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Bank of America® Premium Rewards® Credit Card Review – 60k Bonus, 2X Points & $100 Credit
February 6, 2025
Rewards, Bonus and Fees
The Bank of America® Premium Rewards® Credit Card is a mid-tier travel rewards card packing solid earnings and a generous sign-up bonus. New cardholders can earn 60,000 online bonus points after spending $4,000 in the first 90 days. That bonus alone far exceeds the card’s $95 annual fee, essentially covering the fee for several years upfront.
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In terms of ongoing rewards, the card earns 2 points per $1 on travel and dining and 1.5 points per $1 on all other purchases. Points are worth a fixed 1¢ each toward cash back, travel, or other redemptions, so those rewards equate to a solid 2% back on travel/dining and 1.5% back on general spend. There are no foreign transaction fees to worry about when using the card abroad, which makes it traveler-friendly for international trips.
Redemption is straightforward and flexible. You can redeem points for a statement credit, direct deposit into a Bank of America/Merrill account, gift cards, or travel booked through the BoA Travel Center, all at the same 1¢ per point rate. This simplicity means you don’t have to jump through hoops or find transfer partners to get full value – $1 in rewards is always $1, whether you take it as cash back or use it for travel. The trade-off is that unlike some competing travel cards, you cannot transfer Premium Rewards points to airline or hotel loyalty programs for potentially higher value redemptions.
If transferring points to, say, frequent flyer miles is important to you, a card like the Chase Sapphire Preferred® might be more appealing since Chase’s points can convert to various airline/hotel programs. But if you prefer simple, hassle-free cash or travel credits, the Premium Rewards Card delivers consistent value without complex rules.
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Benefits and How to Maximize Them
Where the Premium Rewards Card really shines is in the travel perks and customer bonuses it offers, especially for those who bank with Bank of America. Despite its moderate annual fee, the card comes packed with benefits that can offset the cost and enhance your travel experiences.
Travel Credits and Protections
Every year, cardholders get up to $100 in statement credits for airline incidentals like checked bag fees, seat upgrades, or in-flight purchases. Simply use the card for qualifying airline charges and Bank of America will reimburse up to $100 each calendar year. In addition, you can get an application fee credit for TSA Pre® or Global Entry once every four years– a nice perk that covers trusted traveler program fees.
These credits make it easier to justify the $95 fee if you take advantage of them annually. The card also carries robust travel insurance protections, including coverage for trip delay, trip cancellation/interruption, lost or delayed baggage, emergency evacuation, and rental car collision damage waiver. These protections, while you hope to never need them, can save you hundreds if your trip goes awry. For a card in this class, it’s a very comprehensive suite of insurance benefits.
On top of that, the Premium Rewards Card has no foreign transaction fees and grants access to Visa Signature® concierge and Luxury Hotel Collection perks. In short, it behaves a bit like a “lite” version of a premium travel card – you won’t get lounge access or upscale travel credits, but you get a lot of the smaller perks that frequent travelers appreciate, without a high annual fee.
Preferred Rewards Program Boosting Your Earnings (Bank of America customers)
If you’re a Bank of America banking or investment customer, this card becomes considerably more rewarding. Bank of America’s Preferred Rewards is a tiered loyalty program that offers bonus credit card points to members with qualifying asset balances at the bank. Depending on your tier – Gold, Platinum, Platinum Honors, or Diamond – you’ll earn an extra 25% to 75% rewards on every purchase. The bottom line is that for Bank of America’s loyal banking customers, the Premium Rewards Card can out-earn nearly every competitor in its class. If you’re not a BoA customer, you’ll earn the standard rates – still decent, but the card is unquestionably more attractive if you can take advantage of Preferred Rewards.
Maximize Category Spending
To fully leverage the card, make sure you charge all your travel and dining expenses on it to get the 2X rate. Bank of America uses a broad definition of “travel” and “dining”, so many purchases qualify for bonus points. For example, aside from typical airfare and hotel bills, things like tourist attractions, amusement parks, museums, taxis, rideshares, highway tolls and parking fees are all coded as travel. Likewise, dining includes everything from restaurants and bars to food delivery services. This means you can comfortably use the Premium Rewards Card for a wide array of experiences – from zoo tickets to your morning coffee run – and still earn double points.
To avoid leaving value on the table, try to use the full $100 airline incidental credit each year and redeem the TSA/Global Entry credit when eligible. These perks effectively put cash back in your pocket and ensure you’re getting positive value out of the card yearly. Also remember to pay for big-ticket electronics or travel bookings with this card to activate its purchase protections and travel insurance – that added peace of mind is part of the card’s value and doesn’t cost you anything extra.
A free tool like Kudos can automatically remind you which card to use for the best rewards on a purchase and help you monitor credits like your annual airline fee reimbursement. With Kudos, you’ll always know you’re using the right card.
