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The Bank of America® Premium Rewards® credit card
is ideal for folks who want a travel credit card with strong points earning and top-notch benefits without a high annual fee. Plus, if you're a Bank of America Preferred Rewards customer, you could earn up to 75% more points on your spending.










Regular APR




18.24% - 25.24% variable





Recommended Credit Score




Good to Excellent
















Regular APR




18.24% - 25.24% variable





Recommended Credit Score




Good to Excellent













Pros

Statement credits can help you recoup the annual fee

Earns 1.5 points per dollar on every purchase

Good sign-up bonus








Cons

To earn the highest rewards rate, you need to qualify for Bank of America's Preferred Rewards program, which requires a minimum of $20,000 in eligible accounts







Read Our Review

Read Our Review
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More Information

The information related to the Bank of America® Premium Rewards® credit card has been collected by Business Insider and has not been reviewed by the issuer.

Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening

2 points per $1 spent on travel purchases

2 points per $1 spent on dining purchases

1.5 points per $1 spent on all other purchases

No blackout dates or restrictions and points do not expire.












Review: Is the Bank of America Premium Rewards the best credit card for you?
If you're looking for a rewards credit card with a solid welcome bonus offer that earns flexible points, the Premium Rewards Visa Card is worth considering. This mid-tier card acts more like a cash-back credit card rather than a travel rewards card, and it comes with excellent travel protections and statement credits you might not expect from a $95-annual-fee card.


Insider's Featured Rewards Credit Cards








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Earn unlimited 3x points on restaurants, travel, gas stations, transit, popular streaming services and phone plans. Earn 1x points on other purchases.













30,000 bonus points when you spend $1,500 in purchases in the first 3 months from account opening
















Earn 3x ThankYou® points at restaurants and supermarkets. Earn 3x ThankYou® points at gas stations, air travel, and hotels. Earn 1x ThankYou® points on all other purchases













80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening
















5x points on all travel purchased through Chase Ultimate Rewards. 3x points on dining, including eligible delivery services, takeout, and dining out. 3x points on select streaming services. 3x points on online grocery purchases (excluding Target, Walmart, and wholesale clubs). 2x points on other travel. 1x point per dollar on everything else.













60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening

















You can earn 50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening. Each point is worth 1 cent toward cash back, statement credits, gift cards, or travel purchased through the Bank of America travel center, so this bonus is worth $500.  
The card earns 2x points on travel and dining, as well as 1.5x points on all other purchases. If you're someone who spends big on travel (like airfare, hotels, and car rentals), the Premium Rewards Visa Card can help offset the cost of future travel expenses. And you can potentially save even more money with up to $100 in annual airline incidental fee credits and a Global Entry/TSA PreCheck application fee credit.
You'll receive additional travel and purchase benefits, including car rental insurance, return protection, and trip cancellation/interruption insurance.  
That said, although the card comes with a large selection of benefits, there's no intro APR offer. So if you're looking to avoid incurring high interest on new purchases, or want to pay off larger purchases over multiple billing cycles, the Premium Rewards Visa Card won't be much help. 
The Premium Rewards Visa Card is even more valuable to Bank of America Preferred Rewards members, as they are eligible to receive higher reward rates (up to 75% more points). In order to qualify as a member, you are required to have a minimum of $25,000 in combined Bank of America accounts. So, if you're not part of the Preferred Rewards program (and don't plan to be), you may be better off with a different travel rewards card. 
If you want more flexible travel rewards, the Chase Sapphire Preferred® Card is a great option since it comes with a higher welcome bonus offer, stronger travel coverage, and up to 5x points on travel purchases. Plus, you can transfer rewards from the card to Chase's airline and hotel partners, which can get you an even higher value for your rewards. Read our Chase Sapphire Preferred card review for more details.
Another great option to consider if you're looking for a travel rewards card is the Citi Premier® Card. It earns 3x points in multiple everyday spending categories, has an excellent welcome bonus offer, and comes with an annual hotel savings benefit. You can find out more in our Citi Premier card review.
We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
How to earn rewards with the Bank of America Premium Rewards credit card
The Premium Rewards Visa Card has simple rewards categories and no limits. Points won't expire as long as the account is open and active. You'll earn unlimited 2x points on travel and on dining purchases. All other purchases earn a flat 1.5x points.  
But the best way to increase your earnings is by taking advantage of the Bank of America Preferred Rewards Program. You can earn up to 75% more points on purchases as a member (up to 3.5 points per dollar spent on travel and dining), depending on how much you have on deposit or invested with Bank of America and Merrill (Bank of America's wealth management division).
Bank of America Preferred Rewards tiers
Preferred Rewards Gold (minimum of $25,000 in your Bank of America accounts to qualify): 25% more rewards on eligible Bank of America rewards credit card spending (2.5x points on travel and dining, and 1.875x points on all other purchases)
Preferred Rewards Platinum (minimum of $50,000 to qualify): 50% more rewards on eligible Bank of America rewards credit card spending (3x points on travel and dining, and 2.25x points on all other purchases)
Preferred Rewards Platinum Honors ($100,000 to qualify): 75% more rewards on eligible Bank of America rewards credit card spending (3.5x points on travel and dining, and 2.625x points on all other purchases)

