BestCreditCard Home
BestCreditCard Home
BBB
Only BestCreditCard Finds the Best Card
Based on How You Spend.

Bank of America® Premium Rewards® credit card
Apply Now
On Bank of America's secure site
Rewards Rate
2 points for every $1 spent on travel and dining purchases, 1.5 points for every $1 spent on all other purchases
Welcome Offer
50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening
Traveling Perks
Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.
Card Network
Annual Fee
$95
Credit Score Needed
Good, Excellent
Offer Details
  • Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening.

  • 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.

  • If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means you could earn up to 3.5 points for every $1 spent on travel and dining purchases.

  • No limit to the points you can earn and your points don't expire.

  • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center.

  • Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.

  • No foreign transaction fees.

  • Low $95 annual fee.

  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Rated Best for:
All content is written by editorial staff or writers engaged by the site, not by marketers/sales staff. Editors responsible for producing the content are not in contact or affiliated with any advertiser and are not compensated based on success of the affiliate links. All decisions regarding recommendations are determined separately from advertising relationships. Any opinions, analyses, reviews or recommendations expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Bank of America® Premium Rewards® credit card Review

June 1, 2022

Who is the Bank of America® Premium Rewards® credit card for?

The Bank of America® Premium Rewards® credit card is Bank of America’s powerful response to the increasingly competitive high-end rewards credit card market. This card has been met with great enthusiasm, even being lauded by USA Today as the ‘2019 Best Rewards Credit Card’. Here’s why this card is such a strong offering.

This card offers one of the strongest rewards programs. Particularly targeting travel customers, each travel and dining purchase comes with 2 points for every $1 spent, and 1.5 points are received for every $1 spent on all other purchases. This allows for the cardholder to gain an extreme amount of points from regular purchases alone. However, including the points gained from traveling and eating out increases the cardholder’s rewards earned annually exponentially.

This card is an excellent choice for cardholders wanting a more than satisfactory rewards program. It is easy to calculate points earned by its simple rewards category distinction, making it a valuable card for anyone wanting to eliminate unnecessary complications. With an annual fee of $95, this card all but pays for itself with the rewards earned.

Welcome Bonus

Cardholders will earn a welcome bonus of 50,000 points just by spending $3,000 within the first 90 days of opening their account. This has a value of $500, immediately offsetting the annual cost of the credit card for over five years! That does not even factor in the rewards that the card user will easily start to accumulate through purchasing any number of items. For a card with such a lucrative rewards program, this welcome bonus is more than generous. 

Rewards

The base rewards rate of this card is solid. Cardholders will earn unlimited points across the board: 2 points for every $1 spent on travel and dining purchases and 1.5 points for every $1 on all other purchases. Additionally, cardholders get up to $100 airline incidental statement credits every year and TSA PreCheck®/Global Entry statement credit up to $100 every four years to ease their travel experience.

Savvy cardholders will take advantage of Bank of America’s Preferred Rewards Membership, which boosts your rewards earning potential dramatically. Existing Bank of America customers can earn an additional 25-75% reward points which make this one of the most rewarding credit cards in the market today.

Travel Benefits

Since a main aspect of the card is its travel rewards, there is an assortment of complimentary travel benefits, making this an excellent card for frequent flyers.

One of the main features this card has is trip cancellation insurance. If you have to cancel a trip for a covered reason, you can potentially get a full refund on a non-refundable trip by being a cardholder of the Bank of America Premium Rewards credit card.

Additionally, if your bags are delayed or lost, you can be compensated for each day that your bags are not recovered (for up to five days). This is a huge perk since the cardholder has the advantage of receiving cash to replace any items that they have lost. If the bags are never recovered, the Premium Rewards credit card offers coverage for your lost luggage.

The card also provides travel and emergency assistance services. If you are in a situation where a medical, legal, or travel assistant is necessary, cardholders will be provided with this service. However, pay attention to the fact that the cost of these services is not covered by the card, but must come out of your own pocket instead.

The Bank of America Premium Rewards credit card also provides an auto rental collision damage waiver. This waiver ensures that if a cardholder damages a rental car for one of the covered reasons (such as theft or collision), then the costs will be covered by the card company.

Finally, there is a roadside dispatch program. This program provides 24/7 roadside assistance services, including towing and locksmith services. Cardholders can be at ease that by possessing this card, they will be taken care of on the road.

Annual Fee

Cardholders can enjoy all of these benefits with a minimal $95 annual fee, which pales in comparison to other cards that offer this generous of a rewards program. Furthermore, there are no foreign transaction fees and a bonus of 50,000 reward points up for grabs in exchange for a nominal $3000 spent on purchases within the first 90 days.

Security Features

Cardholders are able to live confidently knowing that their account is safe with the variety of security features Bank of America provides. This card includes chip activation, allowing for safer transactions. 

Additionally, they offer a paperless statement option, which does not only add to the security of the cardholder’s account but is an environmentally sound option as well.

Bank of America will help block and report to you any potentially fraudulent activity on your account. They also have a $0 liability charge, so even if someone accesses and uses your card information for purchases, you will not be held accountable.

Account Management

The Premium Rewards credit card provides a Digital Wallets feature as well. You can add your card to your device, and then payment is made simple through Apple Pay, Google Pay, or Samsung Pay. These forms of payment can be used either online or in-store, making it an efficient addition to your payment methods. 

Cardholders gain access to online and mobile banking. This permits card owners to pay their credit card bills online, check their credit score, transfer funds, along with many other features. This makes staying on top of your account easy and efficient.

Furthermore, card users can receive account alerts. These alerts will tell cardholders when their payments are due and remind them of important deadlines. This makes it even simpler to complete transactions.

Another beneficial aspect of the card that helps you manage your account is being able to access your FICO® score. Your FICO score reports your credit score, for free and online, making it effortless to be informed on your creditworthiness.

Conclusion

This card is a solid choice for an assortment of credit card users because of its superior rewards program, limited annual fee, and series of account management and security features. 

Specifically, travelers will be particularly excited by this card due to its emphasis on travel points, no foreign transaction fee, and a variety of other travel assistance features. Regardless of spending habits, this card’s benefits, bonuses, and rewards can easily offset its costs, making it a very good card option.

Serious Security

We encrypt data you share with us to ensure your experience is both easy and safe.

100% Free

BestCreditCard is completely free. Making the right financial decision shouldn’t cost you.
General Disclaimer
The card offers that appear on this site are from companies from which BestCreditCard receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). BestCreditCard does not include all card companies or all card offers available in the marketplace.
Editorial Disclaimer
All content is written by editorial staff or writers engaged by the site, not by marketers/sales staff. Editors responsible for producing the content are not in contact or affiliated with any advertiser and are not compensated based on success of the affiliate links. All decisions regarding recommendations are determined separately from advertising relationships. Any opinions, analyses, reviews or recommendations expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
Approval Odds
BestCreditCard calculates your approval odds by comparing your credit profile to other BestCreditCard members who were approved for this product. These approval odds are estimates only and do not guarantee approval. Credit card issuers use a variety of different types of credit scores and criteria to make credit decisions. The TransUnion credit score we provide is based on the VantageScore 3.0 model and may not be the credit scoring model used by financial institutions presenting offers on our website.