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- Bank of America® Premium Rewards® credit card
A solid option for frequent travelers who want to maximize the rewards-earning potential of their purchases.
- 1.5 – 2 PointsRewards Rate
- 20.24% – 27.24% VariableAPR
- $95Annual Fee
- Good–ExcellentRecommended Credit
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.
- 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 (a $500 value) 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.
The Bank of America® Premium Rewards® credit card has creditworthiness-based APRs, which are considered relatively high. This card charges 19.99% – 26.99% for purchases and balance transfers, 22.99% – 29.99% for cash advances and 29.99% for bank cash advances. If you miss a monthly payment, there is a penalty APR of up to 29.99%.
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.
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.
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
Bank of America® Premium Rewards® credit card
- Annual fee: $95
- Purchase APR: 19.99% – 26.99% 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
Chase Sapphire Preferred® Card
- Annual fee: $95
- Purchase APR: 21.24% – 28.24% (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
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