 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
75,000 miles
20,000 Points 20,000 bonus points when you spend $1,000 in purchases in the first 3 months
Foreign Transaction Fee
$0
$0
$0
Purchase APR
18.24% – 28.24% Variable APR will apply.
19.99% – 29.99% (Variable)
20.24% – 29.99% variable

Compare BofA Premium Rewards Card

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

Compare Chase Sapphire Preferred

When it comes to the annual fee, there is a clear winner. But is it worth the exclusive travel rewards you'll get? Here's our analysis.

Chase Sapphire Preferred vs Reserve: Which is Better?

When it comes to travel benefits, there is a clear winner. But what about if you're looking for rewards on everyday spending?

Amex Blue Cash Preferred vs Chase Sapphire Preferred: Which Card Is Best?

While the Chase Sapphire Preferred Card has more benefits, the Capital One Venture card offers unique features. Which travel card is better?

Capital One Venture vs Chase Sapphire Preferred: Which Card Is Best?

While the Amex gold card is best for everyday spending, the Chase sapphire preferred may be better as a travel card. Here's our comparison:

American Express Gold Card Vs. Chase Sapphire Preferred: Which Is Best?

The Chase Sapphire Preferred offers better travel perks and protections, but unlike the Autograph card – you'll need to pay an annual fee.

Wells Fargo Autograph Vs. Chase Sapphire Preferred: Which Card Is Best?

The Chase Sapphire Preferred offers costs more and offer more benefits than the Freedom Unlimited. Is it worth the annual fee?

Chase Freedom Unlimited Vs. Sapphire Preferred: Compare Side By Side

The Chase Sapphire Preferred is more versatile and offers better travel rewards than the Explorer card. But what if you're loyal to United?

United Explorer Card vs Chase Sapphire Preferred: Side By Side Comparison

The Venture X card offers better travel perks than the Sapphire Preferred, such as annual credit and lounge access. But is it worth the fee?

Capital One Venture X vs. Chase Sapphire Preferred: Comparison

The Marriott Boundless offers great perks for Marriot lovers, while the Preferred card wins when it comes to general travel-related rewards.

Marriott Bonvoy Boundless vs. Chase Sapphire Preferred: Comparison

The Capital One Savor is better for everyday spending, but the Chase Preferred card is the winner when it comes to travel and protections.

Capital One Savor vs. Chase Sapphire Preferred: Comparison

While the Chase Sapphire Preferred is our winner due to its various perks, the Aeroplan card offers high cashback value and airline perks.

Chase Sapphire Preferred vs. Air Canada Aeroplan Card: How They Compare?

The Chase Sapphire Preferred is our winner due to its higher annual cashback value and various redemption options compared to Alaska card

Chase Sapphire Preferred vs. Alaska Airlines Visa Signature Card: How They Compare?

While we really like both cards, the Chase Sapphire Preferred is our winner due to its diverse redemption options and high rewards rate.

Chase Sapphire Preferred vs. JetBlue Plus Card: Side By Side Comparison

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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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.