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Offers for Bank of America cards mentioned in this post have been updated as of 08/26/2023
The Bank of America® Premium Rewards® credit card is a great everyday rewards card that offers a substantial sign-up bonus and delivers benefits that can help offset the annual fee.
New cardmembers earn 60,000 points after you make at least $4,000 in purchases in the first 90 days of account opening, and enjoy up to $100 in airline incidental credits annually, covering costs like baggage fees and inflight entertainment.
Additionally, you'll receive a credit of up to $100 every four years for TSA Precheck or Global Entry application fees, alongside flexible redemption options that allow you to redeem points for almost any purchase.
Whether you want to diversify your rewards portfolio or seek a primary cashback card, the Bank of America Premium Rewards Card is a compelling choice.
- $95 annual fee
- Sign-up bonus of 60,000 points after you make at least $4,000 in purchases in the first 90 days of account opening
- $100 statement credit towards TSA Precheck or Global Entry application fees every four years
- $100 airline incidental statement credit every year
- 2X points on travel and dining purchases
- 1.5X points on all other purchases
Redeem Points for the Purchases That Matter Most
Every point you earn holds a redeemable value of one cent. Once you've cleared the minimum redemption amount of 2,500 points, you can convert them to a statement credit, deposit them into a Bank of America checking or savings account, or even contribute them to a qualifying Cash Management Account with Merrill Wealth Management.
Although you don't have the option of transferring points to travel partners, this allows you to redeem them for almost any purchase, providing a great deal of flexibility. Found a cheap cash flight that isn't available through issuer travel portals? Buy the flight with your card and redeem points as a statement credit. Saving for your wedding and want to redeem points towards the reception? You can deposit them into a Bank of America checking or savings account and combine them with your cash savings.
Additional Earning Potential
While this card can be a great everyday card for the right cardmember, it's also aimed squarely 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 will give you some excellent earning potential. At present, 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. 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 — potentially one of the best everyday cards available. While individuals with high-value liquid assets are typically more 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% cash back on everything) or the Freedom Unlimited (minimum 1.5% cashback on everything, which you can combine with a card like the Sapphire Preferred for a net earning of 1.5 Ultimate Rewards per dollar).
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