How Does LendingTree Get Paid?
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

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Bank of America® Premium Rewards® credit card

Bank of America<sup>®</sup> Premium Rewards<sup>®</sup> credit card

Bank of America® Premium Rewards® credit card

Sign Up Bonus
50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening.
Rewards Rate
2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases .
Extra Perks

Get up to $100 in Airline Incidental Statement Credits annually and Pre✓®/Global Entry Statement Credits of up to $100, every four years

Edited by
Julie Sherrier
Reviewed by
Benét J. Wilson
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Bank of America® Premium Rewards® credit card best for?

Bank of America® Premium Rewards® credit card details updated Nov. 3, 2021.

The Bank of America® Premium Rewards® credit card is an amazing card if you have big deposits with Bank of America or Merrill Lynch via Bank of America’s Preferred Rewards Program as those cardholders get a boosted rewards rate. Plus, the card offers numerous traveler protections that are normally found on high-annual-fee travel rewards cards.

Depending on your level in Bank of America’s Preferred Rewards program, you can earn up to 3.5 points per dollar spent on travel and dining purchases and 2.625 points per dollar spent on all other purchases. There isn’t another credit card that offers that level of rewards with an uncapped potential.

Plus, cardholders have the option of redeeming their rewards as deposits into a Bank of America checking or savings account, or as a credit to eligible Merrill Edge and Merrill Lynch accounts (including 529 accounts).

Bank of America® Premium Rewards® credit card overview

    • Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening 
    • Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases 
    • If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means you could earn up to 3.5 points for every $1 spent on travel and dining purchases.
    • No limit to the points you can earn and your points don't expire 
    • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center 
    • Get up to $100 in Airline Incidental Statement Credits annually and TSA Pre✓®/Global Entry Statement Credits of up to $100, every four years  
    • No Foreign Transaction Fees 
    • Low $95 annual fee 
    • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
  • Credit needed:
    680 850
    Excellent/Good
  • Trip delay reimbursement
  • Trip cancellation/interruption
  • Baggage delay
  • Lost luggage reimbursement
  • Travel accident insurance
  • Travel and emergency assistance services
  • Emergency evacuation and transportation coverage
  • Purchase security
  • Return protection
  • Auto rental collision damage waiver
  • Roadside dispatch program
  • Free FICO® Score

Intro Purchase APR

N/A

Regular Purchase APR

15.99% - 22.99% variable

Intro BT APR

N/A

Regular BT APR

15.99% - 22.99% variable on balance transfers

Annual Fee

$95

Cash Advance Fee

see terms

Foreign Transaction Fee

None

Balance Transfer Fee

Either $10 or 3% of the amount of each transaction, whichever is greater.

Pros and cons of the Bank of America® Premium Rewards® credit card

Pros

  • Sign-up bonus
  • Annual travel credits
  • Foreign transaction fee: None
  • Points earning bonus for Preferred Rewards members (those with Bank of America® deposit and/or Merrill® investment accounts)

Cons

  • Annual fee
  • No intro APR offers
  • Low rewards rate on purchases other than dining and travel for non-Preferred Rewards members

What we like about the Bank of America® Premium Rewards® credit card

  • Statement credits

    Despite a $95 annual fee, the benefits of the Bank of America® Premium Rewards® credit card more than cover it. You get up to a $100 yearly airline credit — automatically applied to your card statement — to cover things like seat upgrades, baggage fees, in-flight services and airline lounge fees. On top of that, you get up to $100 to cover enrollment fees for TSA Precheck or Global Entry every four years.

  • Sign-up bonus

    New cardholders can earn 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening.

  • Enhanced rewards

    Bank of America’s Preferred Rewards members can also boost their points rewards, earning between a 25% to 75% bonus on every purchase. This translates up to 3.5 points per $1 on travel and dining purchases and up to 2.62 points per $1 on all other purchases.  And your points don’t expire.

  • Rewards redemption options

    Cardholders also get flexibility with how they redeem points. It can be cash back as a statement credit or deposited into eligible Bank of America® or Merrill Lynch® accounts, including checking, savings and 529 college savings plans. Cash back can also be redeemed for buy travel, including air, car rentals and hotels, through the Bank of America Travel Center or redeemed for gift cards.

  • Extensive travel benefits

    Bank of America® Premium Rewards® credit card cardholders are covered when it comes to travel mishaps, such as lost luggage, trip delays, medical emergencies and trip cancellations.

What to watch out for with the Bank of America® Premium Rewards® credit card

  • Annual fee

    The Bank of America® Premium Rewards® credit card comes with a $95 annual fee.

