GET.com's Review of Bank of America® Premium Rewards® credit card
|Highlights||Credit Card Feature|
|Things We Like||50,000 bonus points offer|
|Our Least Favorite||No 0% Intro APR on purchases and balance transfers|
|Our Verdict||Excellent rewards credit card with travel perks and premium benefits|
- 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 member, you can earn 25%-75% more points 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
- Intro APR
- Annual Fee
$95 annual fee
- Regular APR
18.24% - 25.24% Variable APR
- Credit Required
Bank of America® Premium Rewards® credit card is a rewards credit card that lets you earn unlimited points on all your purchases. It comes packed to the brim with great travel benefits such as up to $200 in travel statement credit rewards, world class travel perks, as well as premium benefits including purchase protection and Visa Signature® benefits. Your points do not expire and you can use them in a variety ways with flexible redemption methods. Also, if you happen to be a Bank of America® Preferred Rewards client, this card will let you earn extra rewards.
Here I'll do a detailed review of Bank of America® Premium Rewards® credit card and tell you how this credit card fares and what it has to offer.
Things We Like About Bank of America® Premium Rewards® credit card
50,000 bonus points offer. You will earn 50,000 bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening. Keep in mind that this fantastic one-time promotion is limited to customers opening a new account in response to this offer and will not apply to requests to convert existing accounts. If you have any big purchases planned ahead, getting a card like Bank of America® Premium Rewards® credit card is definitely a good idea as you can take advantage of the bonus points offer and earn unlimited points while you are at it. This credit card lets you earn points on all purchases.
Earn unlimited 2 points on every travel and dining purchase. You will earn 2 points for every $1 spent on your travel and dining purchases made with the card. The travel and dining categories are pretty broad, so you have plenty of chances to earn and accumulate your points. The dining category includes restaurants, fast food, and drinking establishments, such as bars or taverns. The travel category is even more extensive as it includes a whole host of things like airlines, hotels, motels, timeshares, trailer parks, motor home and recreational vehicle rentals, campgrounds, car rental agencies, truck and trailer rental, cruise lines, travel agencies, tour operators and real estate agents, operators of passenger trains, buses, taxis, limousines, ferries, boat rentals, parking lots and garages, tolls and bridge fees, tourist attractions and exhibits like art galleries, amusement parks, carnivals, circuses, aquariums, zoos and the likes.
Earn unlimited 1.5 points on all other purchases. This card lets you earn 1.5 points for every $1 spent on all other purchases charged to your card.
Bank of America® Preferred Rewards clients earn extra rewards. If you are a Bank of America® Preferred Rewards client, you will enjoy a 25%-75% rewards bonus on every purchase you make! This is a fantastic perk that helps you rack up points quickly - you can earn up to 3.5 points per $1 on travel and dining purchases and up to 2.62 points per $1 on all other purchases.
Flexible redemption options. You can enjoy your points in a myriad of ways as you can redeem your points for cash back as a statement credit, or as a deposit into your eligible Bank of America® or Merrill Lynch® accounts including checking, savings, and 529 once your points balance is 2,500 points or more. You can also use your points to purchase travel (air, car, and hotel) through the Bank of America Travel Center or redeem for gift cards. Each point redeemed is worth $0.01 (2,500 points = $25).
Points do not expire. The more you use your card to pay for purchases, the more points you will earn as there is no limit to the total amount of points you can earn. Your points do not expire.
Up to $200 in travel statement credit rewards. This card is a gem if you travel frequently. It offers you up to $100 Airline Incidental Statement Credit annually for qualifying purchases such as baggage fees, seat upgrades, in-flight services, and airline lounge fees. This will be automatically applied to your card statement. To enjoy this perk, remember to use your Bank of America® Premium Rewards® credit card when paying for all airline incidental transactions. What's more, you will also enjoy up to $100 Airport Security Statement Credit towards TSA Pre✓ ® or Global Entry Application fee, every four years. To make sure you qualify, be sure to use your Bank of America® Premium Rewards® credit card when paying the application fee to join the TSA Pre✓ ® or Global Entry program.
No foreign transaction fees. This is another useful perk that travelers can definitely benefit from. Regardless of where you are traveling, you can use your card without incurring foreign transaction fees when making purchases outside of the United States. Most credit cards on the market that charge this fee usually levy a fee of around 3% on foreign currency transactions. The amount of money you can save from not paying this extra charge can really add up especially if you travel abroad often.
Travel insurance protection. This credit card offers travel protection when it comes to unfortunate events such as trip delays, cancellations and interruptions, baggage delay inconvenience, lost luggage and emergency evacuation and transportation. Terms apply.
