The Bank of America Premium Rewards credit card has an introductory offer of: 60,000 online bonus points — a $600 value — after you make at least $4,000 in purchases in the first 90 days of account opening
It’s pretty competitive with the other travel rewards credit cards on this platform (about $90 to $100 for annual fees). This offer gets better if you already bank with Bank of America and meet their Preferred Rewards status.
To gain the most points, you should use them towards Travel and Dining expenses where redeeming your points would be easier.
This card doesn’t come with exclusive benefits like the Chase Sapphire Reserve or the Platinum Card from American Express card does. However, you do get decent perks with the annual fee of $95 choice.
Bank of America Premium Rewards Card Quick Facts
| Bonus Available | 60,000 online bonus points — a $600 value — after you make at least $4,000 in purchases in the first 90 days of account opening |
| Ongoing Rewards/Benefits | Gain unlimited 2 points for each $1 used for travel and dining purchases, and 1.5 points for each $1 used on other expenses. |
| Foreign Transaction Fees? | No |
| Annual Fee | $95 |
Bank of America Premium Rewards Bonus
Earn 60,000 online bonus points — a $600 value — after you make at least $4,000 in purchases in the first 90 days of account opening.
Bank of America Premium Rewards Points Are Worth?
It won’t matter how you choose to redeem your points, every point will be worth $0.01. The value for these 50k points will be worth about $500.
You’ll be presented with 3 different options to redeem your points such as:
- Your points can be redeemed towards a statement credit, or as a deposit into your eligible Bank of America or Merrill Lynch accounts
- Buy travel (air, car, and hotel) through the Bank of America Travel Center
- Purchase gift cards
More ways to get more rewards for being a Bank of America client will be listed later.
Bank of America Premium Rewards Top Features
Just being a BoA client won’t mean you get an immediate 10% boost for your rewards. Bank of America’s other standard cash back and travel cards will have this benefit. However, you can get the Preferred Rewards boost if you are eligible for it.
If you’re already a Bank of America Preferred Rewards customer with a minimum of $20,000 in your accounts altogether, you can benefit from a 25% – 75% rewards bonus on each purchase. Eligible accounts are: Bank of America (Checking/Savings), Merrill Lynch and Merrill Edge accounts. In other words, you can gain no more than 3.5 points for every $1 used for travel and dining expenses, and no more than 2.625 points for each $1 used for other expenses.
| Balance In Account | Rewards Bonus | Points Per Dollar Earned |
| Under $20,000 | 0% | Travel/dining: 2 Other spending: 1.5 |
| $20,000 to $49,999 (Gold) | 25% | Travel/dining: 2.5 Other spending: 1.875 |
| $50,000 to $99,999 (Platinum) | 50% | Travel/dining: 3 Other spending: 2.25 |
| $100,000+ (Platinum Honors) | 75% | Travel/dining: 3.5 Other spending: 2.625 |
Receive no more than a $100 Airline Incidental Statement Credit annually for eligible expenses like: seat upgrades, baggage fees, in-flight services, and airline lounge fees. This will immediately be put onto your card statement.
Gain no more than a $100 Airport Security Statement Credit for TSA PreCheck or Global Entry Application fee, every four years.
To use your card to its full potential, you should use your credit for Global Entry because this rewards membership already has the TSA Precheck.
Buy things overseas without stressing over any foreign transaction fees with the Bank of America Premium Rewards credit card.
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Bottom Line
With only $95 each year, you’ll be able to make use of an excellent sign up bonus offer with great rewards rates. Even better if you already bank with BoA. Your $500 bonus points will definitely be enough to cover the charge of the annual fee for about 5 years.
Altogether, this credit card can hold its ground competing with its competition. This card would be better suited for you if you’re already a client for Bank of America. If not, then you should consider a different travel rewards card that has rewards that are just as appealing as this card has to offer.
