The Bank of America Premium Rewards Credit Card has become an increasingly popular choice for consumers seeking to maximize their rewards and benefits. This card is known for its competitive earnings potential and valuable perks, aimed at those who appreciate travel and dining experiences.
Offering an unlimited 2 points per dollar on travel and dining purchases, and 1.5 points per dollar on all other transactions, the card’s rewards structure is relatively straightforward and easy to navigate. Furthermore, the Bank of America Premium Rewards Credit Card brings to the table a solid sign-up bonus and a reasonable annual fee, making it an attractive option for many potential cardholders.
Key Features
The Bank of America Premium Rewards Credit Card offers a variety of features that make it appealing to cardholders. One of its main strengths is its simplicity, making it a stress-free option for those seeking travel rewards without the hassle of navigating complex points systems.
Cardholders can earn 2 points per dollar on travel and dining purchases, and a solid baseline rewards rate of 1.5x points per dollar spent on all other eligible purchases. With no limit on the points you can earn, this card is ideal for those who frequently use their card for a wide range of purchases.
Another key feature of this card is its suitability for international use. The Bank of America Premium Rewards Credit Card does not charge any foreign transaction fees, making it a convenient and cost-effective option for overseas spending. Additionally, the card comes with a variety of perks that help offset its $95 annual fee.
Some of the additional benefits and perks include:
- Up to $100 in statement credits for airline incidental purchases each calendar year
- Up to $100 credit for Global Entry or TSA Precheck enrollment fees
- Travel and purchase protection, such as trip delay reimbursement, baggage delay insurance, and purchase security
These features make the Bank of America Premium Rewards Credit Card a competitive option for those seeking a straightforward, yet rewarding travel credit card.
Rewards Program
The Bank of America Premium Rewards credit card offers a straightforward rewards program for its cardholders. Users can earn an unlimited 2 points per dollar on travel and dining purchases, making it a suitable option for those who frequently travel or dine out.
For other purchases, cardholders can earn 1.5 points per dollar spent without any limits on the number of points they can accumulate. This versatility in point earnings can benefit users who have diverse spending habits.
Bank of America customers with eligible accounts can also benefit from the Preferred Rewards program, which offers bonus points on top of the base rewards. For example, Gold, Platinum, and Platinum Honors members can receive 25%, 50%, or 75% bonus points, respectively, based on their account balances.
In addition to earning points, cardholders have various redemption options, such as statement credits, gift cards, and travel bookings. These versatile redemption methods suit different preferences and needs of cardholders, allowing them to make the most out of their rewards.
Interest Rates and Fees
The Bank of America Premium Rewards Credit Card comes with a reasonable annual fee and competitive interest rates. The card has an annual fee of $95, which is considered moderate compared to other premium credit cards on the market.
As for interest rates, the APR for this card varies based on the prime rate and your creditworthiness. It is essential to review the rates and fees summary provided by Bank of America for the most up-to-date information on the card’s interest rates.
In addition to the annual fee, other fees that you may come across with this card include:
- Balance transfer fee of 3% or a minimum of $10 on each transaction
- Cash advance fee of 3% or a minimum of $10
- Foreign transaction fee of 0%, meaning no additional cost on purchases made outside the United States
- Late payment fee of up to $40
- Returned payment fee of up to $29
It is crucial to be aware of these fees and interest rates when utilizing the Bank of America Premium Rewards Credit Card to make informed decisions about your credit card usage.
Pros and Cons
The Bank of America Premium Rewards Credit Card offers various advantages and disadvantages that potential cardholders should consider.
Pros:
- Competitive rewards and perks for a card in its weight class.
- Flexible redemption options according to The Points Guy.
- Highly rated cashback credit card per Forbes.
- Reasonable annual fee of $95.
Cons:
- The card may be considered an average-earning rewards card per Bankrate.
- Competes in a highly competitive market, which could make it difficult to stand out.
Eligibility Requirements
For the Bank of America Premium Rewards Credit Card, the main eligibility requirement is having a good to excellent credit score. Additionally, being a member of the Bank’s Preferred Rewards program can enhance the benefits of the card.
The Preferred Rewards program has five tiers, and your tier is determined by your combined average daily balance in Bank of America accounts and/or Merrill investment accounts. The tiers are as follows:
- Gold: $20,000 or more in total assets
- Platinum: $50,000 or more in total assets
- Platinum Honors: $100,000 or more in total assets
- (NEW) Diamond: $1 million or more in total assets
Being a higher-tier member in the Preferred Rewards program can increase your rewards rate by 25% to 75%, depending on the tier. For example, Gold tier members can earn 25% more points on their purchases, while Diamond tier members can earn up to 75% more points. This means your rewards rates on travel, dining, and other purchases can vary from 2.5 to 3.5 points per dollar spent, and 1.87 to 2.62 points per dollar spent, respectively, as a Preferred Rewards member.
How to Apply
To apply for the Bank of America Premium Rewards Credit Card, you’ll need to visit the official Bank of America website and navigate to the card’s application page. Make sure you have your personal information on hand, such as your Social Security number, employment details, and income.
Once you’ve filled out the online application, you can expect a decision from Bank of America within a few seconds to a few minutes. In some cases, the application may require additional information, leading to a longer review process of about 7-10 business days.
If you prefer to apply over the phone, you can call Bank of America’s customer service at 1-800-932-2775. Additionally, you can visit a local Bank of America branch to apply in person.
Before submitting your application, it’s a good idea to review your credit score and ensure it falls within the recommended range for this card. The Bank of America Premium Rewards Credit Card is typically geared towards individuals with good to excellent credit.
Comparison with Competitors
The Bank of America Premium Rewards Credit Card faces competition from other cash back and travel rewards credit cards in the market. In this section, we will compare it to some popular alternatives with a similar annual fee and rewards earning structure.
Chase Sapphire Preferred: This well-known travel rewards card comes with a $95 annual fee like the Bank of America Premium Rewards Credit Card. However, it offers a higher points earning rate on dining and travel purchases, and points can be worth more when redeemed for travel through the Chase Ultimate Rewards portal. One downside is that it doesn’t offer cash back rewards like the Bank of America card.
Capital One SavorOne Cash Rewards: With no annual fee, this card is a more cost-effective option for those who want to earn cash back on dining and entertainment purchases. However, the overall earning rate is not as high as the Bank of America Premium Rewards card.
Citi Premier Card: This travel rewards card has a similar $95 annual fee and offers bonus points in several categories, like travel, dining, and groceries. It doesn’t have cash back options but provides a more diverse range of rewards earning alternatives.
In addition to the direct competitors mentioned above, there are many other credit cards with different rewards structures in the market. When comparing the Bank of America Premium Rewards Credit Card with other offerings, it’s essential to consider your spending habits, the reward redemption options, and any additional features or benefits that the cards may provide.
Final Verdict
The Bank of America Premium Rewards Credit Card offers a competitive rewards program with a reasonable annual fee of $95. The card is ideal for those with good to excellent credit scores and are looking for a travel rewards card with additional benefits. According to the Forbes review, the card offers a variable APR on purchases and balance transfers ranging from 19.49% to 26.49%.
Cardholders can earn a sizable sign-up bonus and have the flexibility to redeem their points without restrictions on their value. The card doesn’t necessarily stand out in the crowded market of rewards cards, but its benefits can be appealing to Bank of America customers looking to maximize their rewards potential.
In summary, the Bank of America Premium Rewards Credit Card is a solid option for those seeking travel rewards and additional perks. While it may not be the top choice for everyone, it could be a valuable addition to the wallet of Bank of America customers and those who meet the good to excellent credit score requirement.