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Bank of America Premium Rewards Credit Card

Requires sign in
Rewards Rate
2 points per $1 spent on travel and dining purchases, 1.5 points per $1 spent on all other purchases
Sign Up Bonus
50,000 points for spending $3,000 in the first 90 days
Typical Credit Score
Good, Excellent
Pros & Cons
  • Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening

  • Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases

  • If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase

  • No limit to the points you can earn and your points don't expire

  • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center

  • Get up to $100 in Airline Incidental Credits annually and TSA Pre✓®/Global Entry Statement Credits of up to $100, every four years

  • No Foreign Transaction Fees

  • Low $95 annual fee

  • Contactless Cards - The security of a chip card, with the convenience of a tap

  • No introductory APR
  • Annual fee
Bank of America Premium Rewards Card Review

Who is the Bank of America Premium Rewards card for?

The Bank of America Premium Rewards card is BofA’s powerful response to the increasingly competitive premium rewards card market. This card has been met with great enthusiasm, even being lauded by USA Today as the ‘2019 Best Rewards Credit Card’. Here’s why this card is such a strong offering.

This card offers one of the strongest rewards programs. Particularly targeting travel customers, each travel purchase comes with 2 points for each $1 spent, and 1.5 points are received per $1 spent on all other purchases. This allows for the cardholder to gain an extreme amount of points from regular purchases alone. However, including the points gained from travelling for an avid traveller increases the cardholder’s rewards earned annually exponentially.

This card is an excellent choice for cardholders wanting a more than satisfactory rewards program. It is easy to calculate points earned by its simple rewards category distinction, making it a valuable card for anyone wanting to eliminate unnecessary complications. With an annual fee of $95, this card all but pays for itself with the rewards earned.

Welcome Bonus

Simply from purchasing this credit card, cardholders will earn a welcome bonus of 50,000 points. This has a value of $500, immediately offsetting the annual cost of the credit card for over five years! That does not even factor in the rewards that the card user will easily start to accumulate through purchasing any number of items.

For a card with such a lucrative rewards program, this welcome bonus is more than generous. While earning this bonus comes at the cost of spending $3,000 within the first 90 days of opening your account, this is still a reasonable goal. 

Rewards

The base rewards rate of this card is solid. Cardholders will earn unlimited points across the board: 2 points for every $1 spent on travel and dining purchases and 1.5 points per $1 on all other purchases. Additionally, cardholders get a $200 travel credit statement every year and a one-time $100 TSA pre-check statement credit to ease your travel experience.

Savvy cardholders will take advantage of Bank of America’s Preferred Rewards Membership, which boosts your rewards earning potential dramatically. That means you could earn up to 3.5 points for every $1 you spend on travel and dining purchases, and up to 2.62 points for every $1 you spend on all other purchases. If you already bank with BofA, you will easily qualify for either 25%, 50%, or 75% more travel rewards -- which makes this card one of the most rewarding cards especially if you’re an existing Bank of America client.

Travel Benefits

Since a main aspect of the card is its travel rewards, there are an assortment of complementary travel benefits, making this an excellent card for the frequent flyer.

One of the main features this card has is trip cancellation insurance. If you have to cancel a trip for a covered reason, you and each member of your family can receive up to $5,000 back. This means that for most trips, you can get a full refund on a non-refundable trip by being a cardholder of the BofA Premium Rewards card.

Additionally, if your bags are delayed or lost, the cardholder benefits from gaining $100 for each day that their bags are not recovered (for up to five days). This is a huge perk since the cardholder has the advantage of receiving cash to replace any items that they have lost. If the bags are never recovered, the Premium Rewards card offers coverage for your lost luggage.

The card also provides travel and emergency assistance services. If you are in a situation where a medical, legal, or travel assistant is necessary, cardholders will be provided with this service. However, pay attention to the fact that the cost of these services are not covered by the card, but must come out of your own pocket instead.

The BofA Premium Rewards card also provides an auto rental collision damage waiver. This waiver ensures that if a cardholder damages a rental car for one of the covered reasons (such as theft or collision), then the costs will be covered by the card company.

Finally, there is a roadside dispatch program. This program provides 24/7 roadside assistance services, including towing and locksmith services. Cardholders can be at ease that by possessing this card, they will be taken care of on the road.

Annual Fee

Cardholders can enjoy all of these benefits with a minimal $95 annual fee, which pales in comparison to other cards that offer this generous of a rewards program. Furthermore, there are no foreign transaction fees and a bonus of 50,000 reward points for signing up for the card (pending the spending minimum is met within the first 3 months).

Security Features

Cardholders are able to live confidently knowing that their account is safe with the variety of security features Bank of America provides. This card includes chip activation, allowing for safer transactions. 

Additionally, they offer a paperless statement option, which does not only add to the security of the cardholder’s account, but is an environmentally sound option as well.

BofA will help block and report to you any potential fraudulent action on your account. They also have a $0 liability charge, so even if someone accesses and uses your card information for purchases, you will not be held accountable.

