By longboxian
60,000 online bonus points (equivalent to $600) after spending $4,000 in the first 90 days of account opening.
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Use the points for travel, dining, or statement credits, offering flexible value right from the start.
The Bank of America® Premium Rewards® Credit Card is designed for individuals seeking elevated travel perks, flexible redemption options, and excellent earning potential. With a competitive bonus, generous earning structure, and premium benefits, the Bank of America® Premium Rewards card stands out as a versatile option for frequent travelers and everyday spenders alike.
Key Features
1. Welcome Bonus
- 60,000 online bonus points (equivalent to $600) after spending $4,000 in the first 90 days of account opening.
- Use the points for travel, dining, or statement credits, offering flexible value right from the start.
2. Reward Earning Rates
- 2 points per $1 spent on travel and dining purchases.
- 1.5 points per $1 on all other purchases.
- No limit to the points you can earn, and points do not expire as long as the account remains open.
Enhanced Rewards for Preferred Rewards Members
- Preferred Rewards for Business members earn 25% to 75% more points:
- Up to 3.5 points per $1 on travel and dining.
- Up to 2.62 points per $1 on all other purchases.
- Preferred Rewards members also benefit from higher cashback, savings, and exclusive banking advantages.
Premium Travel Benefits
1. Statement Credits
- $100 Airline Incidental Credit:
- Receive up to $100 annually for baggage fees, seat upgrades, lounge access, and more.
- $100 TSA PreCheck® or Global Entry Credit:
- Every four years, get reimbursed for the cost of these airport security programs.
2. No Foreign Transaction Fees
- Enjoy the freedom to travel globally without incurring extra fees on international purchases.
3. Flexible Redemption Options
- Redeem points for:
- Cash back as a deposit to Bank of America® accounts or eligible Merrill® accounts.
- Statement credits for travel and dining purchases.
- Gift cards or travel bookings via the Bank of America Travel Center.
4. Travel Protections
- Travel Insurance:
- Includes trip cancellation, trip interruption, and trip delay insurance.
- Lost Luggage Reimbursement:
- Covers lost or delayed baggage.
- Emergency Evacuation and Transportation:
- Ensures coverage for emergencies during trips.
5. Visa Signature® Luxury Hotel Collection
- Gain access to premium benefits like complimentary breakfast, room upgrades (when available), late checkout, and exclusive offers when booking through the Visa Signature Luxury Hotel Collection.
Additional Features
1. Purchase Protections
- Warranty Manager Service:
- Extend the manufacturer’s warranty on eligible purchases.
- Purchase Security:
- Protects against theft or damage for 90 days after purchase.
- Return Protection:
- Helps with refunds when merchants won’t accept returns.
2. Automotive Protections
- Auto Rental Collision Damage Waiver:
- Covers rental cars for collision and theft.
- Roadside Dispatch Program:
- 24/7 access to emergency roadside assistance.
3. Digital Wallet Integration
- Use Apple Pay®, Google Pay™, or Samsung Pay for secure, contactless payments.
4. Account Security
- Zero Liability Protection:
- Protection against unauthorized transactions.
- Fraud Monitoring:
- Detects and blocks unusual activity.
- FICO® Score Access:
- Monthly updates on your credit score via the Mobile Banking app.
Interest Rates & Fees
- Annual Fee: $95
- APR: Variable APR of 20.49% to 28.49%, based on creditworthiness.
- Balance Transfer Fee: 4% of each transaction.
Comparison with Similar Cards
| Card Name | Annual Fee | Rewards | Best For |
|---|---|---|---|
| Bank of America® Premium Rewards® Credit Card | $95 | 2X on travel/dining, 1.5X on other purchases | Flexible travel and dining rewards |
| Chase Sapphire Preferred® | $95 | 3X on dining, 2X on travel | Travel benefits and Chase transfer partners |
| American Express Gold Card® | $250 | 4X on dining, 3X on flights booked directly | Elevated rewards on dining and groceries |
| Capital One Venture Rewards | $95 | 2X on all purchases | Simple, unlimited travel rewards |
Who Should Get This Card?
The Bank of America® Premium Rewards® Credit Card is ideal for:
- Travelers seeking premium benefits like statement credits and travel protections.
- Individuals with Bank of America or Merrill® accounts looking to maximize rewards through Preferred Rewards.
- Those who value flexible redemption options for their rewards.
Pros and Cons
Pros
- Generous welcome bonus with $600 value.
- Competitive rewards structure for travel and dining.
- Flexible redemption options for cash back, travel, and more.
- Extensive travel and purchase protections.
Cons
- $95 annual fee might deter infrequent travelers.
- Rewards structure is less appealing for non-travel or dining spending compared to some competitors.
Final Verdict
The Bank of America® Premium Rewards® Credit Card strikes an excellent balance between affordability and premium travel perks. With its flexible earning structure, lucrative statement credits, and robust travel protections, this card is a solid choice for frequent travelers and everyday spenders alike.
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