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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.
- $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.
Although the Bank of America Premium Rewards Card has “premium” in its name, it really is not meant to compete with ultra-premium cards like the Chase Sapphire Reserve® or The Platinum Card® from American Express. 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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