Visa Signature® benefits. This card lets you access the Visa Signature® Luxury Hotel Collection that lets you enjoy a premium set of benefits when you use your Bank of America® Premium Rewards® credit card to book through the Visa Signature® Luxury Hotel Collection. The Visa Signature® Concierge service is there to assist you with things like travel planning, restaurant recommendations and event reservations.
Other premium benefits. You will also enjoy a slew of premium benefits with your card, including purchase security, extended warranty, return protection, auto rental collision damage waiver and roadside assistance. Terms and conditions apply.
Free online FICO® score access. When you opt in, you can easily keep track of your credit score. Your score will be updated monthly. This can be done simply within your Mobile Banking app or in Online Banking.
$0 Fraud Liability. You get a $0 Liability Guarantee for fraudulent transactions. The $0 Liability Guarantee covers fraudulent transactions made by others using your account. The bank will block potential fraud if abnormal patterns are detected, Bank of America® will also notify you of any suspected fraudulent activity on your account.
Online shopping security. You can use the complimentary ShopSafe® service when shopping online. It lets you generate a temporary credit card number so your real card number remains completely private and protected.
Account alerts. This helps you stay on top of your balances and due dates. You can pick from an assortment of customer email or text alerts and let your phone tell you when payments are due and paid.
Chip technology. This gives you added security and protection when you make purchases at chip-enabled terminals in over 130 countries.
Text banking lets you have access to the account information you need quickly by text. Simply send a text message and you will receive a reply in seconds, perfect for saving time and effort.
Digital wallet enabled. Enjoy the convenience and ease of paying using digital wallets including Apple Pay®, Google Pay™ or Samsung Pay. All you have to do is add your Bank of America® Premium Rewards® credit card to your mobile device then shop in-store or in-app.
Overdraft protection. This is an option service you can take advantage of to help prevent instances of declined purchases, returned checks or other overdrafts when you link your eligible Bank of America® checking account to your credit card. Bear in mind transfer fees may apply.
Our Least Favorite Things About Bank of America® Premium Rewards® credit card
No 0% introductory APR for balance transfers and purchases. Right from the very start, this credit card has a 18.24% - 25.24% variable APR for balance transfers and purchases, depending on your creditworthiness. The balance transfer fee is either $10 or 3% of the amount of each transaction, whichever is greater.
Penalty fee and penalty APR. You might want to make it a habit to pay your credit card bill in full and on time. This card has a late payment fee of up to $39, in addition to a penalty APR of up to 29.99% variable penalty APR, based on your creditworthiness. According to the card's T&Cs, the penalty APR may be applied to new transactions on your account if you make a late payment. Also, the penalty APR will apply indefinitely once your APR has increased.
$95 annual fee. You need to pay to use this card. However, the $95 annual fee is actually very reasonable considering the range of perks and benefits you can enjoy with Bank of America® Premium Rewards® credit card.
How Other Cards Compare With Bank of America® Premium Rewards® credit card
|Regular APR:||18.24% - 25.24% Variable APR|
|Annual Fee:||$95 annual fee|
|Regular APR:||18.24% - 25.24% Variable|
Bank of America® Premium Rewards® credit card is an excellent rewards credit card for people who enjoy traveling because it offers a solid range of travel benefits, such as up to $200 in travel statement credit rewards, world class travel perks, no foreign transaction fees, travel insurance protection and more despite having a very reasonable $95 annual fee.
You get to earn unlimited points on all the purchases charged to your card; earn 2 points if you spend on travel and dining, earn 1.5 points on all other purchases. Here's an extra enticing benefit if you are a Bank of America® Preferred Rewards client: You will earn up to 3.5 points per $1 on travel and dining purchases and up to 2.62 points per $1 on all other purchases. This is because you can enjoy a 25% - 75% rewards bonus on every purchase you make with your Bank of America® Premium Rewards® credit card.
Your points do not expire and you enjoy flexibility when it comes to redemption. Besides boasting security features, this credit card also comes with a host of premium benefits including purchase protection, Visa Signature® benefits and more.
New cardholders of Bank of America® Premium Rewards® credit card can look forward to the generous one-time 50,000 bonus points offer after making at least $3,000 in purchases within the first 90 days of account opening. In case you missed the memo, 50,000 bonus points has a value of $500.
If you have good or excellent credit, you should consider getting a rewards card, which rewards you for your everyday spending! GET.com has a comprehensive Rewards Credit Cards section offering rewards such as cash, gift cards, flights, hotels, and many others. We also have a Business Credit Cards section with special card offers for small business owners, many of which don't charge any annual fee. Students can get one of the many Student Credit Cards to start building their credit. If you have bad or no credit, browse through our Credit Cards for Bad Credit and Credit Cards For Fair Credit. You can also check out the Best Credit Cards.See more Bank of America credit cards.