  • No loyalty program transfer partners

    You can’t transfer your points to airline or hotel loyalty programs. Instead, you’re moved to the Bank of America’s Travel Center website for purchases, although you do get more value for your points when booking on the site.

  • No intro APR offers

    The Bank of America® Premium Rewards® credit card does not offer an intro APR deal for either purchases or balance transfers.  If you do choose to transfer a balance to the Bank of America® Premium Rewards® credit card, you will incur a balance transfer fee of either $10 or 3% of the amount of each transaction, whichever is greater. After, an APR of 15.99% - 22.99% variable on balance transfers will apply.

Alternate rewards card to the Bank of America® Premium Rewards® credit card

Compare it to the Capital One Venture Rewards Credit Card

Disclosures |
Capital One Venture Rewards Credit Card
Capital One Venture Rewards Credit Card
on Capital One's secure site
N/A
15.99% - 23.99% (Variable)
$95
2 Miles per dollar on every purchase, every day
  • Enjoy a one-time bonus of 60,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $600 in travel
  • Earn unlimited 2X miles on every purchase, every day
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
  • Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
  • Transfer your miles to your choice of 15+ travel loyalty programs
  • No foreign transaction fees
680 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

The Capital One Venture Rewards Credit Card has a similar annual fee of $95. Enjoy a one-time bonus of 60,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $600 in travel. You also earn 2 Miles per dollar on every purchase, every day on the Capital One Venture Rewards Credit Card, which is better than the Bank of America® Premium Rewards® credit card — but only if you don’t take advantage of the latter’s different ways of earning bonus points.

Both cards allow you to use your points to fly any airline or stay at any hotel with no blackout dates. Your miles won’t expire for the life of the account and there’s no limit to how many you can earn. And both cards charge foreign exchange fees of none.

The Capital One Venture Rewards Credit Card also offers auto rental collision damage waivers, travel accident insurance, Visa Concierge service, and extended warranty protection on eligible items purchased with your card. But it doesn’t offer Bank of America® Premium Rewards® credit card benefits, like reimbursement for trip delay/cancellation/interruption or baggage delay and return protection when you’re dissatisfied with an item bought with the card.

Compare the Bank of America® Premium Rewards® credit card to similar cards

Comparison of four different credit cards
Bank of America<sup>®</sup> Premium Rewards<sup>®</sup> credit card Capital One Venture Rewards Credit Card Chase Sapphire Preferred<sup>®</sup> Card Chase Sapphire Reserve<sup>®</sup>
Bank of America® Premium Rewards® credit card Capital One Venture Rewards Credit Card Chase Sapphire Preferred® Card Chase Sapphire Reserve®
Apply Now
on Bank of America's secure site
Apply Now
on Capital One's secure site
Apply Now
on Chase's secure site
Apply Now
on Chase's secure site
Welcome Offer
50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening. Enjoy a one-time bonus of 60,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $600 in travel Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®. Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Rewards Rate
2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases 2 Miles per dollar on every purchase, every day 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases 5x points on flights and 10x points on hotels and car rentals through Chase Ultimate Rewards®
Annual Fee
$95 $95 $95 $550
Intro Purchase APR
N/A N/A N/A N/A
Regular APR
15.99% - 22.99% variable 15.99% - 23.99% (Variable) 15.99% - 22.99% Variable 16.99%-23.99% Variable
Recommended Credit
Excellent/Good Excellent/Good Excellent Excellent
Card Details
Bank of America® Premium Rewards® credit card Capital One Venture Rewards Credit Card Chase Sapphire Preferred® Card Chase Sapphire Reserve®

Is the Bank of America® Premium Rewards® credit card right for you?

The trick to getting the best bang for the buck from the Bank of America® Premium Rewards® credit card is to use it for travel and dining purchases to get the higher rewards rate. Leverage those points further by enrolling in Bank of America’s Premium Rewards program and get between a 25% and 75% point bonus.

Use the Bank of America Travel Center website to book your travel to get 3 points for every $1 spent. And take full advantage of the Bank of America® Premium Rewards® credit card’s $100 yearly airline credit and the $100 credit for TSA Precheck or Global Entry enrollment fees, either of which can cover the card’s $95 annual fee.

In terms of deciding whether this card is best for you, you should consider if you can meet the minimum spending requirement to get the bonus and where you generally spend money on day-to-day purchases.

If you have big travel aspirations and want a credit card with points you can redeem directly into airline miles, you may want to take a look at a card like the Chase Sapphire Preferred® Card ($95 annual fee), which will offer you many more options.

However, if you primarily travel in economy and have little flexibility with your dates, then a card that lets you use your points like cash for travel, the Bank of America® Premium Rewards® credit card will do the trick.

Apply Now
on Bank of America's secure site