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Offers for the Bank of America® Premium Rewards® Elite Credit Card are not available through this site. Some offers may have expired. Please see our card marketplace for available offers
The Bank of America® Premium Rewards® credit card is a rewards credit card offering a wide range of benefits and features for individuals who want to earn points on their everyday spending without paying a large annual fee. The card's real earning power is the ability to earn a 75% bonus on purchases if you have qualifying banking or investment accounts.
The card charges a modest $95 annual fee but has plenty of benefits and features to offset the fee. However, it doesn't offer the ability to transfer points to travel partners for high-value redemptions, which is a big selling point for some of the card's competitors.
Is the Bank of America Premium Rewards Card right for you? Here's everything you need to know about the card.
- 2 points for every $1 spent on travel and dining purchases
- 1.5 points per $1 spent on all other purchases
Page Contents
- Bank of America Premium Rewards Card Pros
- Bank of America Premium Rewards Card Cons
- Bank of America Premium Rewards Card Welcome Offer
- Bank of America Premium Rewards Card Benefits
- Bank of America Premium Rewards Card Earning Rates
- Redeeming Points With the Bank of America Premium Rewards Card
- Application Restrictions and Strategy
- Cards That Compete With the Bank of America Premium Rewards Card
- Final Thoughts
Bank of America Premium Rewards Card Pros
- Ability to earn extra points on purchases through bank account balances.
- Earnings on “other” purchases are higher than many competitors.
- Annual credits are worth more than the annual fee.
Bank of America Premium Rewards Card Cons
- $95 annual fee.
- Lack of transfer partners that other bank points offer for high-value redemptions.
Bank of America Premium Rewards Card Welcome Offer
When you're approved for the card, you can earn 60,000 bonus points after you make at least $4,000 in purchases in the first 90 days of account opening.
Points are worth 1 cent each when redeemed toward travel or into eligible banking accounts.
Bank of America Premium Rewards Card Benefits
$100 airline incidental credits
When you fly, there's typically a cost or two along the way. With the Bank of America Premium Rewards Card, you will get up to $100 per year in airline incidental credits. This covers expenses such as seat upgrades, baggage fees, in-flight services, and airline lounge fees.
You don't need to choose a preferred airline for this benefit, though it applies only to domestic airlines in the U.S. Readers have reported difficult trying to use this benefit with Spirit Airlines and Sun Country Airlines, as well.
$100 security program credit
Lines at TSA can be dreadful. With the Bank of America Premium Rewards Card, you will get an up to $100 credit towards enrollment fees for either TSA PreCheck or Global Entry. Since Global Entry includes TSA PreCheck benefits, we recommended getting Global Entry — even if you rarely travel outside the U.S. I have Global Entry, and it has saved me a ton of time from waiting in lines.
Visa Signature Luxury Hotel Collection
The Bank of America Premium Rewards Card comes with a premium list of hotel benefits when you stay at one of the 900+ Visa Signature hotels. When you book through the Visa portal with your Bank of America Premium Rewards Card, you're eligible for:
- Room upgrade at check-in, when available
- $25 food and beverage credit
- Complimentary breakfast daily
- VIP guest status
- Free Wi-Fi
- Late checkout upon request, when available
Cardholder protections
Simply having the card gives you a set of protections in case things go awry:
- Trip delay reimbursement
- Trip cancellation and interruption insurance
- Baggage delay coverage
- Lost luggage reimbursement
- Travel and emergency assistance services
- Emergency evacuation and transportation coverage
- Secondary auto rental collision damage waiver (CDW)
- Roadside dispatch
- Purchase security
- Warranty manager service
- Return protection
No foreign transaction fees
If you travel outside the U.S., exchanging your U.S. dollars for local currency can be expensive and time-consuming. To eliminate that hassle, the Bank of America Premium Rewards Card can be used internationally without any foreign exchange fees.
Bank of America Premium Rewards Card Earning Rates
The spending categories of the Bank of America Premium Rewards Card are simple, yet extremely valuable: Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases. No limit to the points you can earn and your points don't expire as long as your account remains open.
The top spending category equates to earning two cents back for every $1 spent. That's no better than the earning rate you'll get on all purchases from top cash-back cards like the Citi Double Cash® Card. You can earn points on dining and travel at an even higher rate using other cards like the Chase Sapphire Preferred® Card (Rates & Fees).
However, if you don't want to fuss with managing multiple credit cards or tracking spending categories, the Bank of America Premium Rewards Card provides solid value as an everyday spending credit card. Plus, for those with significant assets, it can earn at a much higher rate through the Preferred Rewards program.
Boost your earnings through the Preferred Rewards program
Bank of America has a great rewards program for consumers who have their checking and savings accounts, as well as investment accounts with Bank of America and Merrill, respectively. The higher your status is within the program, the more points you'll earn when you spend on the Bank of America Premium Rewards Card.
Here's how the program works: When you have funds deposited with either Bank of America or Merrill, you qualify to be part of the Preferred Rewards program. The more money you have put away with the two firms, the higher your status is. Depending on your tier status, you will earn even more rewards when you spend on a qualifying Bank of America credit card. Here are the tiers:
- Gold tier ($20k–$50k): 25% more rewards
- Platinum tier ($50k–$100k): 50% more rewards
- Platinum Honors tier ($100k–$1 million): 75% more rewards
- Diamond tier ($1 million–$10 million): 75% more rewards
If you're a Gold member, you will earn either 1.875 points per dollar or 2.5 points per dollar spent, depending on the purchase category. At the maximum, you can earn 75% more rewards with this card, which equates to 2.625 and 3.5 points per dollar.
Redeeming Points With the Bank of America Premium Rewards Card
Bank of America rewards are simple to redeem, as there aren't any complicated transfer partners or travel portals to understand. Each point is worth a standard 1 cent each when redeemed to a bank account or for travel on the Bank of America website.
If travel isn't the most pressing need for you, there are a few other redemption options you can use:
- Redeem for cash back into a Bank of America checking or savings account
- Cash out to an eligible investment account with Merrill, including 529 accounts
- Get a statement credit to your credit card
- Buy gift cards through the Bank of America Travel Center
The advantage of earning points with Bank of America is that redeeming them is simple compared to other credit card reward programs. So, if your goal is to earn rewards that are simple to redeem, consider the Bank of America Premium Rewards Card as a top option. However, if your goal is to earn flexible rewards that can be redeemed at many times their original value, you won't find that here.
Related: Back to Basics: An Introduction to the Types of Reward Points
Application Restrictions and Strategy
Bank of America, like other banks, restricts how many of its cards you can open in a certain time period. Based on reports, Bank of America utilizes a 2/3/4 rule which limits potential new cardholders to the following:
- Two new cards in a 2-month period
- Three new cards in a 12-month period
- Four new cards in a 24-month period
Bank of America also has a rule that considers how many credit cards you've opened across all banks:
- If you have bank accounts with Bank of America, your credit card application will be denied if you've opened seven new cards in the past 12 months.
- If you don't have accounts with Bank of America, your credit card application will be denied if you have three new cards in the past 12 months.
Related: Understanding Credit Card Application Rules and Restrictions
Cards That Compete With the Bank of America Premium Rewards Card
If the Bank of America Premium Rewards Card isn't right for your wallet, consider these other cards that might offer more of what you're looking for.
- If you want more premium perks on top of your Bank of America points, consider the Bank of America® Premium Rewards® Elite Credit Card. The card has a $550 annual fee, includes lounge access at airports, earns the same types of rewards, and is also eligible for bonus earnings with Preferred Rewards. More details are in our Bank of America Premium Elite Card review.
- If you want Bank of America points without paying an annual fee, look into the Bank of America® Travel Rewards credit card. Earn unlimited 1.5 points per $1 spent on all purchases n top of a $0 annual fee. Check out our Bank of America Travel Rewards Card review for more information.
- If you want flexible rewards that you can use with transfer partners, the Chase Sapphire Preferred® Card might be your best bet. It has a $95 annual fee, earns bonus points in numerous popular spending categories, offers an annual hotel credit, and points can be redeemed not just in the travel portal or for cash but also with 14 airline and hotel partners. Our Sapphire Preferred review has the details.
Related: Best Credit Cards with Travel Credits and Airline Incidental Credits
- 2 points for every dollar spent on travel and dining purchases
- 1.5 points per dollar on all other purchases
- 1.5 points for every $1 you spend on all purchases
- 5X points on Lyft rides through September 2027
- 5X points on travel purchased through Chase Travel℠
- 3X points on dining at restaurants worldwide
- 3X points on eligible streaming services
- 3X points on online grocery purchases (excluding Target, Walmart, and wholesale clubs)
- 2X points on all other travel
- 1X point per dollar spent on all other purchases
Final Thoughts
The Bank of America Premium Rewards Card is a great choice for anyone wanting to earn travel rewards and accrue benefits that make for a better travel experience. Additionally, if you have significant deposits with Bank of America or Merrill, taking advantage of the Preferred Rewards program could be a great way to boost your earnings on every purchase.
However, if you're eager to earn rewards that can unlock high-value travel that you'd never pay for otherwise, the Bank of America Premium Rewards Card may leave you disappointed. Instead, it's best-suited for those who want simple earnings, simple redemptions, and a modest annual fee.
- 2 points for every $1 spent on travel and dining purchases
- 1.5 points per $1 spent on all other purchases
For rates and fees of the cards mentioned in this post, please visit the following links: Chase Sapphire Preferred® Card (Rates & Fees)
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