Bank of America Premium Rewards credit card 2024 review: Bonus rewards for Preferred members
Updated 5:07 p.m. UTC June 6, 2024
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Bank of America Preferred Rewards® members can earn up to 75 percent more points on every card purchase.
About the Bank of America® Premium Rewards® credit card * The information for the Bank of America® Premium Rewards® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The Bank of America® Premium Rewards® credit card * The information for the Bank of America® Premium Rewards® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. is an above-average travel rewards credit card. The card earns 2 points per $1 on travel and dining purchases and 1.5 points per $1 on other purchases. Existing Bank of America Preferred Rewards members can earn even higher bonus rates through the Preferred Rewards Program.
While it carries a $95 annual fee, the card also offers enough travel benefits and earning potential to justify the cost. Among its travel perks are a TSA PreCheck or Global Entry application fee statement credit of up to $100 every four years and an annual up to $100 airline incidental statement credit for select airline purchases. There’s no foreign transaction fee, so it’s an excellent companion when traveling internationally.
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Our team of experts evaluates hundreds of credit cards and analyzes thousands of data points to help you find the best card for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 50+ cards analyzed.
- 8 data points considered.
- 5-step fact-checking process.
Bank of America Premium Rewards credit card basics
- Annual fee: $95.
- Welcome bonus: 60,000 points after spending $4,000 on purchases in the first 90 days of account opening.
- Rewards: Unlimited 2 points per $1 on travel and dining purchases and 1.5 points per $1 on other purchases.
- Regular APR: 21.24% to 29.24% variable APR on purchases and balance transfers. A 4% fee applies to all balance transfers.
- Other perks and benefits: TSA PreCheck or Global Entry fee credit, up to $100 airline incidental statement credit, Visa Signature Concierge benefit, Visa Signature Luxury Hotel Collection, travel and purchase protections, FICO credit score.
- Does the issuer offer a pre-approval tool? Yes.
- Recommended credit score: Good to excellent.
Bank of America Premium Rewards credit card rewards
The Bank of America Premium Rewards credit card comes with 60,000 points after spending $4,000 on purchases in the first 90 days of account opening.
Along with a big bonus, the card earns unlimited points on all purchases. There’s no cap to the points you can earn and they never expire as long as your account remains open. This Bank of America Premium Rewards card earns unlimited 2 points per $1 on travel and dining purchases and 1.5 points per $1 on other purchases. As mentioned, select cardholders participating in the Bank of America Preferred Rewards program can earn up to 75% more points on every card purchase. To qualify, you must be a Preferred Rewards member and have a minimum of $20,000 in combined deposits in Bank of America deposit accounts and/or Merrill investment accounts.
Bank of America offers several redemption options of varying value. Redemption choices include deposits into a Bank of America checking or savings account, credits to eligible Merrill investment accounts (including 529 accounts), statement credits, gift cards or purchases at the Bank of America Travel Center.
Bank of America Premium Rewards credit card rewards potential
Using government data and other publicly available information, we estimate that a household in the U.S. that would be in the market for this card has an annual income of $84,352 and $25,087 in expenses they are likely to be able to charge to a credit card.
Of the possible card spending, our sample household spends an estimated $2,941 on travel and $3,526 on dining. At 2 points per $1, you would earn 12,924 points in these two categories. The remaining $18,620 in card spending earns 1.5 points per $1 , or 27,930. The total potential reward points for the year would be 40,864, worth $408.64 as cash back or deposited into an eligible account.
Bank of America Preferred Rewards members would earn even more points depending on which balance tier they’ve achieved. Gold tier members would earn an additional 25% or 51,080 total points. Platinum tier members earn 50% more points or 61,296 total. Platinum Honors or Diamond tiers earn 75% more points, or 71,512 points total annually.
Factors that may determine the value of rewards earned with the Bank of America Premium Rewards credit card include the card’s $95 annual fee and welcome bonus.
Bank of America Premium Rewards credit card APR
The Bank of America Premium Rewards card features standard 21.24% to 29.24% variable APR on purchases and balance transfers. A 4% fee applies to all balance transfers. This Bank of America credit card doesn’t offer a 0% introductory APR offer.
Bank of America Premium Rewards credit card pros
- Large welcome bonus: Earn 60,000 points after spending $4,000 on purchases in the first 90 days of account opening.
- Travel protections: The card includes protections like trip delay reimbursement, trip cancellation/interruption insurance, baggage delay insurance and lost luggage reimbursement.
- Travel credits: Up to $200 in travel statement credits, including a TSA PreCheck or Global Entry statement credit of up to $100 every four years and an up to $100 annual airline incidental statement credit for select airline purchases.
Bank of America Premium Rewards credit card cons
- Annual fee: The card carries a $95 annual fee.
- No Intro APR offer: The card doesn’t offer 0% introductory APR on purchases or balance transfers.
- No luxury perks: The Premium Rewards card doesn’t come with luxury travel benefits like airport lounge access or elite status upgrades.
How the Bank of America Premium Rewards credit card compares to other rewards cards
Bank of America Premium Rewards credit card vs. Bank of America® Travel Rewards credit card * The information for the Bank of America® Travel Rewards credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Another top Bank of America card, the Bank of America® Travel Rewards credit card * The information for the Bank of America® Travel Rewards credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. also earns travel rewards, but with no annual fee and a lower 25,000 points after spending $1,000 on purchases in the first 90 days of account opening. Like Premium Rewards, Preferred Rewards members can earn up to 75% more points on every purchase with this card. The Bank of America Travel Rewards credit card earns 1.5 points per $1 on purchases.
The Bank of America Travel Rewards credit card features a lengthy 0% intro APR for 15 billing cycles for purchases and any balance transfers made in the first 60 days, followed by a 19.24% to 29.24% variable APR. A 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers. However, it doesn’t offer travel benefits beyond no foreign transaction fees.
Bank of America Premium Rewards credit card vs. Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® Card sits among the best travel rewards credit cards because of its flexible rewards and blend of card benefits at the same annual fee as the Bank of America Premium Rewards card. Along with a substantial welcome bonus, the Preferred card provides access to Chase Ultimate Rewards®, one of the most versatile rewards programs.
Cardholders earn 5 points per $1 on travel purchased through Chase Travel℠, 3 points per $1 on dining, select streaming services, and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2 points per $1 on all other travel purchases and 1 point per $1 on all other purchases. Among its many redemption choices, it offers 1:1 point transfers to more than a dozen participating airline and hotel programs. Points redeemed for travel through the Chase Travel℠ portal are worth 25% more.
Card benefits include a $50 annual Chase Travel hotel credit, several travel and purchase protections and partner benefits with DoorDash, Lyft and Instacart.
Bank of America Premium Rewards credit card vs. Bank of America® Unlimited Cash Rewards credit card * The information for the Bank of America® Unlimited Cash Rewards credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
If you prefer earning straight cash back over travel-related rewards, the Bank of America® Unlimited Cash Rewards credit card * The information for the Bank of America® Unlimited Cash Rewards credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. is a more suitable option. This card keeps it simple, earning unlimited 1.5% cash back on purchases. It has no annual fee and comes with a $200 cash rewards bonus after spending $1,000 on purchases in the first 90 days of account opening. Like other select Bank of America credit cards, Preferred Rewards members can maximize rewards earnings with cash-back rates on every purchase by meeting the program’s account balance requirements.
Should you get the Bank of America Premium Rewards credit card?
The Bank of America Premium Rewards card isn’t a luxury travel rewards card. You can find other credit cards that earn higher rates and offer more travel benefits. Still, the Premier Rewards card is a solid pick, especially if you’re looking for simple travel rewards that never expire as long as your account remains open and can be used for various redemptions. The card is especially beneficial for Bank of America Preferred Rewards members who qualify for bonus reward rates.
The Bank of America Premium Rewards card offers more than enough value to justify its annual fee, provided you take advantage of some of the card’s travel credits and other benefits.
Bank of America Premium Rewards credit card summary
Methodology
Our credit card team has spent hours analyzing hundreds of credit cards. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering credit cards, informed us as we developed these credit card rankings.
Some of the factors evaluated in selecting the best rewards credit cards included:
- Rewards potential and redemption options.
- Welcome bonuses.
- Travel and shopping benefits.
- Intro APRs.
- Annual fees.
Frequently asked questions (FAQs)
The Bank of America Premium Rewards card doesn’t offer luxury travel perks but offers several travel protections and annual credits to make it a solid choice for frequent travelers. It’s an especially valuable rewards card for Bank of America Preferred Rewards members that meet combined balance requirements to earn higher bonus rewards rates for card spending.
The Bank of America Premium Rewards is a credit card so it will have a limit that varies for each cardholder based on their credit profile, income and other factors.
The Bank of America Premium Rewards carries a $95 annual fee.
Bank of America rewards never expire as long as your account remains open and in good standing.
*The information for the Bank of America® Premium Rewards® credit card, Bank of America® Travel Rewards credit card and Bank of America® Unlimited Cash Rewards credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
