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Bank of America® Premium Rewards® credit card

Credit needed
Good
APR
15.99% to 22.99%
Annual Fee
$95

Card Summary

Two points for every dollar you spend on dining and travel, and one point per dollar elsewhere with the Bank of America Premium Rewards card.

If you are a Bank of America Preferred Rewards customer, you can earn between 25% and 75% in rewards bonuses. After you have spent at least $3,000 online, new cardholders will receive 50,000 bonus points. This is a value of $500.

While the $95 annual fee for this card isn't waived in the first year of use, you won't have to pay any foreign transaction fees.

Access to roadside dispatch, auto collision damage waiver, and return protection are all available.

Bank of America Premium Rewards credit cards review:

The card is beneficial for Bank of America Preferred Rewards customers.

It doesn't allow you to transfer points from this card to hotel or airline partners.

Card Summary - Cons

Rates and fees

Issuer Name
Bank of America
Penalty APR
Up to 29.99% APR
Credit Needed
Good
Balance Transfer Fee
You can choose to pay $10 or 3% depending on the transaction amount.
Annual Fee
$95
Cash Advance Fee
N/A
APR
15.99% to 22.99%
Foreign Transaction Fee
None
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Bank of America

The Best Features

Sign up bonus: After you have spent at least $3,000 online, you'll get 50,000 bonus points. This is a value of $500.

Bank of America Preferred Rewards clients can receive up to 75% higher in relationship bonus. This is 25% for $20,000 and more combined bank balances with Merrill and Bank of America. It's 50% if your $50,000 and $100,000 are more than that. 75% if your $100,000 and more.

Statement credits for travel: Up to $100 per year can be received in credit towards incidental airline fees. This includes seat upgrades and airport lounge access.

To cover the TSA pre-check, Global Entry application fee, you'll receive a maximum of $100 in statement credits every four years.

Rewards

Sign up bonus

APR Requirements

Drawbacks

Annual Fee: This card has a $95 fee. It doesn't waive the fee for the first year like other credit cards.

Transfer partners are not available: Other travel credit cards offer the ability to transfer points to different loyalty programs, including airline or hotel.

Transferring rewards may make it easier to get more out of every reward point.

You can't transfer this card to your partners. Rates and fees

Highlights

After you spend at least $3,000 within the first 90-days of your account opening, you will receive 50,000 bonus online points. This is a value $500.

Unlimited 2 points earned for each $1 you spend on dining and travel, and unlimited 1.5 points for all purchases Bank of America Preferred Rewards members can get 25%-75% extra points for every purchase. This means that you can earn as much as 3.5 points per $1 on dining and travel purchases.

There is no limit on the number of points that you can earn, and they don't expire. You can redeem for cash as a statement credit or deposit to eligible Bank of America accounts. Credit to eligible Merrill, gift cards, and purchases made at the Bank of America Travel Center are also eligible.

Airline incidental statement credits up to $100 per year and TSA pre-check,/Global Entry credits up to $100 every four years.

No foreign transaction fees. Annual fee of $95. You may miss this online offer if your browser leaves the page or you go to a Bank of America branch.

Benefits

Comparative Analysis with Other Cards

Bank of America Premium Rewards card vs. Chase Sapphire Prefer Card

Annual Fee: A $95 fee is charged by the Bank of America Premium Rewards card. Chase Sapphire Preferred Card charges $95 annually.

Reward: The Bank of America Premium Rewards card will earn you two points for every dollar spent on dining and travel, while 1.5 points for all purchases. Chase Sapphire Preferred Card gives you 3X points for dining, including takeout, delivery, or dining out. You also get 2X points when traveling. You can also earn 1 point for every dollar you spend on any other purchase.

Sign up bonus: After spending $3,000 on purchases within the first 90 day of opening an account, cardholders who have the Bank of America Premium Reward credit card will be eligible for 50,000 bonus points. Chase Sapphire Preferred Card gives you 60,000 bonus points if you spend $4,000 in purchases within the first three months of account opening.

Benefits: Bank of America Premium Rewards credit cards offer travel benefits such as trip delay reimbursement, trip interruption insurance, luggage delay insurance, loss of luggage reimbursement, evacuation coverage, extended warranty coverage and purchase protection. The Chase Sapphire Preferred Card provides primary coverage, including auto rental collision damage waiver and trip cancellation or interruption insurance. It also offers travel and emergency assistance.

Bank of America Premium Reward Visa Card:

How to Get Rewards?

Earn two points for every dollar you spend on dining and travel, and one point per dollar for all purchases. After you have spent at least $3,000 within the first 90-days of your account opening, you will earn 50,000 bonus points. If you are a client of Preferred Rewards, you will earn 25% to 75% more reward points for every swipe.

To earn 25% more in rewards, you must have $20,000 combined in your savings and checking accounts at Bank of America, as well as investment accounts at Merrill. If you have $50,000 or more, you'll receive 50% extra and 75% additional if your account has at least $100,000.

How much does the Bank of America Premium Reward Visa card cost?

Annual Fee: The $95 fee for this card is lower than that of cards with an annual fee. According to U.S. News' 2019 credit card fee study, 68% do not charge an annual fee.

No Foreign Transaction Fee: This card does not have a foreign transaction fee. It is the same as 39% of other credit cards.

Balance Transfer Fee: The card charges a $10 balance transfer fee or 3% for each transaction.

Redeeming Rewards

Maximizing Rewards

Annual Fees

Conclusion

Do you need the Bank of America Premium Reward Visa card?

If you are:

You are a Bank of America client with Preferred Rewards.

You don't have to accept a card with travel reward points without any transfer partners you want to accumulate unlimited points which don't expire.

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No late fees. Reduced interest charges. Pay off

Bank of America