Bank of America® Premium Rewards® credit cardFly high with the Bank of America Premium Rewards Credit Card, which not only lets you earn rewards points on travel and dining out, but also offers a plethora of travel-specific benefits and a spectacular 50,000 bonus point opportunity. If you’re wondering how exactly this card can earn you rewards, what you can do with those rewards and what else Bank of America has in store for cardholders, keep your eyes glued to your screen while we lay out everything you need to know.

Earning rewards with the Bank of America Premium Rewards Credit Card

Bank of America Premium Rewards Credit Card
  • Get 50,000 bonus points — a $500 value — when you spend $3,000 on purchases in the first 90 days of account opening.
  • Earn an unlimited 2 points per $1 spent on travel and dining purchases.
  • Earn an unlimited 1.5 points per $1 spent on all other purchases.
  • Get an airline incidental statement credit of up to $100 each year to cover seat upgrades, baggage fees and more.
  • Get an airport security statement credit of up to $100 every 4 years to cover TSA Pre-Check or Global Entry Application fees.
  • Bank of America Preferred Rewards clients can get a 25% to 75% rewards bonus on every purchase.
  • Pay no foreign transaction fees.
  • There is a $95 annual fee.

Travelers will earn 2 points for every $1 they spent on travel and dining purchases, making this a great card for those trips where you want to eat your way through every city you encounter. You’ll also get 1.5 points per $1 on every other purchase you make, which is higher than the standard minimum for other rewards credit cards. As if the ongoing rewards weren’t enough, there’s also a 50,000-point bonus opportunity when you spend $3,000 on purchases during your first 90 days of owning this card. Points are worth $0.01 apiece, and you can redeem them for a statement credit, a deposit into your eligible Bank of America or Merrill Lynch account, travel booked through the Bank of America Travel Center or gift cards. The minimum redemption amount is 2,500 points (or $25).

This card is especially enticing to Bank of America customers, as you’ll be eligible to take advantage of the exclusive ongoing bonus opportunity. It works like this: Preferred Rewards clients (Gold, Platinum or Platinum Honors customers), you can get an additional rewards bonus of 25% to 75% on every purchase you make — effectively increasing your points up to 3.5 for every $1 you spend on travel and dining and up to 2.62 points per $1 on everything else. Note that even if you aren’t a Bank of America Preferred Rewards client, this credit card still packs quite a lot of perks that could make it worth your while.

What else makes this card a winner?

Stellar as the rewards opportunities with this card are, the Bank of America Premium Rewards Credit Card also offers some top-notch perks that travelers will appreciate. These include up to a $100 airline incidental statement credit every year to cover the cost of seat upgrades, in-flight entertainment, baggage fees, etc., as well as up to a $100 airport security statement credit toward the TSA Pre-Check or Global Entry Application fee every 4 years. That adds up to a potential $200 in credits! You’ll also enjoy double warranty protection, purchase protection, travel protection and rental car collision damage waiver as a cardholder, and if you travel outside the U.S., you can rest easy knowing that you won’t pay any extra foreign transaction fees when you use your card.

Are there any downsides to owning this credit card?

You will have to pay an annual fee of $95, which can cause dismay for some people who prefer not to pay to own their credit card. That said, the card benefits and potential $200 in credits do serve to make up for this fee. It’s also not an ideal credit card for anyone who has less-than-perfect credit, as you will need to have good to excellent credit to be approved (typically considered scores in the 700’s or higher). There also isn’t any 0% intro APR to be had with Bank of America Premium Rewards Credit Card, which you might want to take into consideration.

If you’re looking for a solid travel rewards credit card that’s a little more forgiving in the credit acceptance department, Discover it Miles might be the card for you. It earns an unlimited 1.5 miles per $1 on all purchases, and you only need to have average to excellent credit (usually considered a credit score of 670 or higher) to be approved. Plus, first-time Discover customers are eligible for a special first-year bonus that matches all the miles they earn during their first year as a cardholder. For example, if you earn 35,000 miles in the first year, Discover will match those 35,000 miles to give you a total of 70,000 miles back. Add in the host of standard Discover card member benefits, $0 annual fee or foreign transaction fees and a 14-month 0% intro APR on purchases (after that, the go-to variable rate applies), and you’ve got a pretty solid travel rewards card.

Still not convinced which is the right travel credit card for you? See our reviews of the best travel credit cards to compare these cards to their competitors. Also, visit our Bank of America Premium Rewards Credit Card review to learn more about the newest addition to our site.

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 content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.