MoneyGeek’s Take

Bank of America® Premium Rewards® credit card Review

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ByDoug Milnes, CFA
Reviewed byAlene Laney
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ByDoug Milnes, CFA
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Reviewed byAlene Laney
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Updated: March 20, 2024

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  • Bank of America® Premium Rewards® credit card

    A great travel rewards card for people who don’t want to deal with blackout dates


    • 1.5 – 2 PointsRewards Rate
    • 20.24% – 27.24% VariableAPR
    • $95Annual Fee
    • Good–ExcellentRecommended Credit

    The Bank of America® Premium Rewards® offers big travel and dining rewards, a generous sign-up bonus and useful travel perks. If you’re a BoA and/or Merrill account holder, you may qualify for higher rewards. It’s a solid travel card but comes with an annual fee.

    Pros

    • High rewards on travel and dining
    • Sign up bonus
    • No foreign transaction fees
    • Additional rewards for BoA and Merrill customers
    • Consistent points value

    Cons

    • With annual fee
    • Requires good to excellent credit
    • High deposit required to access rewards boost

    NEW OFFER! 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. 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. 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.

    Bank of America® Premium Rewards® credit card
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The credit card rating methodology at MoneyGeek follows a well-defined and scientific process that creates comprehensive reviews and head-to-head comparisons of over 106 credit cards currently available. We gather data from the Consumer Finance Protection Bureau, standardize data points for easy comparison, estimate average spend profiles, determine long-term value and regularly conduct data reviews and re-ranking.

The Bank of America® Premium Rewards® credit card is best suited for frequent travelers who value earning rewards from their purchases. Bank of America’s Preferred Rewards program members benefit the most from using this card by earning 25%–75% more points on every purchase. This card carries a high APR, so pay your balances in full and on time to maximize its benefits.

Bank of America® Premium Rewards® credit card Overview

The Bank of America® Premium Rewards® credit card features a highly attractive rewards program where you can earn unlimited rewards points with the flexibility to choose how to redeem them.

Quick Take

  • Earn unlimited points — 2 points for every $1 spent on travel and dining purchases and 1.5 points per $1 on all other purchases
  • Earn up to $100 in airline incidental statement credits annually for qualifying purchases, including seat upgrades, baggage fees, in-flight services and airline lounge fees
  • Earn 60,000 online bonus points after you make a minimum of $4,000 in purchases within the first 90 days
  • Zero liability for fraudulent transactions
  • Digital wallet technology
  • Account alerts
  • Contactless chip technology
  • Free access to your FICO score through the mobile app or online
  • Access to Bank of America’s award-winning online and mobile banking
  • Travel insurance protections to assist with trip delays, cancellations and interruptions, baggage delays, lost luggage and emergency evacuation and transportation
  • 24/7 roadside dispatch program, plus added protection with auto rental collision damage waiver
  • Purchase protections like warranty manager service, return protection and purchase security that can help with repair, replacement or reimbursement on purchases, or extend the manufacturers' warranty
  • Visa Signature concierge service to help with travel planning, restaurant recommendations and event reservations
  • Enjoy a premium set of benefits when you use your Premium Rewards card to book through the Visa Signature Luxury Hotel Collection

Important Card Details

MoneyGeek gives you an overview of the Bank of America® Premium Rewards® credit card’s benefits, fees and interest rates to help you decide whether this card is suitable for you.

The table below summarizes the rewards rates, APRs, fees, and other data included in the fine print to give you a clear overall picture of how this card performs compared to other rewards cards in the market.

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    Regular APR

    The Bank of America® Premium Rewards® credit card has creditworthiness-based APRs, which are considered relatively high. This card charges 20.24% – 27.24% for purchases and balance transfers, 20.24% – 27.24% for cash advances and 29.24% for bank cash advances. If you miss a monthly payment, there is a penalty APR of up to 29.99%.

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    Reward Rate

    The zero-cap reward points rate is where the Bank of America® Premium Rewards® credit card shines, especially for Preferred Rewards members. Cardholders are entitled to unlimited 2 points per $1 spent on dining and travel expenses and 1.5 points per $1 spent on all other purchases. Preferred Rewards program members get even higher rewards — up to 3.5 points for every $1 spent on travel and dining purchases and up to 2.62 points for every $1 spent on all other purchases.

