Table of Contents
The Bank of America® Premium Rewards® is a travel rewards credit card with a straightforward points program. It earns you between 1.5%–2% cashback rates on everyday purchases, with the potential for higher rewards if you join the Preferred Rewards program.
Quick Review
The Bank of America® Premium Rewards® card offers an excellent suite of travel protections to put your mind at ease, but its rewards rates and benefits may not be worth its $95 annual fee and high APR for purchases, balance transfers, and cash advances.
The Bank of America® Premium Rewards® card’s APR for purchases and balance transfers is 18.99%–25.99% (variable) and 21.24%–29.24% (variable) for cash advances. Add in the 29.99% (variable) penalty APR and the Bank of America® Premium Rewards® card could be very expensive if you miss a payment or frequently carry a balance.
When it comes to rewards, this card’s base 1.5% rewards rate for all qualifying purchases and 2% on travel and dining expenses place it below much of its competition. However, that 2% category encompasses an impressive list of eligible purchases, giving it a major advantage over other travel rewards cards that may only let you earn points on hotels, airfare, and rental cars.
You can also get much higher rewards rates if you qualify for Preferred Rewards, but enrollment requires at least a $20,000 balance in your Bank of America and/or Merrill accounts.
Luckily, there aren’t any prerequisites to qualify for the Bank of America® Premium Rewards® card’s travel protections, which include coverage for canceled or delayed trips and lost or stolen luggage. You also get a handful of other travel benefits, like no foreign transaction fees and the opportunity to earn up to $100 statement credits on airline incidentals and select TSA fees.
Ultimately, the Bank of America® Premium Rewards® card has the most value for Preferred Rewards members, but offers a few useful perks for other Bank of America customers. If you want higher rewards rates or a lower annual fee, you’re better off looking for another card.
Bank of America® Premium Rewards® Important Details
Basic Card Details
- Credit card issuer: Bank of America
- Annual fee: $95
- Purchase APR: 18.99%–25.99% (variable)
- Rewards rate: 1.5%–2%
- Welcome bonus: 50,000 points
- Grace period: 25 days after end of billing cycle
Additional Information
- $100 statement credit for TSA PreCheck and Global Entry fees
- $100 annual statement credit for incidental airline fees
- Coverage for delayed/interrupted trips and delayed/lost luggage
- Other insurance coverage, like purchase and return protection
- $0 liability for fraudulent charges to your card
- Free FICO Score checks through the Bank of America mobile app
- Overdraft protection for your Bank of America checking or savings account when you link it to your card
Bank of America® Premium Rewards® Feature Breakdown
Here’s a look at the Bank of America® Premium Rewards® card’s fees, interest rates, rewards, and other borrowing features.
Fees
- Annual fee: $95
- Wire transfer purchase fee: $10 or 5% of amount transferred (whichever is greater)
- Balance transfer fee: $10 or 3% of amount transferred (whichever is greater)
- Cash advance fee: $10 or 3%–5% of advance amount, depending on method and whichever is greater
- Direct deposit and check cash advance fee: $10 or 3% of advance amount (whichever is greater)
- ATM, over-the-counter, same-day online, and cash equivalent cash advance fee: $10 or 5% of advance amount (whichever is greater)
- Foreign transaction fee: None
- Late payment fee: Up to $40
Interest Rates
- Purchase APR: 18.99%–25.99% (variable)
- Balance transfer APR: 18.99%–25.99% (variable)
- Direct deposit and check cash advance APR: 21.24%–28.24% (variable)
- Bank cash advance APR: 29.24% (variable)
- Penalty APR: 29.99% (variable)
Rewards
The Bank of America® Premium Rewards® card lets you earn rewards points in two tiers:
- 2% rewards points on travel and dining purchases
- 1.5% points on all other qualifying purchases
Eligible travel purchases include the usuas like hotels, airlines, and car rentals, as well some unusual categories, such as:
- Trailer parks and campgrounds
- Rentals of trucks, trailers, motor homes, and other vehicles
- Cruises
- Travel and real estate agents
- Parking lots and garages
- Zoos, aquariums, and amusement parks
You can redeem your points in the following ways:
- Travel purchased through the Bank of America Travel Center
- Statement credits
- Gift cards
- Direct deposit into your Bank of America checking or savings account
- Credit to a Merrill 529 account or Cash Management Account
You must meet a 2,500-point redemption threshold to redeem your points. Points are worth $0.01. Your points won’t expire, but will be forfeited if you close your account.
Welcome Bonus
As a welcome offer, you’ll earn 50,000 bonus points if you spend $3,000 in your first 90 days.
Preferred Rewards
With the Bank of America® Premium Rewards® card, you can qualify for the Bank of America Preferred Rewards program. The Preferred Rewards program boosts your rewards rates on your Bank of America credit cards, provides interest rate discounts for certain Bank of America loans, and offers other benefits.
To qualify for Preferred Rewards, you must have a three-month average daily balance of at least $20,000 between your Bank of America deposit and/or Merrill investment accounts.
