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.