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

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

Editor's Rating: 5.0/5.0
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Editor's Rating

{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

5.0/5.0

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author's alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card 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 credit 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 per $1 spent on travel or dining, and 1.5 points per dollar on everything else. New cardholders can also get 50,000 bonus points if they spend at least $3,000 on the card within the first 90 days of card membership.

On Bank of America's Secure Website

Bank of America® Premium Rewards® credit card

On Bank of America's Secure Website
50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening. That's a $500 value.
  • Receive 50,000 bonus points – a $500 value – after you make at least $3,000 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 per $1 spent on all other purchases
  • If you’re a Bank of America Preferred Rewards client, you can get a 25%-75% rewards bonus on every purchase.
  • No limit to the points you can earn and your points don’t expire
  • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill Edge® and Merrill Lynch® accounts, or gift cards or purchases at the Bank of America Travel Center
  • Get up to $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
  • No Foreign Transaction Fees
  • Low $95 annual fee
  • Receive 50,000 bonus points – a $500 value – after you make at least $3,000 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 per $1 spent on all other purchases
  • If you’re a Bank of America Preferred Rewards client, you can get a 25%-75% rewards bonus on every purchase.
  • No limit to the points you can earn and your points don’t expire
  • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill Edge® and Merrill Lynch® accounts, or gift cards or purchases at the Bank of America Travel Center
  • Get up to $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
  • No Foreign Transaction Fees
  • Low $95 annual fee
Annual Fee
$95
APR
18.24% - 25.24% Variable APR on purchases
Credit Needed
{"onCurrent":true,"message":"There are various types of credit scores. Each creditor uses a variety of different types of credit scores to make lending decisions."}
Excellent/Good
Editor's Rating
{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

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 no annual fee will make it a much more appealing offer. Both cards have the same BofA relationship bonuses, so you won't be missing out on that front.

Bank of America® Travel Rewards credit card Highlights

  • 1.5 points per $1 spent on all purchases
  • 25,000 online bonus points if you make at least $1,000 in purchases in the first 90 days
  • Read Full Review

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

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

  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases
  • 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
  • 1:1 point transfer to airline and hotel loyalty programs
  • Read Full Review

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

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 $450 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 1,000 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

  • 3X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases (3 points on travel after you earn the $300 travel credit)
  • $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

Comments and Questions

Opinions, analyses, reviews, or recommendations expressed here are the author's alone, and have not been reviewed or endorsed by the issuer. We may be compensated through the issuer's Affiliate Program. For a full list of our advertisers see our disclosure page

* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Apply Now" button, you can review the credit card terms and conditions on the issuer's website.

Info about the following cards: Premier Rewards Gold Card from American Express, Hilton Honors Surpass® Credit Card, American Express® Blue Sky, American Express® Green Card, The Amex EveryDay® Preferred Credit Card from American Express, The Amex EveryDay® Credit Card from American Express, The Plenti® Credit Card from Amex, Blue from American Express®, Platinum Card® from American Express Exclusively for Mercedes-Benz, Bluebird, Centurion® Card from American Express, Hilton Honors American Express Aspire Card, Starwood Preferred Guest® American Express Luxury Card, Amazon Business American Express Card, and Marriott Bonvoy Brilliant™ American Express® Card has been collected independently by ValuePenguin. The issuer did not provide the details, nor is it responsible for their accuracy.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.

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.

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 are ValuePenguin's alone and for illustrative purposes only. The estimates are not a guarantee, agreement, or commitment to redemption amounts and may not 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® Card 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).