Is the Bank of America® Premium Rewards® Card Worth It

FeEarn 60,000 Points with Bank of America Premium Rewards Card

When looking for a premium rewards credit card, the Bank of America® Premium Rewards® Credit Card stands out as a strong contender. This card offers a variety of travel benefits, generous rewards, and premium features, making it an excellent choice for those who want to earn points on their everyday purchases. In this article, we’ll dive deep into the features, rewards, benefits, and fees of the Bank of America Premium Rewards Credit Card, highlighting how it can be the ideal choice for frequent travelers and everyday spenders.

Card Highlights

• Earn 60,000 bonus points worth $600 after spending $4,000 in the first 90 days.
• 2 points per $1 on travel and dining purchases.
• 1.5 points per $1 on all other purchases.
• There are no foreign transaction fees for international purchases.
• $95 annual fee for access to premium rewards and benefits.
• Redeem points for cash back, statement credits, or travel purchases through the Bank of America Travel Center.
• TSA PreCheck® and Global Entry credits up to $100 for statement fee reimbursements.
• Earn 25% to 75% more points with Bank of America Preferred Rewards®.
• Access to Visa Signature® benefits, including luxury hotel perks and concierge services.
• Travel insurance protections include trip delay, trip cancellation, and baggage coverage.
• Purchase protection covers damaged or stolen items for eligible purchases.
• Roadside Dispatch for emergency assistance when traveling by car.
• Auto rental collision damage waiver for rental car protection.
• Flexible redemption options include gift cards and merchandise.
• Use points for Merrill® accounts, including 529 accounts for education.
• Access FICO® Score to monitor your credit health.
• Mobile payment options are available through Apple Pay®, Google Pay™, and Samsung Pay.
• Purchase security and return protection are available on eligible purchases.

Rates and Fees of Bank of America® Premium Rewards® Card

• Annual Fee: $95.
• Introductory APR: 0% on purchases for the first 12 billing cycles.
• Standard APR: 20.24% – 28.24% variable, based on creditworthiness.
• Balance Transfer Fee: 4% of each transaction.
• Cash Advance Fee: 3% of each transaction, or $10 (whichever is greater).
• Late Payment Fee: Up to $40.
• Returned Payment Fee: Up to $40.
• Foreign Transaction Fees: $0.
• Overdraft Protection Fee: No fee if linked to your Bank of America® checking account.

These rates and fees apply to the Bank of America Premium Rewards Credit Card, and terms are subject to change. Review your credit card agreement for the most up-to-date details. The introductory APR on purchases offers a great way to make large purchases and pay them off over time without interest, while the standard APR applies after the introductory period.

See Rates and Fee

What Is the Maximum and Minimum Credit Limit for the Bank of America® Premium Rewards® Card?

The minimum credit limit for the Bank of America® Premium Rewards® Card typically starts at $1,500. Most approved users receive initial limits between $5,000 and $50,000, depending on income and creditworthiness. The average credit limit is around $14,350, based on user reports. Bank of America also sets a maximum total credit exposure of $99,900 across all its credit cards. If you have high income and excellent credit, you may qualify for a significantly higher credit limit.

How to Earn Points with Bank of America Premium Rewards Credit Card?

1. Bonus Points Offer: One of the most appealing aspects of the Bank of America Premium Rewards Credit Card is the 60,000 bonus points offered to new cardholders. To earn these points, you must spend $4,000 within the first 90 days of opening your account. These points are valued at approximately $600, providing a great jump-start to your rewards journey.

The Bank of America Rewards Program allows you to use the points for various rewards, including cash back, travel, and merchandise. This bonus alone can significantly offset the card’s annual Fee, making it a worthwhile investment.

2. Points Earning Categories: The Bank of America Premium Rewards Credit Card offers a rewards structure that is particularly attractive for those who spend on travel and dining:
   

• 2 points per $1 spent on travel purchases (this includes flights, hotels, car rentals, and more).
• 2 points per $1 spent on dining purchases (this includes restaurants, bars, takeout, and more).
• 5 points per $1 on all other purchases (ideal for everyday spending like groceries, entertainment, and other non-travel/dining expenses).

