MoneyGeek’s Take

Bank of America® Premium Rewards® credit card Review

Individuals who plan to travel overseas and want to maximize their rewards-earning potential can draw immense benefits from the Bank of America® Premium Rewards® credit card. It comes with zero foreign transaction fees and unlimited rewards points that don’t expire.

Advertising & Editorial DisclosureLast Updated: 11/16/2022
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Last Updated: 11/16/2022

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.

Card Details to Know Up Front
  • Bonus, Fee or Feature
    Has or Not
  • Has Annual Fee
  • Has Balance Transfer Offer
  • Has APR Offer
  • Cash Back Rewards
  • Travel Rewards
Click to see this card’s rates, fees and how they compare to other cards in our dataset.

Bank of America® Premium Rewards® credit card at a Glance

The Bank of America® Premium Rewards® credit card offers various features and benefits that offset its $95 annual fee. This card is ideal for international use and lets you earn zero-cap rewards — that is, 2 points for every dollar spent on travel and dining purchases and 1.5 points per dollar on all other purchases. These points do not expire.


  • Bank of America® Premium Rewards® credit card

    A solid option for frequent travelers who want to maximize the rewards-earning potential of their purchases.


    • Good-ExcellentRecommended Credit
    • $95Annual Fee
    • 1.5 - 2 PointsRewards Rate
    • 2xRewards Rate on Air Travel
    • 2xRewards Rate on Dining

Pros & Cons Explained

Like all other rewards cards, the Bank of America® Premium Rewards® credit card has benefits and shortcomings you need to examine. First, consider if this card will allow you to maximize your rewards-earning potential. Existing customers of Bank of America who are frequent travelers stand to gain the most from having this card. Cardmembers can also benefit from other perks that make this card stand out from other rewards credit cards.

Pros

  • Benefits
    Description
  • No foreign transaction fees
    You don’t pay any foreign transaction fees for purchases made outside of the United States, which can save you hundreds of dollars on international trips.
  • Earn unlimited rewards points
    There is no cap on the points you earn, and your points are valid for the card’s lifetime.
  • Flexible options for rewards redemption
    Enjoy the flexibility to choose how you redeem your points. You can redeem points for a cash deposit into your Bank of America checking or savings accounts; a credit to eligible Merrill accounts, including 529 accounts; a credit card statement credit or purchases at the Bank of America Travel Center.

Cons

  • Drawbacks
    Description
  • Has an annual fee
    The annual $95 fee is a modest annual fee, as some credit cards charge hundreds of dollars per year for some rewards cards.
  • Has a balance transfer fee
    This card charges a balance transfer fee of 3% of each transaction or a minimum of $10, whichever is greater.
  • Has high interest rates
    This card comes with high variable creditworthiness-based APRs of 18.99% – 25.99%for purchases and balance transfers, 21.99% - 28.99% for cash advances, 29.99% for bank cash advances and a penalty APR of up to 29.99% for late payments.
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LOOKING FOR THE BEST CREDIT CARDS OF 2021?

The Bank of America® Premium Rewards® credit card is a solid card for frequent travelers, but there are other options worth considering. Can check out MoneyGeek’s review of other rewards credit cards.

Bonuses & Rewards Explained

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.

1

Welcome Bonus

You can earn 50,000 online bonus points, or a $500 value if you make at least $3,000 in purchases within the first 90 days of account opening.

2

Zero-Cap Rewards Program

You earn 2 points for every dollar spent on dining and travel purchases and 1.5 points per dollar spent on all other purchases, with no points accumulation limit. These points do not expire.

3

Redeeming Rewards

You can opt for a cash deposit into your Bank of America checking or savings accounts; a credit to eligible Merrill accounts, including 529 accounts; a credit card statement credit or use points for gift cards and purchases at the Bank of America Travel Center.

Other Features Explained

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

  • Card Feature
    Description
  • 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.
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MONEYGEEK QUICK TIP

Boost the rewards-earning potential of your account by being a member of Bank of America’s Preferred Rewards program. To be eligible, you must have at least $20,000 in combined balances in your Bank of America or eligible Merrill accounts. As a Preferred Rewards member, you’ll earn 25%–75% more points on every purchase — or up to 3.5 points for every $1 you spend on travel and dining purchases and up to 2.62 points for every $1 you spend on all other purchases.

Understanding the Fine Print

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.

  • Card Feature
    Amount or Rate
  • APR
    18.99% – 25.99%
  • Annual Fee
    $95
  • Cash Back Rewards
  • Rewards Rate
    1.5 - 2 Points
  • Airline Benefits
  • This is an icon

    Regular APR

    The Bank of America® Premium Rewards® credit card has creditworthiness-based APRs, which are considered relatively high. This card charges 18.99% – 25.99% for purchases and balance transfers, 21.99% - 28.99% 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%.

  • This is an icon

    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.

  • This is an icon

    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.

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WHERE TO FIND THIS INFORMATION?

Ultimately, your travel cards and rewards cards are meant to save you money on travel and regular expenses. Avoid paying unnecessary fees by being aware of each card’s APR and fees, especially for late payments. You can find this important information on your credit card billing statements or on Bank of America’s website and mobile app. You may also check out the credit card agreement database maintained by the Consumer Financial Protection Bureau (CFPB).

Who Should & Shouldn’t Consider Bank of America® Premium Rewards® credit card?

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Other Considerations for Bank of America® Premium Rewards® credit card

You should examine several factors before applying for a Bank of America® Premium Rewards® credit card. MoneyGeek has listed a few primary considerations, whether you plan to make this your first card or plan to use it as an additional line of credit.

Things to Consider if This Will Be Your First or Only Credit Card

If you plan to make the Bank of America® Premium Rewards® credit card your first or only credit card, determine whether the perks, such as rewards and travel benefits, outweigh the high APRs for purchases, balance transfers and cash advances. It might be worth exploring options with lower rates, depending on how you plan to use the card.

Things to Consider if This Will Be an Additional Card in Your Wallet

Cardholders can benefit from using this card by pairing it with another card that does not charge an annual fee and has a lower APR. International travelers, in particular, can take advantage of the card’s many unique travel perks and features, such as travel insurance and zero foreign transaction fees.

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WHY TRUST OUR REVIEWS:

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.

How 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.

Quick Comparison of Bank of America® Premium Rewards® credit card

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Bank of America® Premium Rewards® credit card

  • Annual fee: $95
  • Purchase APR: 21.99% - 28.99%
  • 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: 18.99% – 25.99% (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

Other Helpful Decision-Making Q&As

MoneyGeek answers several frequently asked questions about the Bank of America® Premium Rewards® credit card to help you decide whether this card is right for you.

Still not sure about this card? Consider these options.

If you’re still unsure about the Bank of America® Premium Rewards® credit card, check out our recommendations for the best travel credit cards of 2022. Also, if rewards are your primary consideration, read our recommendations for cash back cards and rewards cards. You might also benefit from going through our guide on the benefits and drawbacks of travel credit cards.

Learn more about credit cards in general

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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.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
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