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    Late Payment APR and Fee

    Cardholders have 25 days to pay their credit card balances before being charged any interest. After this grace period, you incur a late payment fee of $40 and a penalty APR of up to 29.99%, the average cap most credit card issuers charge for late payments.

Additional Benefits

The Bank of America® Premium Rewards® credit card features a host of premium perks and benefits, which include:

  • Travel benefits: Travel insurance to assist you with trip delays, cancellations and interruptions, baggage delays, lost luggage and emergency evacuation and transportation needs. Cardholders also have access to Visa Signature’s concierge services and luxury hotel collection discounts.
  • Automotive benefits: The 24/7 roadside dispatch program provides emergency roadside assistance, towing and locksmith services. The auto rental collision damage waiver will reimburse costs due to collision or theft.
  • Purchase protection: The warranty manager doubles the period of the manufacturers' warranty, up to one additional year, for eligible items purchased with your Bank of America® Premium Rewards® credit card. The return protection feature will reimburse the cost of an eligible item if you are dissatisfied for any reason within 90 days of the date of purchase and if the retailer will not accept the return. Coverage is limited to $250 per eligible item and up to $1,000 annually, and items must be received in like-new/good working condition. Finally, with purchase security, an eligible item purchased with the Bank of America® Premium Rewards® credit card that is stolen or damaged within 90 days of purchase can either be repaired, replaced or reimbursed, up to $10,000 per claim.

How the Bank of America® Premium Rewards® credit card Compares To Other Cards

This card holds its own against its travel credit card competitors primarily because it doesn’t charge international transaction fees. It offers travel insurance coverages and access to Visa Signature travel premium perks, including concierge services and luxury hotel collection discounts. The zero-cap and non-expiring rewards points and flexible options for rewards redemption are also attractive.

Determining how the Bank of America® Premium Rewards® credit card compares to other rewards credit cards ultimately comes down to how you intend to use the card and your specific requirements.

Here is a look at how the Bank of America® Premium Rewards® credit card compares to another travel credit card, the Chase Sapphire Preferred Card.

How the Bank of America® Premium Rewards® credit card Compares

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Bank of America® Premium Rewards® credit card

  • Annual fee: $95
  • Purchase APR: 20.24% - 27.24% variable
  • International transaction fee: $0
  • Travel benefits: Coverage for trip delays, cancellations and interruptions, baggage delays, lost luggage and emergency evacuation and transportation; auto rental collision damage waiver
  • Rewards rate: 2 points for every $1 spent on dining and travel; 1.5 points for every $1 spent on all other purchases
  • Best for: Existing Bank of America customers who plan to travel overseas
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Chase Sapphire Preferred® Card

  • Annual fee: $95
  • Purchase APR: 21.49% – 28.49% (Variable)
  • International transaction fee: $0
  • Travel benefits: Coverage for trip delays/cancellation/interruption, baggage delays, travel and emergency assistance services; auto rental collision damage waiver
  • Rewards rate: 5X total points on travel; 2X on other travel purchases; 3X points on dining, grocery and online streaming; and 1X points per $1 spent on all other purchases
  • Best for: Individuals who plan to travel overseas and want to maximize their rewards-earning potential

Frequently Asked Questions

What is the average credit score needed to get approved for a Bank of America® Premium Rewards® credit card?
Does the Bank of America® Premium Rewards® credit card report to all three credit bureaus?
Is the Bank of America® Premium Rewards® credit card application process lengthy? Can you prequalify?
What information is needed to apply for a Bank of America® Premium Rewards® credit card?
Does the Bank of America® Premium Rewards® credit card have good customer service or satisfaction?
Does the Bank of America® Premium Rewards® credit card have a mobile app or the option to pay or manage your account online?
Does the Bank of America® Premium Rewards® credit card raise credit limits automatically or charge for limit increases?
Does the Bank of America® Premium Rewards® credit card offer the option to freeze your credit/account or have other security features?
Does Bank of America offer other credit cards besides the Bank of America® Premium Rewards® credit card?

About Doug Milnes, CFA


Doug Milnes, CFA headshot

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.


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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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