Bank of America Premium Rewards Credit Card Review
Key Takeaways
If you’re seeking flexible redemption options and you already have Bank of America (BOA) checking, savings, or Merrill investment accounts, this card offers more ways to use your points than many other rewards cards. Although the main attraction for many people is free travel, you may eventually want a break from Chase or Amex. In that case, the Bank of America Premium Rewards Credit Card is a solid choice.
Like many other cards, it provides cash back. However, it also allows you to deposit your points into an eligible Merrill investment account, including a 529 plan for college savings. You can still redeem these points for travel in the BOA Travel Portal, and redemptions are at a 1:1 cents-per-point ratio, which may not be the highest but offers simplicity and flexibility.
Why This Card Could Be Right For You
The Bank of America Premium Rewards card provides a 60,000-point sign-up bonus after you spend $4,000 in purchases within the first 90 days of card ownership. It carries a $95 annual fee, but offers up to $100 in Airline Incidental Statement Credits each year for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and lounge fees. These credits are automatically applied to your statement. You also receive a $100 credit for TSA Precheck or Global Entry every four years. The earning structure includes 2x points on travel and dining and 1.5x points on all other purchases, with no limit on either category.
You have several redemption options:
- Cash back into a Bank of America checking or savings account
- Credit to eligible Merrill investment accounts (including 529 accounts)
- Statement credit
- Gift cards
- Travel purchases through the Bank of America Travel Portal
You can boost your earnings further by enrolling in Bank of America’s Preferred Rewards program. To qualify, you need an eligible Bank of America personal checking account plus a three-month average balance of at least $20,000 across Bank of America and Merrill accounts. A $20,000 balance places you in the Gold Tier (between $20,000 and $50,000), which gives you a 25% earning bonus — raising your 1.5x rate to 1.875x. There are four other tiers, with Platinum Honors and Diamond offering a 75% earning bonus, translating to 2.625 points per dollar spent.
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
How The Bank of America Premium Rewards Credit Card Fits In The Cash in Cents 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
Overall, the Bank of America Premium Rewards Credit Card provides a mix of simplicity and flexibility, especially for existing BOA or Merrill customers who want a cash-back or investment-focused alternative.
Card Information
| Bonus Points | Minimum Spend | Point Value | Annual Value | Annual Fee |
1st Year Value
|
|---|---|---|---|---|---|
| 60,000 | $4,000 | 1.0 ¢ | $70 | $95 |
$615
|
| Best Value | Differentiating Perks | Rules |
|---|---|---|
| Cash | Airline Incidentals | B of A 1/24 , No 5/24 |
Spend Categories
1.5X points
1.5¢ Per Dollar Spent
2X points
2¢ Per Dollar Spent
2X points
2¢ Per Dollar Spent
Card Benefits
Get $100 travel credit on airline incidentals.
Get up to $100 statement credit for Global Entry, or an $85 fee credit for TSA PreCheck.
Get up to a $100 Airline Incidental Statement Credit annually for seat upgrades, baggage fees, in-flight services, and airline lounge fees - automatically applied to your card statement
Using this card gives you secondary car rental insurance on collision and theft, up to the cost of the vehicle.
Trip cancellation insurance up to $5,000 per person; trip delay reimbursement up to $500 per ticket; baggage delay insurance up to $100 per day for 5 days; lost luggage reimbursement.
You will pay no foreign transaction fees when you use your card for purchases made outside the United States.
Call 1-800-953-7392 to get complimentary assistance making dinner reservations, buying theater tickets, getting travel guides, sending gifts/flowers, and dozens of other specific requests.
24/7 on-demand referral dispatch network that provides emergency roadside assistance, towing, and locksmith services
Get a repair, replacement or reimbursement if an eligible item purchased with the card is stolen or damaged within 90 days of purchase. You're provided with reimbursement of up to $10,000 per claim.
This card doubles the time period of the manufacturer's warranty, up to 1 additional year, for eligible items purchased.
Point Transfer Options
Transfer To Spouse/Partner Yes
Transfer To Friends Yes
Travel Partner Transfers
Outside Point System Cash in Cents
Transfers In From
1:1 71% value retained
1:1 100% value retained
1:1 91% value retained
1:1 63% value retained
1:1 91% value retained
1:1 71% value retained
Bank of America Premium Rewards Application Rules
You'll be declined for Alaska Airlines and B of A Premium Rewards cards if you have opened or CLOSED that card in the previous 24 months
Card approval not subject to 5-personal-cards-in-24-months rule
Ranking of Cards Offering Cash in Cents
Best for Series
Below is a snapshot of where this card performs best compared to the other cards in our database: