Bank of America® Premium Rewards® Credit Card – Is it the right travel card for you?
The Bank of America® Premium Rewards® Credit Card is designed for consumers who want to earn competitive rewards while enjoying exclusive travel perks. Whether you are dining out, booking flights, or making everyday purchases, this card provides a balanced mix of benefits, including statement credits and travel protections.
Benefits of the Bank of America® Premium Rewards® Credit Card
- 2 points per dollar spent on travel and dining purchases.
- 1.5 points per dollar on all other purchases.
- $100 annual airline incidental credit for baggage fees, in-flight purchases, and more.
- $95 annual fee, which can be offset by the travel credits and rewards.
- No foreign transaction fees, making it ideal for international travel.
- Flexible redemption options, including cash back, travel, gift cards, and statement credits.
Prerequisites for applying
To qualify for the Bank of America® Premium Rewards® Credit Card, applicants typically need:
- A good to excellent credit score (usually 700+ recommended).
- Proof of income to support credit limit approval.
- A valid Social Security Number (SSN) or Taxpayer Identification Number (TIN).
About Bank of America
Bank of America is one of the largest financial institutions in the United States, serving millions of customers across the country.
Established in 1904, the bank offers a wide range of financial products, including checking and savings accounts, loans, mortgages, and credit cards.
Known for its strong customer service and digital banking solutions, Bank of America provides accessible financial services both online and in-person.
Who is this card best for?
The Bank of America® Premium Rewards® Credit Card carves out a niche for itself among a specific group of consumers.
It’s a card best suited for individuals whose spending habits and financial priorities align with its core offerings. Primarily, this card caters to the frequent traveler.
Those who regularly take to the skies or spend nights in hotels will find the card’s rewards structure particularly appealing, as it emphasizes earning points on travel purchases.
Beyond just travel, the card also rewards dining expenditures, making it a good fit for those who frequently dine out.
Another key demographic that might find this card advantageous is consumers seeking flexibility in how they redeem their rewards. While travel is a prominent option, the ability to redeem points for cash back or statement credits adds a layer of versatility that some cardholders appreciate.
This flexibility allows individuals to tailor their rewards redemption to their current financial needs, whether it’s funding their next trip or simply reducing their monthly expenses.
A significant factor that can amplify the value of this card is membership in Bank of America’s Preferred Rewards program. For those who qualify and participate in this program, the earning potential of the Premium Rewards card can be substantially increased, potentially by up to 75%.
This makes the card a particularly attractive option for existing Bank of America customers who already have a relationship with the institution and are looking to maximize their rewards earning. Essentially, the ideal cardholder is someone who frequently travels, spends a fair amount on dining, values flexible rewards, and ideally, is a Bank of America Preferred Rewards member.
However, it’s important for each individual to carefully weigh their own spending patterns and financial situation to determine if the card’s benefits truly outweigh its costs, such as the annual fee.
How does the Bank of America® Premium Rewards® Credit Card compare to other travel cards?
When evaluating travel credit cards, it’s essential to consider their reward structures, benefits, and costs. The Bank of America® Premium Rewards® Credit Card competes with other premium travel cards by offering flexible rewards, a relatively low annual fee, and valuable travel credits.
- Compared to the Chase Sapphire Preferred® Card, which offers similar travel benefits, the Bank of America card provides a higher earning rate on general purchases (1.5 points vs. 1 point per dollar spent).
- Unlike the American Express® Gold Card, which focuses heavily on dining and grocery rewards, the Bank of America card provides a more balanced rewards structure across multiple spending categories.
- For those who travel frequently but don’t want to pay a high annual fee, the Capital One Venture Rewards Credit Card is another alternative, though it lacks the airline and TSA PreCheck/Global Entry credits offered by Bank of America.
Rewards and Programs
The card offers a Premium Rewards Program, which allows users to:
- Earn 2 points per dollar on travel and dining.
- Earn 1.5 points per dollar on all other purchases.
- Redeem points for statement credits, travel, cash back, or gift cards.
- Get up to $200 in annual credits ($100 airline incidental credit + $100 Global Entry/TSA PreCheck fee credit).
Initial credit limit
The initial credit limit varies based on creditworthiness and income. Some typical ranges include:
- Minimum credit limit: $5,000
- Maximum credit limit: Can exceed $20,000 for well-qualified applicants
Step-by-Step guide to apply
- Visit the official Bank of America page.
- Click on “Apply Now”.
- Fill in your personal information, including income details and SSN/TIN.
- Review and submit your application.
- Wait for approval, which may be instant or require additional verification.
Tap the button below to be directed to the Bank of America website.
TAP HERE TO ACCESS THE BANK OF AMERICA WEBSITE
Pros and Cons of the card
Pros:
- High earning potential on travel and dining.
- No foreign transaction fees.
- Valuable travel perks and credits.
- Rewards can be redeemed in multiple ways.
- Extra benefits for Bank of America Preferred Rewards members.
Cons:
- $95 annual fee, which may not be ideal for casual users.
- No introductory 0% APR offer.
- Requires good to excellent credit for approval.
How to unlock your card
Once your Bank of America® Premium Rewards® Credit Card arrives, follow these steps to activate it:
- Call the activation number on the sticker.
- Visit the Bank of America website or mobile app.
- Log in and enter your card details for verification.
- Set up a PIN if required.
Fees and Tariffs
Fee Type | Amount |
Annual Fee | $95 |
APR for purchases | 19.24% - 27.24% variable APR |
Balance Transfer Fee | 3% of the amount transferred ($10 minimum) |
Cash Advance Fee | 3% or $10 (whichever is greater) |
No foreign transaction fees |
Customer Service and Support
For inquiries or support, you can reach out to Bank of America through:
- Phone support: 1-800-732-9194
- Online chat: Available via the Bank of America website
- Mobile app: Android | iOS
- Official website
The Bank of America® Premium Rewards® Credit Card is a strong option for those who value travel rewards and flexible redemption options. Whether you’re an avid traveler or just looking to maximize your everyday purchases, this card offers a range of benefits that can make your spending more rewarding.