How to use rewards earned with the Premium Rewards Visa card
The Premium Rewards Visa Card is a great card for folks who like to use points like cash. You can redeem rewards for cash back, a deposit into your Bank of America account, statement credits, gift cards, or credit to eligible Merrill accounts (including 529 accounts). 
You can also use points to book flights through the Bank of America travel portal (and still earn frequent flyer miles and elite credits). However, make sure to check the carrier website before using the Bank of America travel portal in case you're able to find a better fare at the same value.
Bank of America Premium Rewards benefits and features
Up to a $100 credit for Global Entry or TSA PreCheck
The Premium Rewards Visa Card offers up to $100 credit toward the Global Entry ($100) or TSA PreCheck ($85) application fee every four years. If you already have Global Entry/TSA PreCheck, you can use your card to pay for a family member or friend's application and still receive the credit. 
Up to $100 in airline incidental credits each year
You can receive up to $100 in automatic credits each year toward airline purchases made with your Premium Rewards Visa Card, like seat upgrades, baggage fees, and inflight services. If you maximize this credit, you'll effectively offset the card's entire annual fee.
Trip interruption/cancellation insurance
When you use your Premium Rewards Visa Card to pay for your travel, you can also be reimbursed up to $2,500 for non-refundable passenger fares if you need to cancel or cut your trip short for a covered reason, like illness.
Car rental insurance
Decline the rental company's collision/damage waiver and pay for your car rental with your Premium Rewards Visa Card, and you can be covered for damage due to collision or theft. This insurance is secondary, which means it only covers what your personal insurance policy does not.
Baggage delay insurance
When you use the Premium Rewards Visa Card to pay for your travel, if you wait more than six hours for your luggage, you can receive up to $100 a day for up to five days for toiletries, clothing, and other essentials. In order to be reimbursed for your purchases make sure to keep your receipts and submit a claim. 
Trip delay insurance
If your flight is delayed for more than 12 hours, you'll be eligible to receive reimbursement of up to $500 per ticket for necessities like lodging and meals if you've paid with your Premium Rewards Visa Card.
Lost luggage reimbursement
This benefit provides reimbursement when you use your card to pay for a trip, and your luggage is lost, stolen, or misdirected by the common carrier (airline, bus, train, cruise ship).
Travel and emergency assistance services
If you're away from home and need help, the card provides access to a travel and emergency assistance services hotline, which can help you arrange things like medical and legal services. The service itself is complimentary, but all third-party costs are the responsibility of the cardholders.
Emergency evacuation and transportation coverage
If you've paid for a trip far from home with the Premium Rewards Visa Card and you (or a member of your immediate family) become sick or injured and in need of emergency evacuation, you could be covered for eligible medical services and transportation.
Roadside dispatch
Cardholders have access to a roadside dispatch line which can help arrange things like roadside assistance, towing, and locksmith services for a set fee. 
Purchase protection
If a new eligible item you purchased with the Premium Rewards Visa Card is lost or damaged within 90 days of purchases, you can be eligible for purchase protection which will cover repairs, replacements, or reimbursements up to $10,000 per claim. 
Return protection
Pay for an eligible item with the Premium Rewards Visa Card and if the merchant won't take it back within 90 days of the purchase, you could be covered up to $250 per eligible item and up to $1,000 annually.
Extended warranty
This benefit doubles the time period of the manufacturer's warranty by up to one additional year on eligible items purchased with your Premium Rewards Visa Card. There's also a warranty manager service that allows you to register your receipt and warranty information, which can be kept on file (on warranties of three years or less).










Regular APR




18.24% - 25.24% variable





Recommended Credit Score




Good to Excellent
















Regular APR




18.24% - 25.24% variable





Recommended Credit Score




Good to Excellent













Pros

Statement credits can help you recoup the annual fee

Earns 1.5 points per dollar on every purchase

Good sign-up bonus








Cons

To earn the highest rewards rate, you need to qualify for Bank of America's Preferred Rewards program, which requires a minimum of $20,000 in eligible accounts







Read Our Review

Read Our Review
A looong arrow, pointing right















More Information

The information related to the Bank of America® Premium Rewards® credit card has been collected by Business Insider and has not been reviewed by the issuer.

Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening

2 points per $1 spent on travel purchases

2 points per $1 spent on dining purchases

1.5 points per $1 spent on all other purchases

No blackout dates or restrictions and points do not expire.












Bank of America Premium Rewards Visa fees and costs
The Premium Rewards Visa Card has a $95 annual fee and a 18.24% - 25.24% variable APR for purchases and transfers.
The card also charges a balance transfer fee, cash advance fee, and late payment fee of up to $40. However, you won't be charged a foreign transaction fee, so this is a good card to pack if you're traveling overseas.
Comparison: Bank of America Premium Rewards vs other Bank of America cards
Bank of America Premium Rewards vs other travel rewards cards
Bank of America Premium Rewards card frequently asked questions (FAQ)





If you're looking for a travel rewards card with good earning rates, a large welcome bonus offer, and compelling benefits for a low annual fee, the Premium Rewards Visa Card is worth considering. Plus, if you're already a Bank of America Preferred Rewards member, you can earn up to 75% more rewards points. 

However, there are other travel rewards cards with similar annual fees that offer better benefits and more redemption options, so be sure to compare before you decide on this card.











You need good to excellent credit to qualify for the Premium Rewards Visa Card. FICO defines a good score as 670-739 (VantageScore is at least 700). 











No, the Premium Rewards Visa Card does not offer a metal card option, just the standard plastic material. 
















Tessa Campbell


Personal Finance Reviews Fellow

Source: Business Insider

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