3. Preferred Rewards® Program: Your point-earning potential increases significantly if you are a Bank of America Preferred Rewards® member. Bank of America offers three tiers within the Preferred Rewards program:

• Gold Tier – Earn 25% more points on all purchases.
• Platinum Tier – Earn 50% more points.
• Platinum Honors Tier – Earn 75% more points.

For example, if you’re in the Platinum Honors Tier, you could earn 3.5 points per $1 on travel and dining purchases and 2.62 points per $1 on all other purchases. This feature primarily benefits loyal Bank of America customers who have considerable checking or savings account balances.

How to Redeem Points with Bank of America Premium Rewards Credit Card?

The Bank of America Premium Rewards Credit Card offers flexible point redemption options, allowing you to use your points as you prefer.

• Cash Back: You can redeem your points as cash back into your Bank of America checking or savings accounts.
• Credit toward Statement: You can apply your points toward a statement credit, helping to offset your balance.
• Travel Purchases: Through the Bank of America Travel Center, you can redeem your points for flights, hotels, car rentals, and other travel-related expenses. Notably, there are no blackout dates, so you can book travel whenever possible.
• Gift Cards: Points can be used to purchase gift cards from various retailers.
• Merrill® Accounts: You can redeem your points toward eligible Merrill® accounts, including 529 accounts for education savings.

Features and Benefits of the Bank of America Premium Rewards Credit Card

1. Travel Benefits and Premium Perks

As a premium credit card, the Bank of America Premium Rewards Credit Card offers several valuable travel-related benefits and protections. Let’s explore these in greater detail.

1. No Foreign Transaction Fees: One of the most sought-after benefits of the Bank of America Rewards card is the no foreign transaction fees feature. Many credit cards charge a 3% fee for purchases outside the United States. However, with this card, you can travel abroad without worrying about extra costs on your purchases. This is a significant perk for international travelers.
2. TSA PreCheck® or Global Entry Fee Credit: The TSA PreCheck® and Global Entry credits are highly beneficial if you travel frequently. The Bank of America Premium Rewards Credit Card offers a statement credit of up to $100 for the TSA PreCheck® or Global Entry application fee. Both programs provide expedited security screening at airports, making travel more convenient.
3. Travel Insurance and Protection: Another significant advantage of the Bank of America Premium Rewards Credit Card is its travel insurance protection. These protections provide peace of mind if your trip is delayed or canceled or you experience luggage issues during your travels. Some of the travel insurance coverage includes:

• Trip Delay Insurance: Reimburses you for additional expenses incurred due to a delayed flight.
• Trip Cancellation and Interruption Insurance: Offers reimbursement for non-refundable travel expenses if your trip is canceled or interrupted due to a covered reason.
• Lost Luggage Reimbursement: Covers the cost of replacing lost baggage.
• Baggage Delay Insurance: Reimburses you for essential items if your baggage is delayed.

5. Airline Incidental Statement Credits: The Bank of America Premium Rewards Credit Card offers an annual statement credit of up to $100 for qualifying airline incidentals. This includes fees for checked baggage, seat upgrades, in-flight refreshments, and other incidental charges.
6. Visa Signature® Luxury Hotel Benefits: You can access exclusive perks with the Visa Signature® Luxury Hotel Collection as part of the Visa Signature benefits. Benefits include:

• Room upgrades (when available).
• Daily breakfast for two.
• Early check-in and late check-out (when available).
• Complimentary Wi-Fi.
• VIP guest status at participating hotels.

7. Concierge Service: Visa Signature® cardholders also have access to concierge services. Whether you need help booking travel, finding tickets to a sold-out event, or arranging memorable dining experiences, the concierge service is available to assist with virtually any request.

2. Purchase Protection and Additional Card Benefits

1. Purchase Protection: The Bank of America Premium Rewards Credit Card includes purchase protection benefits to safeguard your purchases. Some of the key features include:

• Warranty Manager Service: If your eligible purchases come with a manufacturer’s warranty, the card provides an extended warranty, helping you save on repair costs.
• Return Protection: If a retailer refuses to accept a return, the card’s Return Protection can help you get a refund for eligible items.
• Purchase Security: If an eligible purchase is damaged or stolen within a specified period, you can receive reimbursement for the item.

