Bank of America® Premium Rewards® Credit Card

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The Bank of America® Premium Rewards® Credit Card has the potential to be very rewarding in terms of earning cashback. This is in addition to the great sign up bonus and some solid card perks.

Card Details

  • $95 annual fee
  • Signup bonus of 50,000 points after spending $3,000 in the first 3 months
  • $100 statement credit towards TSA Precheck or Global Entry application fees every 4 years
  • $100 airline incidental statement credit every year
  • 2X points on travel and dining purchases
  • 1.5X points on all other purchases

Additional Earning Potential

It looks like this card is squarely aimed at Bank of America customers who might be using other cards like the Chase Freedom®, Chase Freedom Unlimited®, or the Chase Sapphire Preferred® Card given the earning levels of spending. Additionally, if you hold assets with the bank your cashback percentage increases according to the following tiers:

  • Assets of $20,000 to $49,999- 2.5X on dining and travel, and 1.875X on everything else (Gold)
  • Assets of $50,000 to $99,999- 3X on dining and travel, and 2.25X on everything else (Platinum)
  • Assets over $100,000 – 3.5X on dining and travel, and 2.625X on everything else (Platinum Honors)

If you have assets over $100K with Bank of America or are willing to move that amount in assets to the bank, then this card is going to give you some excellent earning potential; at the minute no card comes close to it when it comes to those percentages.

Bank of America Preferred Rewards Program Details

Overall

Although the Bank of America Premium Rewards Card has “premium” in its name, it really is not meant to compete with ultra-premium cards. Instead, we see it aimed at cards with lower annual fees around the $100 mark, similar to the Sapphire Preferred.

If you have assets that qualify for the bonus earning percentage then this card is an excellent option — whether it is worth your while moving assets to Bank of America to qualify is another question. Although individuals with that type of liquid assets are probably interested in premium cards, with this kind of return, it is tough to ignore.

If on the other hand, you don’t qualify for the increased bonus levels, then there are better options out there like the Citi® Double Cash Card (effective 2% cashback on everything) or the Freedom Unlimited (minimum 1.5% cashback on everything, which when combined with a card like the Sapphire Preferred converts to a net earning of 1.5 Ultimate Rewards per dollar).

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Comments

  • Avatar
    Scott Crownover says:

    We’ve had a Merrill Lynch account for quite some time and qualified for their Wealth Management level. When BofA bought them, those ML asset values counted towards the total asset holdings at BofA. Since we’re also retirees, we had a decent next egg built up so that convinced us to open a BofA banking account and Premier credit card and now get an extra 75% on top of other travel credits. After charging 90% of our automated monthly bills to the card, we’ve been racking up points left and right. With the bonus for opening the BofA credit card, plus after a year in the BofA world, we now have enough points to jet off to Europe in first class! It’s a great way to work the system if you’re a retiree!

  • Avatar

    I see HSBC has a new Enhanced Premier credit card which has 35.000 point, which they say is worth $400 in travel statement credit, an $85 TSA pass rebate and free Boingo WIFI with $3000 in purchases in the first 3 monthes. This may be a replacement of their Premier card which offered 4000 points, which they said equaled $600 in statement credit credit with $3000 in purchases during the first 3 monthes. If so, it seem like a dehansed hard to me.

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    I was looking around to see which airline sells gift cards directly and how low the denomination is available, to try the above idea (after I apply for this card) that gift cards purchased directly from an airline works as a reimbursable incidental. With the AMEX rebate for airline incidentals, you have to choose one airline for the year, which means, if this card is the same and you don’t find a gift card from an airline you are going to fly that year, if you buy a lower value gift card from a different airline to test it out and it doesn’t work, you are giving up the entire potential rebate for the year.

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    not too bad, but I prefer my Chase cards. I was considering getting a bank of america account at some point because having some card, cannot remember now which, would give me free access to museums. However, I found it wasn’t as good with other points and found that it would be easier to just pay to get to a museum, etc.

    I feel like about this time a credit card has to get a new perk I haven’t seen before. For example, maybe surprise gift certificates for a day at the spa or an upgrade at a hotel/flight, etc. I don’t know. It’s early and my brain cannot come up with something spectacular right now :o)

  • Avatar

    Still undecided on this card. It’s worth evaluating.

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    Got denied right off.

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    great signup bonus. got approved today.

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    AL is not waived so deduct $95 from any saving.

  • Avatar
    Jacqueline parsons says:

    The sign up bonus and cash back rate on purchases is ok!

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    not that tempting to be honest

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    great offer since I’m long past Chase 5/24!

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    It’s a solid cash back card with a decent signup bonus. If you use “airline incidentals” that will make up for the annual fee. Since I don’t pay to check luggage or use any other fees, it wouldn’t be great. Now if an airline gift card counted as an “airline incidental” then you could use that for 100 dollars off a ticket. (It works with some cards, others it doesn’t).
    Like most other posters here, I’ll probably give this one a pass.

  • Avatar

    Even though it may seem mediocre, it adds to the competition in the market! Great start, now they have a start to improve on.

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    I do like the incidentals reimbursement and precheck. Does anyone know of any other low annual fee cards that also offer precheck? I’m not keen on having a $400+ annual fee for having the precheck benefit

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    Hmm sadly this card doesn’t look that tempting.

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    I will take this offer any time

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    meh doesn’t fit my needs.

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    This looks like it is worth a try.

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    Thanks. This might look like the way to go, now that it’s getting tougher to get Chase, Citi and even maybe Barclays cards.

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    Interesting deal from BofA. I wonder if the asset bonus plan will catch on elsewhere

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    The signup bonus is nice, however I already have the Sapphire Reserve and I do not need another credit card at this time.

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    2.62% cash back is the highest I’ve seen on any card.

    • Avatar

      BAank Of America’s Bankamericard has been around for a few years and also provides the same rebate structure including the enhanced rebated for customers with qualifying assets in either Bank Of America or Merril Lynch accounts with no annual fee, but no sign up bonus that I’ve noticed and no TSA or airline fees/charges rebate.

  • Avatar

    I still feel like its worth it at least for the sign up bonus. $500 in cash is really hard to ignore as far as sign up bonuses go.

  • Avatar

    Howie,
    What can do you with the 50K point bonus? What airlines if any are they transferable to?

  • Avatar

    On the face of it and ok card but restrictive around needing to have other products with them!

  • Avatar

    To me there are better offerings out there still. It’s not that it’s necessarily terrible, and certainly you can recoup that fee if you’re a person who spends on incidentals, but not for me.

  • Avatar

    So, essentially a fixed-value card with a $405 sign-up bonus that earns 2x points on dining & 1.5 points everywhere else, unless one has some pretty serious cash to park at BoA…plenty of better options out there; I think I’ll pass.

  • Avatar
    Bertrand Say says:

    Do you also need to sign up for a bank of America checking or savings account?

    • Avatar

      Without enough assets in either a Bank of America bank account or Merril Lynch account to qualify for the “Additional Earning Potential”, the purchase rebates do make this card better than other options, but the sign up bonus, $100 airline fee rebate and TSA rebate are still worth the $95 annual fee, at least for a while.

  • Avatar

    mediocre card at best