Comparing Bank of America® Premium Rewards® Credit Card with Other Credit Cards
When considering the Bank of America® Premium Rewards® Credit Card, it's helpful to compare it with other popular options in the mid-tier travel card category:
Chase Sapphire Preferred® Card:
- Annual fee: $95
- Sign-up bonus: Substantial points bonus after meeting spending requirements
- Key rewards: 2X points on travel and dining, 1X on other purchases
- Standout feature: 25% more value when redeeming points for travel through Chase TravelSM
Capital One Venture Rewards Credit Card:
- Annual fee: $95
- Sign-up bonus: Large miles bonus after meeting spending requirements
- Key rewards: 2X miles on all purchases, 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel
- Standout feature: Miles transferable to travel partners
American Express® Gold Card (rates & fees):
- Annual fee: $325
- Welcome offer: Substantial points bonus after meeting spending requirements
- Key rewards: 4X points at restaurants worldwide (up to $50,000 per year, then 1X) and U.S. supermarkets (up to $25,000 per year, then 1X) and 3X on booked directly with airlines or on AmexTravel.com
- Standout feature: Up to $120 dining credit and up to $120 Uber Cash annually. An Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
Each card offers unique benefits tailored to different spending habits and preferences. Consider your personal financial goals when choosing the best card for you.
Key Takeaways:
- Bank of America® Premium Rewards® Credit Card excels in offering excellent travel perks for travelers
- Chase Sapphire Preferred® Card offers versatile travel rewards
- Capital One Venture provides simple, flat-rate miles earning
- American Express® Gold Card features strong dining and groceries rewards
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Who Should Get the Bank of America Premium Rewards?
This card is an excellent choice for moderate travelers and everyday spenders who want strong rewards without a hefty fee. It’s especially rewarding for those who already bank or invest with Bank of America – if you qualify for even the entry tier of Preferred Rewards, the extra points can make this one of the highest-earning cards in your wallet. If you prefer simplicity and cash-back-like flexibility, you’ll love that every point is worth the same whether you redeem for travel, cash, or more – no need to navigate complicated airline mile conversions.
The card’s benefits (annual credits, insurance protections) are easy to use and can save you money outright, effectively negating the annual fee if utilized. On the other hand, if you’re a points hobbyist chasing luxury travel redemptions, you might find the fixed-value points limiting – a card with transfer partners could yield more flashy first-class flights or 5-star hotel stays in that scenario. Also, big spenders who don’t bank with BoA might get more overall value from a flat 2% cash-back card or a travel card with broader bonus categories.
Bottom Line
The Bank of America Premium Rewards Credit Card offers a compelling bundle of high rewards, flexibility, and useful perks for a reasonable fee. It’s a fantastic deal for Bank of America loyalists, turning your banking relationship into extra cash back on every swipe. But even if you’re not with BoA, the 60k bonus, 2x points on travel and dining, and $100 in annual credits make it easy to come out ahead.
This card won’t give you airport lounge access or transfer partners to play with, but it will give you consistent, easy-to-use value. For many travelers and everyday reward seekers, that combo hits the sweet spot. In summary, if you want a friendly, no-nonsense travel card that rewards both your adventures and your everyday life, Premium Rewards is absolutely worth a look – it’s like having a trusty sidekick that makes sure you’re getting rewarded wherever you go.
Frequently Asked Questions
What can you use Bank of America Premium Rewards points for?
You can redeem Premium Rewards points for cash back, statement credits, travel, gift cards or deposits into Bank of America/Merrill accounts. No matter how you redeem, points are always worth 1 cent each.
How does the $100 airline incidental credit work on this card?
The Premium Rewards Card offers up to $100 in statement credits each year to reimburse airline incidentals. These include charges like baggage fees, seat upgrades, airport lounge passes, in-flight food/beverages, or other airline fees. Simply pay for qualifying purchases with your card, and Bank of America will automatically credit your account for those charges. It essentially gives you up to $100 back on travel extras annually, which can significantly offset the card’s $95 fee. Just remember the credit resets each year and doesn’t roll over – if you don’t use it, you lose it.
Does the Bank of America Premium Rewards Card have foreign transaction fees?
No – the Premium Rewards Card does not charge foreign transaction fees. This makes it a great card to use when traveling abroad or making purchases from international vendors. You can spend overseas without worrying about the typical 3% surcharge many other cards impose. The combination of no foreign fees and Visa network acceptance means this card is very travel-friendly worldwide.
What credit score do I need to get approved for the Premium Rewards Card?
Bank of America generally targets applicants with good to excellent credit for the Premium Rewards Card. This typically means a credit score in the mid-600s or higher is recommended for a strong chance of approval. Actual approval will depend on your overall credit profile, income, and relationship with Bank of America. If you already have accounts with BoA or a solid credit history, that will help. There are no hard-and-fast cutoffs, but in general this is not a card for beginners with limited credit – it’s best suited for those with a few years of positive credit history.
Is the Bank of America Premium Rewards Card worth it?
For many people, yes – especially if you can take advantage of its perks. The card’s value is high relative to its $95 cost: The $100 annual airline credit and $100 Global Entry/TSA credit alone can outweigh the fee in year one. Add in the 60k point welcome bonus (worth $600) and strong ongoing rewards, and the math works out favorably. It’s “worth it” if you spend in the travel/dining categories and will use the travel credits or if you’re a Bank of America customer earning bonus points.
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