The Bank of America® Premium Rewards® credit card offers two points per dollar spent on travel and dining purchases and 1.5 points per dollar spent everywhere else. You can qualify to earn a 25% to 75% rewards bonus if you’re a Bank of America Preferred Rewards banking customer. New cardholders receive 60,000 bonus points – a $600 value – after making at least $4,000 in purchases in the first 90 days of opening an account.
The card has a $95 annual fee, but you’ll pay no foreign transaction fee. You’ll also have access to return protection, an auto collision damage waiver and a roadside dispatch program.
- Issuer NameBank of America
- Credit NeededExcellent/Good
- Annual Fee$95
- Regular APR20.24% to 27.24% Variable
- Penalty APR29.99%
- Balance Transfer FeeEither $10 or 3% of the amount of each transaction, whichever is greater.
- Are a Bank of America Preferred Rewards client.
- Don’t mind a travel rewards card without transfer partners.
- Are looking to earn unlimited points that don’t expire.
The Bank of America® Premium Rewards® credit card could be a good choice to use in tandem with another travel card that earns higher bonus rewards, or that is tied to a specific airline or hotel chain you use a lot. That’s because the 1.5 points per dollar spent base rate is higher than most – and it can be even higher if you’re a Preferred Rewards bank member. You can also squeeze more value out of the card if you take advantage of the yearly travel statement credit and earn the welcome offer. Just don’t miss a payment, or you’ll be stuck with a high penalty APR indefinitely.
Editor’s Take
If you’re willing to pay an annual fee for a travel rewards card and you’re a Preferred Rewards banking customer, the Bank of America® Premium Rewards® credit card has good earning power. Preferred Rewards bumps your earnings up to between 2.5 and 3.5 points on travel and dining purchases, and between 1.87 to 2.62 points on all other purchases, depending on your program level. Without that status, however, other travel cards with similar fees have more earning potential and perks.
Dawn PapandreaContributor
Earn 60,000 bonus points (valued at $600) after you make at least $4,000 in purchases in the first 90 days of opening an account.
You’ll earn two points per dollar spent on travel and dining purchases and 1.5 points per dollar spent on all other purchases. Earn 60,000 bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of opening an account.
You’ll receive between 25% and 75% more rewards if you are a Bank of America Preferred Rewards client. The program requires that you have at least $20,000 in combined balances between your checking and savings accounts with Bank of America and investment accounts with the bank’s wealth-management arm, Merrill, to earn the extra 25% in rewards. You’ll get 50% more if you have at least $50,000 and 75% more if you have at least $100,000 in those accounts.
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