Bank of America® Premium Rewards® credit card Review

Our Detailed Review of This Card

Apply for This Card

The Bank of America® Premium Rewards® credit card is a strong pick for travelers and those who like to dine out, particularly if they're already a Bank of America® customer or plan to become one — they're given the opportunity to earn more rewards.

To start things off, the Bank of America® Premium Rewards® credit card offers a 50,000-point bonus to cardholders who spend $3,000 on purchases in the first 90 days they have the card. That bonus is worth $500 in statement credit! On top of that, you'll earn an unlimited 2 points for every $1 spent on travel and dining purchases as well as 1.5 points per $1 spent on all other purchases. As you can see, these rewards are perfect for travelers, as traveling and dining out usually go hand-in-hand.

When it's time to redeem your rewards, you have a couple of options. You can choose to redeem them for a statement credit, use them to book travel through the Bank of America travel center or redeem them for gift cards. You can also redeem points for a direct deposit into your eligible Bank of America or Merrill Lynch checking or savings account, which offers the most bang for your buck, as we explain in the next paragraph. Our Travel Rewards Credit Card Analysis found the Bank of America® Premium Rewards® credit card's average flight and hotel rewards value to be $1.53 per $100 spent, which placed the card mid-pack in terms of travel value. The minimum redemption amount is 2,500 points (aka $25 — each point is worth $0.01).

Here's where it pays to be a Bank of America banking customer: Bank of America Gold, Platinum or Platinum Honors customers will earn a bonus of 25% to 75%, depending on their Preferred Rewards status. All you have to do to earn the bonus is redeem your points for a direct deposit into your eligible checking or savings account. That means you could earn up to 3.5 points for every $1 you spend on travel and dining purchases as well as up to 2.62 points per $1 on all other purchases.

Cardholders will also enjoy no foreign transaction fees, double warranty protection, purchase protection, travel protection and rental car collision damage waiver. Other card perks include up to a $100 airline incidental statement credit each year to cover things like seat upgrades and baggage fees as well as up to a $100 airport security statement credit toward TSA Pre✓® or Global Entry Application Fee every 4 years. There is a $95 annual fee, but given the card benefits, rewards potential and up to $200 in travel statement credit, the card easily pays for itself.

The Bank of America® Premium Rewards® credit card is a good match for anyone looking for a card with a big intro bonus (worth $500!) that rewards them for eating out and traveling. It's especially appealing to those who are or want to become Bank of America customers in order to take advantage of the ongoing bonus opportunity.

Rewards

  • Earn 50,000 bonus points- a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening.
  • Earn 2 points for every $1 spent on travel and dining purchases.
  • Earn 1.5 points per $1 spent on all other purchases.

Redeem Rewards
  • Redeem for cash rewards, including a statement credit, an electronic deposit into a Bank of America checking or savings account, a contribution to an eligible Cash Management Account with Merrill Lynch Wealth Management or Merrill Edge, or College 529 savings account held at Merrill Lynch.
  • Points may also be redeemed for travel at the Travel Center, or gift cards.
  • Minimum point redemption is 2,500. Each point redeemed is worth $0.01 (2,500 points = $25).

Fees and APR
  • Annual Fee: $95.
  • Purchase APR: 17.99% - 24.99% Variable APR on purchases, depending on credit history.
  • Balance Transfer APR: 17.99% - 24.99% Variable APR on balance transfers, depending on credit history.
  • Balance Transfer Fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
  • Foreign Transaction Fee: None.
  • Penalty APR: up to 29.99% APR.


Apply for a Bank of America® Premium Rewards® credit card

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.

If you have a question or concern we haven't answered on our site, please let us know. Due to volume, we aren't able to respond to every question, but we answer as many as we can.




About Us Blog Contact Us Terms & Privacy Policy Site Map
Copyright© 2006 - 2018 NextAdvisor.com - All rights reserved.

Advertiser Disclosure: NextAdvisor is a consumer information site that offers free reviews and ratings of online services. Many of the companies whose services we review provide us compensation when someone who clicks from our site becomes their customer. This is how we make money to support our site. The results of our analyses, calculators, reviews and ratings are based on objective quantitative and qualitative evaluation of all the cards on our site and are not affected by any compensation NextAdvisor may receive. Compensation may impact which products we review and write about and where those products appear. We do not review all products in a given category. All opinions expressed on this site are our own.