Bank of America Premium Rewards Credit Card Review 2023

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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® credit card is worth considering. This mid-tier card acts more like a cash-back credit card rather than a travel rewards credit card, and it comes with excellent travel protections and statement credits you might not expect from a $95-annual-fee card.

Bank of America Premium Rewards Review: Is It the Best Credit Card for You?

The Bank of America® Premium Rewards® credit card is the best Bank of America credit card for premium travel benefits, and you can earn 60,000 points after you make at least $4,000 in purchases in the first 90 days of account opening. 

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 Bank of America® Premium Rewards® credit card can help offset the cost of future travel expenses. And you can potentially save even more money with up to $100 in annual airline incidental fee credits and a Global Entry/TSA PreCheck application fee credit.

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 Bank of America® Premium Rewards® credit card is even more valuable to Bank of America Preferred Rewards members, as they are eligible to receive higher reward rates (up to 75% more points). In order to qualify as a member, you are required to have a minimum of $25,000 in combined Bank of America accounts. If you’re not part of the Preferred Rewards program (and don’t plan to be), you may be better off with a different travel rewards card. 

If you want more flexible travel rewards, the Chase Sapphire Preferred® Card is a great option since it also comes with a great welcome bonus offer (60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening), stronger travel coverage, and up to 5x points on travel purchases. Plus, you can transfer rewards from the card to Chase’s airline and hotel partners, which can get you an even higher value for your rewards. 

Another great option to consider if you’re looking for a travel rewards card is the Citi Premier® Card. It earns 3x points in multiple everyday spending categories, has an excellent welcome bonus offer (60,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first three months of account opening, plus earn a total of 10 ThankYou® Points per dollar on hotel, car rentals, and attractions (excluding air travel) booked on the Citi Travel℠ portal through 6/30/2024), and comes with an annual hotel savings benefit. 

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 Bank of America® Premium Rewards® credit card is currently offering a welcome bonus of 60,000 points after you make at least $4,000 in purchases in the first 90 days of account opening. 

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 $600.  

How to earn rewards with the BoA Premium Rewards credit card

The Bank of America® Premium Rewards® credit card has simple rewards categories and no limits. Points won’t expire as long as the account is open and active. You’ll earn unlimited 2x points on travel and on dining purchases. All other purchases earn 1.5 points per dollar.

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

The Premium Rewards Visa Card is a great card for folks who like to use points like cash. You can redeem rewards for cash back, a deposit into your Bank of America account, statement credits, gift cards, or credit to eligible Merrill accounts (including 529 accounts). 

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

The Bank of America® Premium Rewards® credit card offers up to $100 credit toward the Global Entry or TSA PreCheck application fee every four years. If you already have Global Entry/TSA PreCheck, you can use your card to pay for a family member or friend’s application and still receive the credit. 

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 Premium Rewards Visa 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 Bank of America® Premium Rewards® credit card is lost or damaged within 90 days of purchases, you can be eligible for purchase protection which will cover repairs, replacements, or reimbursements up to $10,000 per claim. 

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 Bank of America® Premium Rewards® credit card. There’s also a warranty manager service that allows you to register your receipt and warranty information, which can be kept on file (on warranties of three years or less).

BofA Premium Rewards Annual Fee and Other Costs

The Bank of America® Premium Rewards® credit card has a $95 annual fee. However, there are no foreign transaction fees, so it’s a good card to bring along on international adventures.

Other fees apply in certain situations, including:

• APR: 19.99% – 26.99% variable 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 Bank of America® Premium Rewards® credit card is the most premium BofA travel card, and one of only a handful that charges an annual fee.

Its closest competitor is the Bank of America® Travel Rewards credit card, which has a $0 annual fee and earns 1.5x points on all purchases. Its welcome bonus is lower than that of the Premium Rewards Visa Card, offering 25,000 online bonus points after making at least $1,000 in purchases in the first 90 days of account opening.

The Bank of America® Travel Rewards credit card doesn’t add foreign transaction fees, but it lacks benefits like travel insurance or purchase protections. On the upside, it does have an introductory interest-free period; new cardholders receive a 0% intro APR for the first 18 billing cycles on purchases and on balance transfers made within the first 60 days (then a 18.49% – 28.49% Variable APR).

Bank of America Premium Rewards vs Chase Sapphire Preferred

The Bank of America Premium Rewards and Chase Sapphire Preferred both charge the same $95 annual fee, come with travel protections, and don’t add foreign transaction fees. But that’s about where the similarities end.

You’ve got the potential to earn a much more valuable welcome bonus with the Chase Sapphire Preferred® Card (currently an offer of 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening). Because you can transfer Chase Ultimate Rewards® points to Chase’s airline and hotel partners to get outsized value, we peg Chase points as worth 1.8 cents each, on average, making this bonus worth a whopping $1,080 in travel.

The Sapphire Preferred also comes with more generous travel protections (including primary car rental insurance) and higher earning rates in some categories. That said, the Premium Rewards Visa Card has the advantage of a Global Entry/TSA PreCheck fee reimbursement and annual airline incidental fee credits of up to $100, which the Sapphire Preferred doesn’t offer.

Bank of America Premium Rewards card Frequently Asked Questions (FAQ)

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.