2. Roadside Assistance: The Bank of America Premium Rewards Credit Card also provides Roadside Dispatch. This service helps you with emergencies such as flat tires, dead batteries, or lockouts, making it a great backup when you’re on the road.
3. Auto Rental Collision Damage Waiver: When you rent a car, the Auto Rental Collision Damage Waiver provides coverage for rental cars damaged by accident, theft, or vandalism, saving you from purchasing additional insurance through the rental company.

Comparison: Bank of America® Premium Rewards® vs. Other BOA Credit Cards

When choosing between the various Bank of America credit cards, it’s essential to understand the different rewards structures, interest rates, fees, and additional features. Here’s a comparison to help you decide which card best suits your needs followed by a table and analysis based on various features.

Comparison of Premium Rewards® Credit Card vs.Customized Cash Rewards Credit Card vs.Unlimited Cash Rewards Card vs.Travel Rewards Card

Comparison Analysis

• Annual Fee: The Premium Rewards® Credit Card has a $95 annual fee, whereas all other cards have no annual fee, making them more affordable for those seeking no-cost options.
• Sign-Up Bonus: The Premium Rewards® Credit Card offers a generous 60,000 bonus points worth $600. The Travel Rewards Card provides 25,000 bonus points worth $250. The Customized and Unlimited Cash Rewards cards offer $200 cash back.
• Rewards: The Premium Rewards® Card provides higher points on travel and dining (2 points per $1), while the Customized Cash Rewards Card offers 3% in a selected category of your choice. The Unlimited Cash Rewards Card and Travel Rewards Card offer straightforward 1.5% rewards on all purchases.
• Foreign Transaction Fees: All four cards have no foreign transaction fees, which is beneficial for international travel.
• Travel Protections: If you’re a frequent traveler, the Premium Rewards® Credit Card and Travel Rewards Card offer valuable travel protections, such as trip cancellation, baggage, and car rental insurance.
• Rewards Flexibility: The Premium Rewards® Card and Travel Rewards Card offer more flexibility for travel-related redemptions, while the Customized Cash Rewards Card focuses on cash back in specific categories.

Which Card is Worth Buying?

• Choose The Bank of America Premium Rewards® Credit Card if you want luxury travel perks, a high sign-up bonus, and higher rewards on dining and travel.
• The Bank of America Customized Cash Rewards Card is perfect if you prefer a customizable rewards structure with cash back in different categories.
• The Bank of America Unlimited Cash Rewards Card is ideal if you want a straightforward, no-hassle cash-back card.
• The Bank of America Travel Rewards Card is an excellent option for frequent travelers who want to earn rewards on travel expenses without an annual fee.

Why You Might Think About A Different Credit Card Than Bank of America® Premium Rewards® Credit Card?

While the Bank of America® Premium Rewards® Credit Card offers attractive benefits like 2 points per $1 spent on travel and dining, a generous sign-up bonus, and travel-related perks like TSA PreCheck® and Global Entry credits, it might not be the best fit for everyone. Depending on your spending habits, financial goals, and lifestyle, you may want to explore other credit cards that offer more tailored rewards, lower fees, or additional features.

1. High Annual Fee: The Bank of America Premium Rewards® Credit Card has a $95 annual fee. While the card offers high rewards on travel and dining, if you don’t spend enough in these categories, the Fee may outweigh the benefits. Other credit cards might serve you better if you’re looking for a no-annual-fee option.
2. Limited Rewards Categories: The card offers valuable rewards primarily on travel and dining, which could be a downside if your spending is focused on other areas like groceries or gas. If your daily expenses fall outside these categories, a credit card with a more flexible rewards structure, like a cash-back card, could be a better choice.
3. Foreign Transaction Fees: While the Bank of America Premium Rewards® Credit Card has no foreign transaction fees, not all similar cards share this feature. If you travel abroad frequently and need a card with no foreign transaction fees, ensure your chosen card aligns with your needs.

