Bank of America Premium Rewards Credit Card Review
Key Takeaways
The Bank of America Premium Rewards card does have several appealing features, including a solid welcome bonus, a relatively low annual fee, useful statement credits, enhanced earning rates, and unique redemption options for existing Bank of America or Merrill customers. Even with those strengths, the biggest drawback is Bank of America’s lack of airline and hotel transfer partners. That limitation makes the card less valuable than competing travel cards from Chase, American Express, Bilt, Capital One, or Citi. While you can redeem points through the Bank of America Travel Portal at a fixed 1¢ per point toward travel purchases, the upside is much lower than what transferable points systems can offer.
Why This Card Could Be Right For You
The Bank of America Premium Rewards card offers a 60,000 point bonus after $4,000 in purchases within the first 90 days. The card carries a $95 annual fee, but it includes up to $100 annually in airline incidental credits for purchases like checked bags, seat upgrades, lounge access, and inflight services. You’ll also receive a $120 TSA PreCheck or Global Entry credit every four years.
The earning structure is straightforward:
- 2x points on travel and dining
- 1.5x points on all other purchases
- No earning caps in either category
Redemption options are flexible, though limited compared to transferable points programs:
- Cash back into eligible Bank of America checking or savings accounts
- Deposits into eligible Merrill investment accounts (including 529 plans)
- Statement credits
- Gift cards
- Travel bookings through the Bank of America Travel Portal
The card becomes much more attractive if you qualify for Bank of America’s Preferred Rewards program. To enroll, you’ll need an eligible Bank of America checking account and at least $20,000 in combined balances across Bank of America and Merrill accounts.
- Gold Tier ($20,000-$50,000): 25% rewards bonus, boosting 1.5x earnings to 1.875x
- Higher tiers can increase earnings by up to 75%, resulting in 2.625 points per dollar
If you already keep significant assets with Bank of America or Merrill, those boosted earning rates can make this card much more competitive for everyday spending.
When The Usual Advice Doesn't Apply
You might want to avoid this card if:
- Bank of America’s lack of airline or hotel transfer partners limits your redemption options
- You prefer cards that offer more than a 1:1 CPP ratio through transfer partners
What to Know About Bank of America
Bank of America Travel Rewards is a low tier program in the points and miles hobby:
- There are one or two cards worth getting, but only in the right situations
- Having an existing relationship with the bank or needing a break from the big credit card issuers are the main reasons you might want to get into this system
- Redeeming rewards is simple and straightforward, but you’ll only earn 1 cent per point at best
- Many cards only offer cash back rewards
- Its lack of any transfer partners puts this system near the bottom of our rankings
How The Bank of America Premium Rewards Credit Card Fits In The Bank of America Ecosystem
There are two other BOA cards worth considering:
- BOA Travel Rewards Card
- No annual fee
- 25,000-point sign-up bonus after spending $1,000 in 90 days
- 1.5x points on all purchases, redeemable for any travel or restaurant purchase
- Bank of America Premium Rewards Elite Card
- $550 annual fee
- 75,000-point sign-up bonus after spending $5,000 in 90 days
- 2x points on dining and travel; 1.5x on everything else
- $300 annual credit for airline incidentals, $100 TSA PreCheck/Global Entry credit, $150 for lifestyle conveniences (e.g., streaming services, food delivery, fitness subscriptions, and rideshare services)
- Up to four complimentary Priority Pass Select memberships
- 20% off airfare purchases when you pay with points
Card Information
Differentiating Perks
Rules
Card Extras
No extras to display for this card.
Historical Card Offers
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Estimated Next Offer
Bank of America Premium Rewards Application Rules
You'll be declined for Atmos and B of A Premium Rewards cards if you have opened or CLOSED that card in the previous 24 months
Bank of America limits the number of personal cards issued by the bank that you can get within a certain time frame
Card approval not subject to 5-personal-cards-in-24-months rule
