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If you're looking for a rewards credit card with a solid welcome bonus offer that earns flexible points, the
Bank of America Premium Rewards Review: Is It the Best Credit Card for You?
The
The card earns 2x points on travel and dining, as well as 1.5x points on all other purchases. If you're someone who spends big on travel (like airfare, hotels, and car rentals), the
You'll receive additional travel and purchase benefits, including car rental insurance, return protection, and trip cancellation/interruption insurance.
That said, although the card comes with a large selection of benefits, there's no intro APR offer. So if you're looking to avoid incurring high interest on new purchases, or want to pay off larger purchases over multiple billing cycles, you should consider one of the best zero-interest credit cards with an introductory 0% APR instead.
The
If you want more flexible travel rewards, the
Another great option to consider if you're looking for a travel rewards card is the
We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
Bank of America Premium Rewards credit card Rewards
Bank of America Premium Rewards bonus
The
Each point is worth 1 cent toward cash back, statement credits, gift cards, or travel purchased through the Bank of America travel center, so this bonus is worth $500.
How to earn rewards with the BoA Premium Rewards credit card
The
But the best way to increase your earnings is by taking advantage of the Bank of America Preferred Rewards Program. You can earn up to 75% more points on purchases as a member (up to 3.5 points per dollar spent on travel and dining), depending on how much you have on deposit or invested with Bank of America and Merrill (Bank of America's wealth management division).
How to use rewards from the BoA Premium Rewards card
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You can also use points to book flights through the Bank of America travel portal (and still earn frequent flyer miles and elite credits). However, make sure to check the carrier website before using the Bank of America travel portal in case you're able to find a better fare at the same value.
Bank of America Premium Rewards Benefits and Features
Up to a $100 credit for Global Entry or TSA PreCheck
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Up to $100 in airline incidental credits each year
You can receive up to $100 in automatic credits each year toward airline purchases made with your card, like seat upgrades, baggage fees, and inflight services. If you maximize this credit, you'll effectively offset the card's entire annual fee.
Travel insurance
The card comes with travel insurance when you use it to pay for your travel, including:
- Trip cancellation/interruption insurance: You can also be reimbursed up to $2,500 for non-refundable passenger fares if you need to cancel or cut your trip short for a covered reason, like illness.
- Car rental insurance: Decline the rental company's collision/damage waiver and pay for your car rental with your
Bank of America® Premium Rewards® credit card , and you can be covered for damage due to collision or theft. This car rental insurance is secondary, which means it only covers what your personal insurance policy does not. - Baggage delay insurance: If you wait more than six hours for your luggage, you can receive up to $100 a day for up to five days for toiletries, clothing, and other essentials. In order to be reimbursed for your purchases make sure to keep your receipts and submit a claim.
- Trip delay insurance: If your flight is delayed for more than 12 hours, you'll be eligible to receive reimbursement of up to $500 per ticket for necessities like lodging and meals.
- Lost luggage reimbursement: This benefit provides reimbursement when you use your card to pay for a trip, and your luggage is lost, stolen, or misdirected by the common carrier (airline, bus, train, cruise ship).
- Travel and emergency assistance services: If you're away from home and need help, the card provides access to a travel and emergency assistance services hotline, which can help you arrange things like medical and legal services. The service itself is complimentary, but all third-party costs are the responsibility of the cardholders.
- Emergency evacuation and transportation coverage: If you've paid for a trip far from home with the card and you (or a member of your immediate family) become sick or injured and in need of emergency evacuation, you could be covered for eligible medical services and transportation.
Roadside dispatch
Cardholders have access to a roadside dispatch line which can help arrange things like roadside assistance, towing, and locksmith services for a set fee.
Purchase protection
If a new eligible item you purchased with the
Return protection
Pay for an eligible item with your card and if the merchant won't take it back within 90 days of the purchase, you could be covered up to $250 per eligible item and up to $1,000 annually.
Extended warranty
This benefit doubles the time period of the manufacturer's warranty by up to one additional year on eligible items purchased with your
BofA Premium Rewards Annual Fee and Other Costs
The
Other fees apply in certain situations, including:
- APR:
Bank of America® Premium Rewards® credit card APR for purchases and transfers - Balance transfer fee: 3% of the amount of each transaction
- Cash advance fee: Direct deposit and check cash advances: 3% of the amount of each transaction; ATM, over-the-counter, same-day online, and cash equivalent cash advances: 5% of the amount of each transaction
- Late payment fee: Up to $40
How the Bank of America Premium Rewards Compares
Bank of America Premium Rewards vs Bank of America Travel Rewards
The
Its closest competitor is the
The
Bank of America Premium Rewards vs Chase Sapphire Preferred
The Bank of America Premium Rewards and Chase Sapphire Preferred both charge the same
You've got the potential to earn a much more valuable welcome bonus with the
The
Bank of America Premium Rewards card Frequently Asked Questions (FAQ)
Is the Bank of America Premium Rewards credit card worth it?
If you're looking for a travel rewards card with good earning rates, a large welcome bonus offer, and compelling benefits for a low annual fee, the
However, there are other travel rewards credit cards with similar annual fees that offer better benefits and more redemption options, so be sure to compare them before you decide on this card.
What credit score do you need to qualify for the BofA Premium Rewards card?
You need good to excellent credit to be considered for the
What is the annual fee for the Bank of America Premium Rewards credit card?
The
How to earn points using the Bank of America Premium Rewards credit card
It's easy to earn points on travel, restaurants, and everyday spending with the
Is the Bank of America Premium Rewards card metal?
No, the
Methodology: How we reviewed the Bank of America Premium Rewards credit card
Insider's credit cards team reviewed the card relative to other premium credit cards. In evaluating the card, we looked at various factors, including:
- Annual fee — Most premium credit cards charge high annual fees, but some are a better value than others, especially when you take the card's benefits and rewards into account.
- Welcome bonus offer — A welcome bonus offer is a great way to kickstart your rewards earning. We looked at whether the card's intro offer is competitive with similar cards, including the minimum spending requirement.
- Ongoing rewards — Does the card offer a strong rewards rate for spending, especially travel purchases? Are there any spending caps or hoops to jump through?
- Benefits — What benefits does the card offer, especially for travelers? Does it come with perks that are standard on most other premium travel cards, like travel insurance, airport lounge access, and statement credits?
You can find out more about our review methodology in our guide to how we rate credit cards at Insider.