Bank of America Premium Rewards Credit Card Review

Bank of America Premium Rewards Credit Card Review

Unlock premium rewards and travel benefits with the Bank of America Premium Rewards credit card. Earn a generous welcome bonus of 60,000 points, worth $600, after meeting minimum spending requirements.

Enjoy 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. Redeem your points for flexible rewards options like cash back, statement credits, travel experiences, and more. Plus, experience valuable travel benefits like airport lounge access, travel insurance, and global entry fee credit, all for a low annual fee.

Quick Highlights

• Earn 60,000 bonus points (worth $600) after spending $4,000 in the first 3 months as a bonus offer.
• Earn 2 points per $1 on travel and dining, 1.5 points per $1 on everything else (potentially more with Preferred Rewards).
• The redemption options are cashback, bank deposits, investment accounts, gift cards, or travel purchases.
• Get up to $100 annual airline credit, TSA PreCheck/Global Entry credit (every 4 years), and travel insurance in Travel Benefits.
• No foreign transaction fees.
• Low annual fee: $95.
• Limited-time offer: Apply online now.

Rates and Fee

• Intro APR: N/A
• Purchase APR:24%–27.24% variable
• Balance transfer APR: 24%–27.24% variable, plus a fee of 3%
• Cash advance APR: 24%–29.24% variable, plus a fee of 3% to 5%
• Penalty APR: up to 29.99% variable
• Annual fee: $95
• Foreign transaction fee: none
• Late payment: up to $40

Rewards

• Double your rewards: Earn 2 points for every dollar spent on travel and dining adventures!
• Everyday rewards: Get 1.5 points per dollar spent on all other purchases, making every day rewarding.

Benefits Of Premium Rewards Card

• Airline Incidental Statement Credit: Enjoy up to $100 annually for seat upgrades, checked bags, in-flight indulgences, and lounge access. Credits are automatically applied, streamlining your travel experience.
• Airport Security Statement Credit: Breath easy with up to $100 every four years to cover TSA PreCheck® or Global Entry application fees, ensuring expedited security checks.
• Trip Delay Reimbursement: Unforeseen delays? You and your family are covered up to $500 per ticket for reasonable expenses if your trip is delayed by more than 12 hours due to unforeseen circumstances.
• Trip Cancellation/Interruption Reimbursement: Illness or unexpected events can disrupt your trip. Receive up to $2,500 for non-refundable passenger fares if your trip is canceled or cut short due to covered situations.

Travel Assistance

• Baggage Delay Reimbursement: Lost luggage can be stressful. Get reimbursed up to $100 per day, for up to five days, for essential items if your bags are delayed or misdirected for more than six hours.
• Lost Luggage Reimbursement: Find peace of mind knowing your luggage and its contents are covered in case of loss or theft.
• Travel and Emergency Assistance Services: Access coordinated medical, legal, and travel assistance when you’re on the go, though any associated costs remain your responsibility.
• Emergency Evacuation and Transportation Coverage Experience unforeseen medical emergencies far from home? This coverage helps with eligible medical services and transportation for you and your immediate family.
• Purchase Security: Enjoy protection against theft or damage for eligible purchases made with your card. Receive reimbursement of up to $10,000 per claim for repair or replacement within 90 days.
• Warranty Manager Service: Double the manufacturer’s warranty on eligible purchases, providing an extra year of coverage for added peace of mind.
• Return Protection: Feeling buyer’s remorse? Get reimbursed for the cost of eligible items within 90 days of purchase if the retailer doesn’t accept the return. Coverage is limited to $250 per item, up to $1,000 annually.
• Auto Rental Collision Damage Waiver: Relax knowing you’re covered for damage or theft to your rental car, as long as you decline the collision/loss damage waiver offered by the agency.
• Roadside Dispatch Program: 24/7 assistance is at your fingertips. Receive emergency roadside assistance, towing, and locksmith services whenever you need them.

Rewards Redemption

Your Premium Rewards card is your key to a treasure trove of exciting options. Here’s how to turn your points into something extraordinary:

Travel Your Way: Embark on unforgettable journeys by redeeming points for airline tickets, car rentals, or the perfect hotel stay through the Bank of America Travel Center. Just head online, visit the website, or call the number on your card, and start exploring with as little as 2,500 points.

Cash In on Rewards: Prefer to have cold, hard cash in your hand? No problem! Convert your points to cash back in several ways: apply them as a statement credit, have them deposited directly into your eligible Bank of America account, or contribute them to a qualified Merrill account. You can even receive a check or put it towards a 529 savings plan for your future. For added convenience, set up automatic redemptions for rewards exceeding $25 to your preferred account (statement credits, checks, and 529 contributions are not included in this option).

Treat Yourself with Gift Cards: Craving a shopping spree? Redeem your points for gift cards from a vast selection of popular retailers. Browse the regularly updated options on the Bank of America website and indulge in a well-deserved reward.

With so many possibilities at your fingertips, your Bank of America Premium Rewards points are more than just points—they’re the key to unlocking experiences, rewards, and the freedom to choose what matters most to you.

Is the Bank of America Premium Rewards card a good fit for me?

If you’re a frequent traveler or diner who enjoys the finer things, the Premium Rewards card could be your perfect travel companion. It offers a valuable rewards program and extensive travel and purchase protections, all for a reasonable annual fee of $95.

Here’s what makes it stand out:

• Earn rewards quickly: You’ll rack up points on everyday purchases, with bonus points for travel and dining.
• Travel with peace of mind: Enjoy comprehensive travel and purchase protections, giving you extra security on your journeys.
• Unlock premium perks (without the premium price tag): Experience some of the benefits of high-end cards without the hefty annual fees typically associated with them.

However, if you don’t travel or dine out often, or if you’re not a Bank of America Preferred Rewards member, there might be a better card fit for your spending habits. Consider your individual needs and compare options before making a decision.

Application process

Eligibility

• Be at least 18 years old.
• Identification Number (ITIN).
• Have a physical U.S. address.
• Demonstrate sufficient income to meet monthly payments.
• Possess excellent credit (generally a score of 750 or above).

Application Steps

• Visit the Bank of America website and find the Bank of America Premium Rewards Credit Card.
• Then click on “Apply Now” and complete the online application form.
• Provide your personal information, income details, and employment history.
• Review the terms and conditions before submitting your application.

Approval Process

• Bank of America will review your application and credit history.
• You will receive a notification within a few business days regarding their decision.
• Upon approval, you’ll receive your credit card within 7-10 business days.

Additional Tips

• Before applying, check your credit score using Bank of America’s free credit score tool if available.
• Only apply for credit cards you truly need and can manage responsibly.
• Review other Bank of America cards if the Premium Rewards don’t suit your needs.

Customer Service

• Customer Care: 1 888 449 2273 (service available Monday to Friday)
• Official Website: Bank of America

Conclusion

The Bank of America Premium Rewards credit card offers a decent rewards program, with 2 points per dollar on travel and dining and 1.5 points on other purchases. However, it comes with a $95 annual fee, which can be offset by the welcome bonus of 75,000 points (worth $750 in travel) and potential points boosts for Bank of America Preferred Rewards members. This card might be a good fit for Bank of America customers who frequently spend on travel and dining and can maximize the rewards program through their existing accounts. However, if you’re not a Bank of America customer or don’t spend heavily on travel and dining, there are other cards with better rewards rates and no annual fee.

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• Citi Double Cash Card Review
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