Account Management

The BofA Premium Rewards card provides a Digital Wallets feature as well. You can add your card to your device, and then payment is made simple through Apple Pay, Google Pay, or Samsung Pay. These forms of payment can be used either online or in-store, making it an efficient addition to your payment methods. 

Cardholders gain access to online and mobile banking. This permits card owners to pay their credit card bill online, check their credit score, transfer funds, along with many other features. This makes staying on top of your account easy and efficient.

Furthermore, card users can receive account alerts. These alerts will tell cardholders when their payments are due, and remind them of important deadlines. This makes it even simpler to complete transactions.

Another beneficial aspect of the card that helps you manage your account is being able to access your FICO score. Your FICO score reports your credit score, for free and online, making it effortless to be informed on your creditworthiness.

Conclusion

This card is a solid choice for any assortment of credit card users because of its superior rewards program, limited annual fee, and series of account management and security features. 

Specifically, travellers will be particularly excited by this card due to its emphasis on travel points, no foreign transaction fee, and variety of other travel assistance features. Regardless of spending habits, this card’s benefits, bonuses, and rewards can easily offset its costs, making it a very good card option.

Complete Card Details
Rewards Rate
2 points per $1 spent on travel and dining purchases, 1.5 points per $1 spent on all other purchases
Welcome Bonus
50,000 points for spending $3,000 in the first 90 days
Typical Credit Score
Good, Excellent
Intro Annual Fee
N/A
Annual Fee
$95
Additional User Annual Fee
N/A
Foreign Transaction Fee
N/A
Intro Purchase APR
N/A
Regular Purchase APR
15.99% - 22.99%
Cash Advance Fee
3% on direct deposit and check cash advances, 5% on ATM, over-the-counter, same-day online and cash equivalent cash advances
Cash Advance APR
15.99% - 22.99%
Late Fee
Up to $40
Intro Balance Transfer APR
N/A
Regular Balance Transfer APR
18.99% - 25.99%
Penalty APR
Up to 29.99%
Balance Transfer Fee
3%
Return Payment Fee
Up to $29
Minimum Deposit
N/A
Credit Card Network
Visa
Credit Card Issuer
Bank of America
Bank of America Premium Rewards Credit Card FAQ

What is the minimum credit score required to apply for Bank of America Premium Rewards Credit Card?

A credit score of 700 is required to be eligible for Bank of America Premium Rewards Credit Card.

What is the minimum deposit required for Bank of America Premium Rewards Credit Card?

There is no minimum deposit required for this credit card.

What is the Intro Annual Fee for Bank of America Premium Rewards Credit Card

The Intro Annual Fee for this credit card is not available at the moment. Please check the terms for more details.

What is the Annual Fee for Bank of America Premium Rewards Credit Card

The Annual Fee for this credit card is $95.

What is the Intro Purchase APR for Bank of America Premium Rewards Credit Card

The Intro Purchase APR for this credit card is not available at the moment. Please check the terms for more details.

What is the Regular Purchase APR for Bank of America Premium Rewards Credit Card

The Regular Purchase APR for this credit card is 15.99% - 22.99%.

What is the Intro Balance Transfer APR for Bank of America Premium Rewards Credit Card

The Intro Balance Transfer APR for Bank of America Premium Rewards Credit Card is not available at the moment. Please check the terms for more details.

What is the Regular Balance Transfer APR for Bank of America Premium Rewards Credit Card

The Regular Balance Transfer APR for Bank of America Premium Rewards Credit Card is 18.99% - 25.99%.

What is the Cash Advance APR for Bank of America Premium Rewards Credit Card

The Cash Advance APR for Bank of America Premium Rewards Credit Card is 15.99% - 22.99%.

What is the Cash Advance Fee for Bank of America Premium Rewards Credit Card

The Cash Advance Fee for Bank of America Premium Rewards Credit Card is 3% on direct deposit and check cash advances, 5% on atm, over-the-counter, same-day online and cash equivalent cash advances.

What is the Late Fee for Bank of America Premium Rewards Credit Card

The Late Fee for Bank of America Premium Rewards Credit Card is up to $40.

What is the Penalty APR for Bank of America Premium Rewards Credit Card

The Penalty APR for Bank of America Premium Rewards Credit Card is up to 29.99%.

What is the Balance Transfer Fee for Bank of America Premium Rewards Credit Card

The Balance Transfer Fee for this credit card is 3%.

What is the Min. Balance Transfer Fee for Bank of America Premium Rewards Credit Card

The Min. Balance Transfer Fee for this credit card is $10.

What is the Foreign Transaction Fee for Bank of America Premium Rewards Credit Card

The Foreign Transaction Fee for this credit card is not available at the moment. Please check the terms for more details.

What is the Return Payment Fee for Bank of America Premium Rewards Credit Card

The Return Payment Fee for this credit card is up to $29.
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