Bank of America Premium Rewards
Apply now Award System
Bank
Reconsideration Phone
800.732.9194
Breaking Points
| 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
Bottom Line
You should tap out on a lot of Chase, Amex or Citi card options before you hit up Bank of America. Even so, this isn't at all a bad card. The 50,000 points are reasonable for a $3,000 spend. And it gives you something back with every purchase you make. There are no spending categories to keep track of. And the points are redeemed for one penny each, so there are no specific redemption categories, either. It’s an easy fix to utilize in between cards and/or if you just want to get your hands on $500 worth of redemption right away with the sign-up bonus. The annual fee can be erased with the $100 in airline incentives or the $100 Global Entry or TSA credit. Basically, if you qualify for this one, it’s a great option. Just make sure your credit is above 750 before you try to apply.
Why You Might Want This Card
Get Rewarded for Having Good Credit
Bank of America rewards in big ways, but it’s really only for the those with excellent credit. If you're one of the special ones who can get your hands on this card, you’ll be pleasantly surprised by how quickly you can earn -- and how easily you can redeem. Along with the initial sign-up bonus (50,000 points after spending $3,000 within the first 90 days), you earn 2 points per $1 spent on travel and dining and 1.5 points per $1 spent on all other purchases. You also can receive up to $100 annually for airline incidentals, which can be redeemed for checked bags, in-flight purchases and seat upgrades. This card also comes with $100 toward Global Entry/TSA Pre-Check.
Time to Collect
This card sparkles with its redemption options. It can be done as a statement credit, cash back to a Bank of America account, travel, gift cards or a deposit to a Merrill account. This is one of those credit cards that is perfect for cruises, flying outside brand heavy airlines, or hotels and rentals because of the diversity of redemption options. There are no foreign transaction fees, so you can carry it with you wherever you’re going and just keep earning.
Exceptions To The Rule
About Cash in Cents
Most points have a 1 cent redemption value. Plus any 1X of 1.5X cash-back on spends are in cents, not dollars. So that we are comparing Apples to Apples, in terms of cash back vs. points, we use cents rather than dollars in representing cash bonuses.
Where Bank of America Premium Rewards Fits In This Point Ecosystem
Personal Experience
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
What to Know Before Canceling
Not much ongoing value for the $95 annual fee.
Best for Series
Below is a snapshot of where this card performs best compared to the other cards in our database: