Bank of America Premium Rewards 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 Card. It comes with zero foreign transaction fees and unlimited rewards points that don’t expire.
The Bank of America Premium Rewards 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 FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Cash Back Rewards
- Travel Rewards
Bank of America Premium Rewards Card at a Glance
The Bank of America Premium Rewards 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
A solid option for frequent travelers who want to maximize the rewards-earning potential of their purchases.
- Good-ExcellentCredit Needed
- $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 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.
- No foreign transaction feesYou 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 pointsThere is no cap on the points you earn, and your points are valid for the card’s lifetime.
- Flexible options for rewards redemptionEnjoy 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.
- Has an annual feeThe 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 feeThis card charges a balance transfer fee of 3% of each transaction or a minimum of $10, whichever is greater.
- Has high interest ratesThis card comes with high variable creditworthiness-based APRs of 16.24%–23.24% for purchases and balance transfers, 19.24%–26.24% for cash advances, 29.24% for bank cash advances and a penalty APR of up to 29.99% for late payments.
The Bank of America Premium Rewards 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 Card features a highly attractive rewards program where you can earn unlimited rewards points with the flexibility to choose how to redeem them.
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.
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.
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 Card features a host of premium perks and benefits, which include:
- Card FeatureDescription
- Travel benefitsTravel 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 benefitsThe 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 protectionThe 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 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 Card that is stolen or damaged within 90 days of purchase can either be repaired, replaced or reimbursed, up to $10,000 per claim.
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 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 FeatureAmount or Rate
- APR15.99% - 22.99%
- Annual Fee$95
- Cash Back Rewards
- Rewards Rate1.5 - 2 Points
- Airline Benefits
The Bank of America Premium Rewards Card has creditworthiness-based APRs, which are considered relatively high. This card charges 16.24%–23.24% for purchases and balance transfers, 19.24%–26.24% 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%.
The zero-cap reward points rate is where the Bank of America Premium Rewards 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.
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 Card?
Other Considerations for Bank of America Premium Rewards Card
You should examine several factors before applying for a Bank of America Premium Rewards 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 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.
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 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 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 Card compares to another travel credit card, the Chase Sapphire Preferred Card.
Quick Comparison of Bank of America Premium Rewards Card
Bank of America Premium Rewards Card
- Annual fee: $95
- Purchase APR: 16.24%–23.24%
- 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: 15.99%–22.99% (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 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 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.
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