Bank of America® Premium Rewards® Visa® credit card: Is It The New Top Travel Card?

Bank of America® Premium Rewards® Visa® credit card: Is It The New Top Travel Card?

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

The Bank of America® Premium Rewards® credit card is extremely competitive with current top cards, like the Chase Sapphire Preferred® Card and the Bank of America® Travel Rewards credit card. This card should not be directly compared to the Chase Sapphire Reserve® or any true premium card, since it comes in at a different price point and has a very different set of benefits.

Review: Our Thoughts On The Bank of America® Premium Rewards® credit card

The Bank of America® Premium Rewards® credit card is one of Bank of America's best credit cards and, for some people, it may very well be one of the top travel rewards cards. The Bank of America® Premium Rewards® credit card has been frequently compared to other premium cards, including the Chase Sapphire Reserve® and The Platinum Card® from American Express. This is not a fair comparison, since the BofA card is very different and targeted at different audiences. First and foremost, the Bank of America® Premium Rewards® credit card doesn't come with any airport lounge access — a big feature of those premium cards. The only similarity between the cards is the $100 TSA Pre reimbursement, and an annual airline fee credit.

If you can make full use of the annual $100 airline incidental fee credit, we highly recommend this card over anything else Bank of America currently offers. The fee can effectively negate this card's $95 annual fee, and the elevated rewards are better than everything else we've seen thus far from this issuer.

Bank of America® Premium Rewards® credit card Benefits & Features

The Bank of America® Premium Rewards® credit card is a general travel rewards credit card that provides extra rewards to those that already have a relationship with the bank. It provides 2 points for every $1 you spend on travel and dining purchases. Plus, earn 2 points for every $1 spent on grocery store purchases – now through 12/31/21. Earn 1.5 points for every $1 you spend on all other purchases. No limit to the points you can earn and your points don't expire. New cardholders can also get 50,000 online bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening.

Beyond those rewards, this card also provides you with an annual $100 credit that can be used towards ancillary fees, such as baggage fees, in-flight food and drink or flight change fees. The credit cannot be used to pay for travel directly, as it is on the Chase Sapphire Reserve®. In addition to this, you can also get a $100 application fee reimbursement when you apply for either Global Entry or TSA Pre check. We recommend cardholders use the credit towards Global Entry, since membership to it already includes TSA Pre, but not vice versa.

How Does The Bank of America® Premium Rewards® credit card Compare To Other Credit Cards?

Whenever evaluating credit cards, it's always important to ask how they stack up against other available options. Beyond any finance charges, credit cards come with an opportunity cost. If you use one, that means you are passing up another offer. To that end, we took a look at how the Bank of America® Premium Rewards® credit card stacks up against some of its competition.

Bank of America® Premium Rewards® credit card vs Bank of America® Travel Rewards credit card

If you're a frequent traveler the Bank of America® Premium Rewards® credit card will likely be a better card than the Bank of America® Travel Rewards credit card. If you think you can use the $100 annual airline fee credit on the premium card the Bank of America® Premium Rewards® credit card is the clear winner. For anyone who doesn't have need of the credits, the fact that the Bank of America® Travel Rewards credit card has a $0 Annual Fee will make it a much more appealing offer.

Bank of America® Travel Rewards credit card Highlights

  • unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire
  • 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening
  • Read Full Review

Bank of America® Premium Rewards® credit card vs Chase Sapphire Preferred® Card

On Chase's Secure Website

The Chase Sapphire Preferred® Card is much more rewarding for cardholders when it comes to both travel and dining than the Bank of America® Premium Rewards® credit card. The Chase credit card provides 2 points per dollar spent on travel and dining out, which is exactly what the Bank of America® Premium Rewards® credit card gives. However, Chase Ultimate Reward points are valued more than BofA rewards points, especially when you use them to book travel through the Ultimate Rewards travel portal. The UR points can also be traded in with one of eleven participating airline and hotel partners, including Marriott and Southwest.

Chase Sapphire Preferred® Card Highlights

  • 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining and 2X points on all other travel purchases
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
  • 1:1 point transfer to airline and hotel loyalty programs
  • Read Full Review

Bank of America® Premium Rewards® credit card vs Chase Sapphire Reserve®

On Chase's Secure Website

The Bank of America® Premium Rewards® credit card has been compared to the Chase Sapphire Reserve®, though the two are in completely different leagues. The Chase Sapphire Reserve® is a premium credit card with a $550 annual fee. The card focuses on providing a mix of luxury travel benefits and general travel rewards. It provides Priority Pass membership, which gives access to over 1,300 airport lounges. Additionally, cardholders get a $300 annual travel credit that can be used towards any travel expenses, and is applied automatically to the account. The Bank of America® Premium Rewards® credit card doesn't come close to matching any of these rewards.

Chase Sapphire Reserve® Highlights

  • 5X total points on air travel and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases
  • $300 Annual Travel Credit automatically applied to your account for travel purchases charged to your card
  • Complimentary Airport Lounge access to 1,000+ airport lounges worldwide
  • 1:1 Point transfer to leading airline and hotel loyalty programs
  • Read Full Review

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).