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Bank of America® Premium Rewards® Card: $1,500+ Limit
Unlock valuable rewards and exclusive benefits for your next adventures.
Discover the card that turns your spending into unforgettable experiences.
Bank of America® Premium Rewards® Card: Your Gateway to Incredible Travel
Unlock valuable rewards and exclusive benefits for your next adventures.
Go to websiteExcellent credit and $95 annual fee apply. Minimum limit of $1,500.
The Bank of America® Premium Rewards® Card is a top-tier credit card designed for individuals who seek accelerated rewards on everyday spending and travel.
It comes with a suite of premium benefits, making it an excellent choice for those with excellent credit.
This card is particularly appealing to Bank of America Preferred Rewards® members.
They can earn even higher rewards rates, significantly boosting the value of every dollar spent.
It offers a clear path to maximizing points that can be redeemed for travel, cash back, or gift cards.
Why is the Premium Rewards Card Ideal for You?
Accelerated Rewards
Earn 2 points for every $1 spent on travel and dining, and 1.5 points for every $1 on all other purchases.
This consistent high earning rate ensures you accumulate rewards quickly.
Bank of America Preferred Rewards® Boost
If you're a Preferred Rewards member, you can earn 25% to 75% more points on every purchase.
This significantly increases your total rewards, making the card exceptionally valuable for loyal Bank of America customers.
Travel and Lifestyle Credits
Receive up to $100 in annual airline incidental statement credits and up to $100 for Global Entry or TSA PreCheck application fees.
These credits help to offset travel costs and the annual fee.
The $95 annual fee is easily justified by the generous rewards program and the significant travel credits offered.
For frequent travelers and those who leverage the Preferred Rewards program, the card provides immense value.
Eligibility for the Bank of America® Premium Rewards® Card typically requires an excellent credit history.
This ensures that the premium benefits are reserved for individuals with strong financial standing.
Essential Card Details
- Annual Fee: $95 (Not waived for the first year).
- Credit Requirement: Excellent (generally FICO score above 740).
- Minimum Limit: $1,500 (Initial limit can be higher based on creditworthiness and income).
- Sign-up Bonus: Generous point bonus upon meeting a minimum spending requirement in the first few months.
- Points per Spend: 2x points on travel and dining, 1.5x points on all other purchases.
- Redemption Value: Points are worth 1 cent each when redeemed for cash back, travel, or gift cards.
The flexibility of point redemption is a major advantage for cardholders.
You can choose how you want to use your rewards, whether for future travel, a statement credit, or gift cards.
The value remains consistent at 1 cent per point across redemption options.
Furthermore, the card charges no foreign transaction fees, which is a significant benefit for international travelers.
This can save a considerable amount of money over time, making overseas purchases more economical.
Pros and Cons of the Bank of America® Premium Rewards® Card
Pros (Advantages)
- ✓ High earning rates (2x on travel/dining, 1.5x on others).
- ✓ Significant bonus for Preferred Rewards members.
- ✓ Annual airline incidental credit up to $100.
- ✓ Global Entry/TSA PreCheck credit up to $100.
- ✓ No foreign transaction fees.
- ✓ Flexible redemption options (cash back, travel, gift cards).
- ✓ Travel protections and purchase benefits.
- ✓ Reasonable annual fee for the benefits offered.
Cons (Disadvantages)
- ✗ Requires excellent credit for approval.
- ✗ $95 annual fee is not waived.
- ✗ Highest value is for Bank of America customers.
- ✗ Redemption value is fixed at 1 cent per point, no transfer partners.
- ✗ Airline incidental credit can be specific and require tracking.
- ✗ May not be ideal for those who prefer transferring points to airlines/hotels.
- ✗ No free airport lounge access included.
- ✗ Requires active management to maximize credits.
When considering this card, it's essential to evaluate your banking relationship with Bank of America.
Your spending habits also play a crucial role in maximizing its benefits.
For Preferred Rewards members, the enhanced earning potential makes this card exceptionally competitive.
However, if you do not bank with Bank of America, or prefer transfer partners, another premium travel card might be more suitable.
The ideal decision will always depend on your financial ecosystem and travel goals.
Frequently Asked Questions (FAQ)
What credit score is needed for the Bank of America® Premium Rewards® Card?
Generally, you need an excellent credit score, which typically means a FICO Score above 740.
Bank of America also considers your overall credit history, income, and relationship with the bank.
How can Premium Rewards points be redeemed?
You can redeem points for cash back, travel (flights, hotels, car rentals), or gift cards.
Points are generally worth 1 cent each, whether as a statement credit or direct deposit.
Is the $95 annual fee worth it?
For most users who travel regularly and use the airline incidental and Global Entry/TSA PreCheck credits, the $95 annual fee is easily offset.
The enhanced rewards for Preferred Rewards members further justify the cost.
Is there a limit to the number of points I can earn?
There is no limit to the total number of points you can earn with the Bank of America® Premium Rewards® Card.
However, the sign-up bonus is a one-time offer for new cardholders.
What are the benefits of being a Preferred Rewards member with this card?
Preferred Rewards members receive a bonus on their earned points: 25% for Gold, 50% for Platinum, and 75% for Platinum Honors members.
This significantly boosts your rewards on all purchases, making the card much more valuable.
Does this card offer airport lounge access?
The Bank of America® Premium Rewards® Card does not include complimentary airport lounge access.
However, the annual airline incidental credit can be used for various travel-related expenses, enhancing your travel experience.
Understanding Bank of America's requirements and the Preferred Rewards program is crucial for maximizing the benefits of this card.
The synergy between the card and your banking relationship can unlock substantial additional value.
The straightforward redemption process and the valuable travel credits make the Bank of America® Premium Rewards® Card an attractive option.
It's ideal for those who want a simple yet rewarding premium travel card without the complexity of transfer partners.
Ready to Turn Your Spending into Rewards?
Click below to learn more and apply for the Bank of America® Premium Rewards® Card.
Go to websiteTerms and conditions apply. Subject to credit approval and $95 annual fee.
This content is for informational purposes only and does not constitute financial advice. Card information is provided by the issuer and may be subject to change. Please consult the official website for updated details.