The Preferred Rewards program has three tiers, each requiring a higher average daily balance in your accounts. Here are the rewards rates you’ll get with the Bank of America® Premium Rewards® card compared to each level’s balance requirement:
- Gold: 1.87%–2.5% rewards – $20,000 balance
- Platinum: 2.25%-3% rewards – $50,000 balance
- Platinum Honors: 2.62%–3.5% rewards – $100,000 balance
Wire Transfers
If you use your Bank of America® Premium Rewards® card to purchase a wire transfer from a non-financial institution, your transfer will be subject to a fee of $10 or 5% of the amount of your transaction, whichever is greater.
Cash Advances
You can take out cash advances with your Bank of America® Premium Rewards® card, but the fees and APR applied vary depending on how you take out your cash advance.
Cash advances taken out with a check or direct deposit will be subject to a variable 21.24%–28.24% APR and a fee of either $10 or 3% of your advance, whichever is greater.
For bank cash advances (ATM, over-the-counter, same-day online, and cash equivalent cash advances) you’ll face a variable 29.24% APR and a fee of either $10 or 5% of your advance, whichever is greater.
Balance Transfers
You can transfer balances from another credit card to your Bank of America® Premium Rewards® card. Balance transfers are subject to an APR of 18.99%–25.99% (variable) and a fee of either $10 or 3% of your balance transfer amount, whichever is greater.
Travel Benefits
The Bank of America® Premium Rewards® card comes with some major travel benefits.
Every four years, you will receive an up to $100 statement credit equal to your TSA PreCheck and Global Entry program application fees.
Annually, you can also earn a statement credit of up to $100 for your airline incidentals. Eligible expenses include:
- Ticket change and cancellation fees
- Seat upgrades
- Checked bags
- In-flight entertainment, food, and beverages
- Airport lounge fees
Only expenses from select US-domestic airlines and US-originating flights qualify for this annual statement credit.
Cardholders also receive the following forms of travel insurance:
- Trip delay reimbursement: Covers up to $500 per eligible ticket when your trip is delayed for more than 12 hours.
- Trip cancellation or interruption: Receive up to $2,500 for your non-refundable passenger fares if your trip is canceled or interrupted by covered perils like illness.
- Baggage loss or delay: Reimburses you for baggage delayed for at least six hours, stolen, or misdirected by your airline, bus line, etc.
- Auto rental collision damage waiver: Covers you for collision or theft of your rental vehicle after your existing insurance coverage.
- Roadside dispatch: Connects you with locksmiths, mechanics, and other forms of assistance for automotive issues.
- Travel and emergency assistance services: Organizes access to medical, legal, and other services while you travel.
- Emergency evacuation and transportation coverage: Covers qualifying medical services and transportation costs if you or a family member need emergency evacuation due to illness or injury.
As a Visa Signature card, the Bank of America® Premium Rewards® card also grants you access to their concierge service and special benefits when you book hotels in the Visa Signature Luxury Hotel Collection, including complimentary breakfasts and room upgrades.
Other Benefits
The Bank of America® Premium Rewards® card comes with a few other insurance protections:
- Purchase protection: Get repairs, replacements, or reimbursement for eligible purchases damaged or stolen within 90 days of purchase—covering up to $10,000 per claim.
- Return protection: Double the warranty on eligible purchases for up to 1 year of additional coverage.
- Warranty extension: Reimburses you if a retailer won’t accept your return of an eligible item within 90 days of purchase.
Lastly, you get a few miscellaneous perks with this card:
- $0 liability for fraudulent charges made to your card
- Free monthly FICO Scores from TransUnion when you opt in through the Bank of America mobile app
- When you link your card to a qualifying Bank of America savings or checking account, you’ll automatically take out a cash advance to cover overdrafts
Credit Reporting
Bank of America reports to the three major national credit bureaus—Experian, Equifax, and TransUnion—on a monthly basis.
Customer Service
If you have any questions involving your Bank of America® Premium Rewards® card, you can contact Bank of America customer service by phone at (800) 732-9194.
You can also contact them by mail at the following addresses:
For credit card payments:
Bank of America
PO Box 15019
Wilmington, DE 19886-5019
For application status inquiries:
Bank of America
PO Box 2493
Norfolk, VA 23501-2493
For credit card billing inquiries:
Bank of America
PO Box 982234
El Paso, TX 79998-2234
Should You Get the Bank of America® Premium Rewards®?
FinanceJar verdict
The Bank of America® Premium Rewards® card presents the most value to Bank of America customers who qualify for Preferred Rewards or who want to redeem points for deposits into their bank account. Otherwise, the low rewards make it hard to justify that $95 annual fee and high APR, even with this card’s travel benefits.
Who is this card for?
- Occasional travelers: No foreign transaction fees and statement credits for airline incidentals and certain TSA fees make the Bank of America® Premium Rewards® card a solid rewards card for infrequent travelers even before you factor in the top-shelf travel insurance. With its extensive list of rewards-eligible purchases, you can earn points to redeem for your vacation without needing to travel often.
- Staycationers: With a long list of eligible purchases, this card gives you plenty of opportunities to earn points through dining and entertainment expenses. If you prefer to spend a day on the town, you can earn rewards just as easily as long-distance travelers.
- Bank of America customers: You’ll earn significantly more points with this card if you qualify for Preferred Rewards, as well as a variety of other perks for your Bank of America accounts and loans. You can also convert your points into cash deposited straight into your bank account for convenience.
Comparable Cards
To help you determine if the Bank of America® Premium Rewards® card is right for you, here’s a look at how it stands up against its competitors.
