Bank of America Premium Rewards Credit Card Review

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From Seek Capital - Best for Travel Rewards with Bank of America Account Holders

Welcome Offer

Earn 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

2xPoints
Earn 2x points on every dollar spent on travel and dining
1.5xPoints
Earn 1.5 points on all other purchases
$200Travel Statement Credits
Earn up to $100 Airline Incidental Statement Credit for qualifying travel purchases and $100 Airport Security Statement Credit towards Airport Security benefits
$0Foreign Transaction Fee
No foreign transaction fees when using this card

Bank of America® Premium Rewards® Credit Card

If you need a credit card that gives you tons of points, perks and protections, the Bank of America Premium Rewards card should be at the top of your list. Bank of America has been one of the most respected financial institutions for decades, and it’s the second largest bank in the country, with more than $2 trillion in total assets and more than 24 million clients. The Premium Rewards card is one of the most popular and prestigious cards Bank of America offers, and with good reason. It has a killer sign up bonus, easy-to-earn points and high-level perks — and that’s just for starters.

Rewards Highlights

  • Receive 50,000 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 $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
  • No Foreign Transaction Fees
  • Low $95 annual fee

Expert Review

The Pros

  • 2x Points on travel and dining purchases
  • 1.5x Points on everything else
  • $200 in various travel credits

The Cons

  • No Lounge Access

Recommended Credit Profile

Rates & Fees

  • Annual Fee$95
  • Regular APR17.49% to 24.49%
  • Great ForTravelGasGroceries
  • Regular Purchase APR17.49% to 24.49%
  • Regular Balance Transfer APR17.49% to 24.49%
  • Cash Advance APR20.49% to 26.49%
  • Balance Transfer Fee$10 or 3%
  • Cash Advance Fee$10 or 3%

Sign Up Bonus

With the Premium Rewards card, it’s love at first swipe. You can get a full 50,000 bonus points — which is a $500 value — as long as you purchase a minimum of $3,000 within 90 business days. That breaks down to just over $33 a day or about $250 a week. I just made sure to use this card for all my food, gas and shopping purchases in those first few months and got my $3,000 (and the 50,000 bonus points) in easy.

Maximize Your Points

Earning points is super easy with the Bank of America Premium Rewards card because you get 1.5 points for every single dollar you spend. That morning coffee run? Ten points. Tank of gas? 30 points. Drinks with the guys after work? Tons of points. So no matter what you buy, you earn points, but Bank of America ups the ante when it comes to travel and dining purchases, letting you earn 2 points for every dollar spent. This is one of my favorite things about this card because that means I can redeem my points (more about that later) for that getaway vacation and then use my card for all my meals while I’m here and keep the earnings coming.

Let’s do the math real quick.

Say you spend $2,000 on regular purchases and $1,000 in dining/travel purchases in the first 90 days. That means you’re going to get 3,000 points on regular purchases and 2,000 points on dining/travel. That’s 5,000 points, but you’ve also qualified for the 50,000 bonus points. That means you’ve earned 55,000 points in your first three months!

But there’s another level to the rewards. Bank of America customers can qualify for up to 75 percent more points based on their Preferred Rewards account holder status. So, if you qualify for the Platinum Honors tier, that means you would get 5,250 points on those regular purchases, 3,500 on the the dining/travel, plus the 50,000 bonus points, which adds up to a whopping 58,750 points. Best of all, there’s no restrictions, fine print or blackout dates.

Redeeming Your Points

You’ve racked up your points and now it’s time to see what you can get. With the Bank of America Premium Rewards card, you’re in luck because it’s one of the best when it comes to redeeming options. You can redeem your points to fund airfare, a rental car or your hotel stay. If a stay-cation is more your style, you can cash your points out for gift cards, so you can enjoy free meals your favorite restaurants or treat yourself to that new entertainment system you’ve been eyeing.

The thing that really makes this card stand out, though, is that you can redeem your points for cold hard cash. Get cash back on your credit card statement, or have it deposited in your eligible savings, checking or even 529 account. Not sure how you want to spend your points? No problem. They never expire, so you can just let them keep racking up while you wait for the perfect offer to come along.

Premium Perks

As if all those points wasn’t enough, this card also comes with a serious set of perks:

  • Travel: Sometimes things just don’t work out as planned, but when that happens, Bank of America has your back if you have this card. From assistance with delays and cancellations to helping you sort out lost luggage, this card has what you need.
  • Purchases: Just in case you needed another reason (other than all the points you’ll earn) to use your card for all your regular purchases, you also get help with replacements, reimbursements and even repairs when you use the Premiums Rewards card to purchase an item, and you can even get an extended warranty on qualifying items.
  • Car: Whether you’re driving your daily commute or road-tripping in a rental, this card gives you access to services like the 24/7 Roadside Dispatch Program and Rental Collision Damage Waiver so you’re always covered.
  • Hotels: Use your card to book your next stay through the Visa Signature Luxury Hotel Collection (offering access to more than 900 hotels around the globe) and get major perks like the very best rates, room upgrades, and VIP guest status.

Everything you need to Know about the Fees

Perks and shiny plastic aside, credit cards are about the numbers, and with the Premium Rewards card, the math definitely adds up. Moving an existing balance on to this card is easy, and the balance transfer fee is on the low side of industry standard at just 3 percent. This means if you transfer a $5,000 balance, the fee is only $150. The annual fee is also low at just $95, and if you qualify for that 50,000-point bonus in the first three months, the card will have paid for itself five times over.

If you’re like me and seeing the world is at the top of your bucket list, this card is a great choice because it doesn’t have any foreign transaction fees — something that’s hard to find among competitors. With a different card, you could find yourself being charged a flat fee or percentage with every foreign transaction, which can really add up when you’re swiping all through your vacation. But with the Premium Rewards card, you only pay the cost of the transaction.

Bottom line: The Bank of America Premium Rewards card is a great choice if you:

  • Like to earn points on every single purchase
  • Need plenty of redeeming options
  • Want lots of travel perks and upgrades
  • Have high-value accounts with Bank of America

Put your purchasing power to work with this card, and watch the points start stacking up.

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