Bank of America® Premium Rewards® credit card | CompareCards.com

Bank of America® Premium Rewards® credit card

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Bank of America® Premium Rewards® credit card

 

Rated 4/5.0 stars by our editorial team

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  • Regular APR 21.24% - 29.24% Variable APR
  • Intro Purchase APR N/A
  • Intro BT APR N/A
  • Annual Fee $95
  • Credit Needed Good/Excellent
  • Card Brand Visa®
  • Regular Purchase APR 21.24% - 29.24% Variable APR
  • Intro Purchase APR N/A
  • Intro BT APR N/A
  • Annual Fee $95
  • Credit Needed Good/Excellent
  • Card Brand Visa®

Highlights

  • Low $95 annual fee.
  • Receive 60,000 online bonus points - a $600 value - after you make at least $4,000 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. No limit to the points you can earn and your points don't expire as long as your account remains open.
  • 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 2.5-3.5 points on travel and dining purchases and 1.87 - 2.62 points on all other purchases, for every $1 you spend.
  • 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.
  • Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delays and lost luggage.
  • No foreign transaction fees.
  • 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.
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Card Fees

Foreign Transaction Fee

None

Balance Transfer Fee

4% of the amount of each transaction

Penalty APR

up to 29.99% APR

Ongoing Information

Rewards Rate

2 points for every $1 spent on travel and dining purchases. 1.5 points for every $1 spent on all other purchases.

Annual Fee

$95

Additional Card Details

$0 Fraud Liability

Yes

Auto Rental Insurance

Yes

Extended Warranty Program

Yes

Roadside Assistance

Yes

Purchase Protection

Yes

Travel Assistance

Yes

Flight Accident Insurance

No

Lost Luggage Reimbursement

Yes

Concierge Service

Yes

Expert Reviews

From the CompareCards.com Editorial Team, updated on May 23, 2024

The Bank of America® Premium Rewards® credit card is a top of the line rewards credit card offering a big sign up bonus and generous ongoing rewards. New cardholders get 60,000 online bonus points - a $600 value - after you make at least $4,000 in purchases in the first 90 days of account opening. You also earn 2 points for every $1 spent on travel and dining purchases. 1.5 points for every $1 spent on all other purchases.. That's a higher baseline rewards rate than most points-earning credit cards.

If you're a Bank of America Preferred Rewards® member, your rewards will go even further with a 25%-75% bonus on every purchase. Unlike many points and miles credit cards that restrict you to only redeeming rewards with one airline or hotel, the Bank of America® Premium Rewards® credit card offers flexibility to redeem for a statement credit or even as a deposit into eligible Bank of America® or Merrill accounts. There's no limit to the points you can earn and your points don't expire as long as your account remains open.

This card is also packed with extra travel perks and benefits to help you save money. For example, you get up to $100 in Airline Incidental Statement Credits annually and TSA Precheck®/Global Entry Statement Credits of up to $100, every four years. While this card does have an annual fee of $95, there are no foreign transaction fees and the rewards you earn can easily make up for the annual fee.

Expert Reviews of the Bank of America® Premium Rewards® credit card

  • 3.0

    Regular APR

  • 0.0

    Intro APR

  • 3.0

    Fees

  • 5.0

    Benefits

  • 4.0/5

    Overall Rating

The Bottom Line

With a big sign up bonus and generous ongoing rewards, the Bank of America® Premium Rewards® credit card is a great choice for anyone looking for a points-earning credit card for everyday purchases.

The Good

If you spend a lot on travel and dining, this card can help you rake in a big sum of rewards. If you're a Bank of America Preferred Rewards® member and you take advantage of all the additional perks and rewards this card offers it can save you a lot of money.

The Not so Good

The $95 annual fee isn't waived the first year.

Editorial Note: This content is not provided by Bank of America. Any opinions, analyses, reviews, or recommendations expressed on this page are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by Bank of America.

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Rated 4/5.0 stars by our editorial team

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