Bank of America® Premium Rewards® review: A great travel and dining cash back card

by NEW YORK DIGITAL NEWS



Why we like this card: The Bank of America® Premium Rewards® card is a feature-rich credit card that offers a variety of benefits, especially for travelers and shoppers. 

Pros

  • Large sign-up bonus
  • No foreign transaction fee
  • Preferred Rewards members can earn 25%–75% more cash back

Cons

  • Has an annual fee
  • No introductory APR

Bank of America® Premium Rewards card: Overview

APR

  • Intro: N/A
  • Purchase: 20.24%–27.24% variable
  • Balance transfer: 20.24%–27.24% variable , plus a fee of 3%
  • Cash advance: 23.24%–29.24% variable, plus a fee of 3% to 5%
  • Penalty: up to 29.99% variable

Annual fee: $95

Foreign transaction fee: none

Late payment: up to $40

One of the key attractions of the Bank of America® Premium Rewards® card is its rewards program: Cardholders earn 2 points for every $1 spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases. There’s no limit to the number of points you can earn, and points don’t expire. Additionally, cardholders who are enrolled in the Bank of America Preferred Rewards program can earn even more points: up to 3.5 points per $1 spent on travel and dining and up to 2.62 points per $1 spent on all other purchases​​​​​​​​.

The card also offers a range of travel-related benefits and protections, making it particularly appealing for frequent travelers. These include reimbursement for TSA PreCheck or Global Entry membership fees, up to $100 in an annual airline incidental credit, trip cancellation/interruption insurance, baggage protection, and more. Cardholders also enjoy Priority Pass lounge access and no foreign transaction fees.​​.

Bank of America Premium Rewards Card: Rewards 

The Premium Rewards card offers a straightforward rewards structure:

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

Additionally, Preferred Rewards members can earn 25%–75% more points on every purchase. This translates to earning 2.5 to 3.5 points on travel and dining purchases and 1.87 to 2.62 points on all other purchases, for every $1 spent.

New cardholders also have the opportunity to earn 60,000 online bonus points—a $600 value—after you make at least $4,000 in purchases in the first 90 days of account opening.

How to redeem Bank of America Premium Rewards points

Premium Rewards cardholders have a several options for redeeming points: 

Travel Rewards

Points can be redeemed for airline travel, car rentals, and hotel stays through the Bank of America Travel Center, by going to the site or by calling the number on the back of your card. Travel reward redemptions start at 2,500 points.

Cash Rewards

You can also choose to receive your points as cash back (note that cash rewards redemptions start at 2,500 points). There are a few ways to go about this:

  • Get a statement credit of any amount
  • Have cash back direct deposit into an eligible Bank of America account
  • Receive a credit to an eligible Merrill account account 
  • Have a check mailed to you 
  • Make a contribution to a 529 account with Merrill 

You can also choose to set up automatic redemptions to either a Bank of America or a Merrill account, starting at $25 in rewards. (Statement credits, checks, and contributions into a 529 account are not eligible for automatic redemption.)

Gift Card Rewards 

Another option is to use your points for gift cards from a variety of retailers. Browse the Bank of America site to see up-to-date gift card options, which are updated regularly.

Additional benefits

The card comes with the following premium benefits:

Airline incidental statement credit: Get up to $100 in statement credits each year for qualifying purchases, such as seat upgrades, baggage fees, in-flight services, and airline lounge fees. Credits are automatically applied to your card statement

Airport security statement credit: Get up to $100 for TSA PreCheck® or Global Entry application fees, every four years.

Trip delay reimbursement: If a trip is delayed due to a covered hazard for more than 12 hours, you and your eligible family members can receive up to $500 per ticket purchased to cover reasonable expenses.

Trip cancellation/interruption reimbursement: if your trip is canceled or cut short due to illness or another covered situation, you can receive up to $2,500 for non-refundable passenger fares.

Baggage delay reimbursement: Get reimbursed up to $100 per day, up to five days, if your bags are delayed or misdirected by a common carrier for more than six hours for essential items. Note that this coverage is secondary to the common carrier.

Lost luggage reimbursement: You can receive coverage if your luggage and its contents are lost or stolen.

Travel and emergency assistance services: This benefitt provides help coordinating medical, legal, and travel services when you are traveling. The cost of any goods or services is your responsibility.

Emergency evacuation and transportation coverage: If you or a member of your immediate family are injured or become sick during a trip far from home that results in an emergency evacuation, you can be covered for eligible medical services and transportation.

Purchase security: Receive reimbursement of up to $10,000 per claim for repair or replacement if an eligible item purchased with the card is stolen or damaged within 90 days of purchase. 

Warranty manager service: This service doubles the time period of the manufacturers’ warranty, up to one additional year, for eligible items purchased with your card. 

Return protection: Get reimbursed for the cost of an eligible item of personal property if you are dissatisfied with the item for any reason within 90 days of the purchase and if the retailer will not accept the return. Coverage is limited to $250 per eligible item, up to $1,000 annually..

Auto rental collision damage waiver: Get reimbursed for damage to a rental vehicle due to collision or theft. Coverage is supplemental to and in excess of other insurance. You must decline the collision/loss damage waiver offered by the auto rental agency to be covered.

Roadside dispatch program: You get access to a 24/7 on-demand referral dispatch network that provides emergency roadside assistance, towing, and locksmith services.

Is the Bank of America Premium Rewards card right for you?

Considering its extensive travel and purchase protections and a robust rewards program, the Premium Rewards card is best suited for those who travel and dine out often, especially members of the Bank of America Preferred Rewards program. With a relatively low annual fee of $95, it can also be a good option for those who want a taste of premium credit card benefits without the high costs usually associated with such cards.

Credit cards similar to Bank of America® Premium Rewards card

If you’re shopping around for a rewards card, it’s a good idea to compare similar cards on the market to ensure you’re choosing the one that best fits your spending habits and budget.

Chase Sapphire Preferred® vs. Bank of America Premium Rewards

Another credit card that is a close competitor to the Bank of America® Premium Rewards® card is the . Like the Premium Rewards card, the Sapphire Preferred card comes with a $95 annual fee. This card offers a lucrative rewards structure of 5x points on travel purchased through Chase Ultimate Rewards® (excluding hotel purchases that qualify for the $50 Annual Ultimate Rewards Hotel Credit), 3x points on dining at restaurants, and 2x points on travel purchases. Points are also worth 25% more when redeemed for travel.

Frequently asked questions

What are the benefits of the Bank of America Premium Rewards card?

Benefits of the Bank of America® Premium Rewards® card include cash back on travel and dining spending, a large sign-up bonus, statement credits, travel protections, and more.

How much are Bank of America premium reward points worth?

Points earned with the BofA Premium Rewards card have a value of 1.0 cents per point, regardless of how they’re redeemed.

Does the Bank of America Premium Rewards card have lounge access?

If you’re a Premium Rewards Elite cardholder, you get free unlimited access to more than 1,300 airport lounges worldwide with up to four complimentary Priority Pass™ Select Memberships.


Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.



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