Top Alternative Credit Cards to Consider Instead of the Bank of America® Premium Rewards® Card

Here are some alternatives to the Bank of America Premium Rewards® Credit Card that may better suit your needs:

Why These Credit Cards Beat the Bank of America® Premium Rewards® Card

The Bank of America® Premium Rewards® Card offers 2x points on travel and dining with a $95 fee.
It also gives a 60,000-point bonus and up to $200 in travel credits—strong, but not unmatched.
Many credit cards provide better rewards, stronger benefits, or more flexibility based on how you spend.

1. Capital One Venture X: Earn 75,000 miles and enjoy lounge access, plus a $300 annual travel credit—great for frequent travelers.
2. Chase Sapphire Preferred®: Get 5x on travel through Chase and premium protections, all for the same $95 annual fee.
3. The Platinum Card® from Amex: Luxury travelers get 5x on flights, lounge access, and over $1,500 in annual credits.
4. Amex® Gold Card: Earn 4x at restaurants and U.S. supermarkets—far better for food lovers than BofA’s flat rates.
5. Chase Freedom Unlimited®: Up to 5% cash back with no annual fee—excellent for everyday spending and new users.
6. Citi® Double Cash Card: Straightforward 2% back on everything beats BofA’s 1.5x on general purchases.
7. Wells Fargo Autograph℠: Earn 3x on top categories like gas, streaming, and travel—no annual fee required.
8. BofA® Customized Cash Rewards: Choose your 3% category for better control over rewards compared to fixed rates.
9. Discover it® Cash Back: All first-year cash back is matched—great short-term value and no annual fee.
10. BofA® Travel Rewards Card: Simple 1.5x on all purchases with no fee—better for hands-off reward seekers.
11. Ink Business Unlimited℠: Business users get 1.5% back and a $750 bonus—with no annual cost.
12. Alaska Airlines Visa®: Loyal flyers get a companion fare, free checked bags, and 3x on Alaska bookings.

These cards beat BofA’s Premium Rewards by offering higher earning potential, lower fees, or premium perks.

Approval Odds, Credit Score Needed and How to Apply for the Bank of America® Premium Rewards® Card

Approval Odds

The Bank of America® Premium Rewards® Card has strong approval odds for well-qualified applicants. According to recent approval data, around 76% of applicants with good credit profiles successfully get approved. This rate suggests the card is relatively accessible for those with established credit histories and strong financial standing. Factors like income, existing Bank of America relationships, and current debt levels also influence your chances. If you already bank with Bank of America and meet the credit score requirements, your approval odds are higher.

Recommended Credit Score Needed for the Approval

To increase your approval chances, aim for a FICO® credit score of at least 750. While some applicants report approvals with scores as low as 730, a score of 750 or above offers a more reliable path. This card targets consumers with excellent credit, so a long credit history and low credit utilization also help. If you’re part of Bank of America’s Preferred Rewards® program, that may strengthen your application. Always check your credit score before applying to avoid unnecessary hard inquiries.

How to Apply?

Applying for the Bank of America® Premium Rewards® Card is fast and easy. You can submit your application online through the official Bank of America website. During the application, you’ll need to provide personal details like your name, address, Social Security number, and income. Once submitted, many applicants receive an instant decision. If approved, you can begin using the card immediately for online purchases. For faster processing, make sure all your financial information is up to date and accurate.

Frequently Asked Questions (FAQs)

Conclusion: Is the Bank of America® Premium Rewards® Card Worth It?

The Bank of America® Premium Rewards® Card delivers solid value, especially for frequent travelers and existing BofA customers. With 2x points on travel and dining, a $600 welcome bonus, and premium perks like TSA PreCheck® credits and travel insurance, it’s a well-rounded choice. Preferred Rewards® members can unlock up to 75% more points, giving loyal users a real edge.

However, the card faces tough competition. Other cards offer higher rewards rates, lounge access, or more flexible category bonuses. For example, the Amex® Gold Card offers 4x on food, while the Chase Sapphire Preferred® gives 5x on travel booked through Chase. If your spending is more diverse or you want richer travel benefits, these options may be a better fit.

The $95 annual fee is reasonable given the perks, but may not be justifiable for those who don’t travel often or qualify for Preferred Rewards®.

Overall, this card shines in value for BofA customers and regular travelers. But may fall short for those seeking the absolute best in luxury or everyday cash back.