Bank of America Premium Rewards Again
You accept to give Bank of America kudos for its to-the-betoken approach when naming credit cards. Its cash dorsum menu is the Bank of America® Customized Cash Rewards credit carte. Its travel card is the Bank of America® Travel Rewards credit card. And its near feature-packed offer is the Bank of America® Premium Rewards® credit card.
The Banking concern of America® Premium Rewards® credit card combines the benefits of the other two cards and throws in some new ones for good measure. Only it's also the only one of those cards to deport an annual fee. Let's run across if you'll get your money'southward worth with our Bank of America® Premium Rewards® credit card review.
Intro Apr
Purchases: N/A
Rest Transfers: N/A
Regular Apr
16.24% - 23.24% Variable
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The bonus offer, premium travel & dining rewards, and upwards to $200 in travel-related argument credits brand this a compelling offer for travelers who tin can justify paying an almanac fee.
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- Big sign-up bonus
- Bonus travel and dining rewards
- Travel credits
- Consumer and travel protections
- Almanac fee
- No 0% intro Apr offering
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- Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first ninety days of business relationship opening.
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited one.5 points for every $ane spent on all other purchases.
- If you're a Depository financial institution of America Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means you could earn up to 3.5 points for every $1 spent on travel and dining purchases.
- No limit to the points yous tin can earn and your points don't elapse.
- Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or souvenir cards or purchases at the Bank of America Travel Center.
- Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of upwardly to $100, every four years.
- No foreign transaction fees.
- Low $95 annual fee.
- This online only offer may not exist available if you exit this page or if yous visit a Bank of America financial center. You lot can take advantage of this offer when you utilize at present.
Full Bank of America Premium Rewards review
This credit menu is a good fit for: Cardholders who travel often and desire a straightforward, high-value rewards card. Those who accept cyberbanking or investment accounts with Depository financial institution of America can earn more points through its Preferred Rewards program.
Top perks
Earn upwardly to ii points per $1: The Bank of America® Premium Rewards® credit carte du jour earns these rewards rates:
- ii points per $1 on travel and dining.
- 1.5 points per $ane on other eligible spending
Most rewards credit cards that accept bonus categories only earn 1 point per $i back on your other spending, only Bank of America gives yous the best of both worlds.
50,000 bonus points: This sign-upwards bonus is worth $500 and requires $3,000 of spending in the outset 90 days later you lot open your account. For our coin, this is ane of the best sign-up bonuses based on its value and an like shooting fish in a barrel-to-reach spending minimum
Up to 75% bonus for Preferred Rewards clients: Parking your greenbacks with Bank of America entitles you to extra credit carte du jour points, as at that place's a Preferred Rewards programme for cyberbanking and investment clients who meet three-month average combined-balance minimums in their Bank of America and Merrill accounts. The table below shows you each tier of the program, the balances you lot'll need, and how much of a bonus you'll earn.
| Tier | Required residuum | Points bonus | Rewards rate on travel and dining | Rewards rate on other purchases |
|---|---|---|---|---|
| Golden | $twenty,000 to $49,999.99 | 25% | ii.5 points | ane.875 points |
| Platinum | $50,000 to $99.999.99 | 50% | three points | 2.25 points |
| Platinum honors | $100,000 or more | 75% | 3.v points | ii.625 points |
$100 annual argument credit for airline incidentals: Banking company of America will automatically credit you lot upward to $100 annually for incidental airline fees that you accuse to your carte du jour. Mutual types of incidentals include baggage fees, daily airport lounge passes or almanac lounge memberships, any type of ticketing fee, and in-flight services charged past the airline.
Up to $100 Global Entry/TSA PreCheck argument credit: Y'all likewise receive a argument credit when you lot use your Bank of America® Premium Rewards® credit bill of fare to pay for a Global Entry or TSA PreCheck membership. This statement credit is available every four years, and memberships terminal for five with each program, only you're immune to renew a yr in advance. Make certain you sign up for Global Entry, because TSA PreCheck is included with that.
Multiple redemption options: No matter how y'all cull to redeem your rewards, the value is $0.01 per signal. The carte offers several redemption options:
- Greenbacks back as a argument credit
- Cash back as a deposit into your eligible Bank of America or Merrill account
- Travel purchases, including flights, hotels, or machine rentals, you lot make through the Banking company of America Travel Center
- Gift cards you select through Bank of America
Travel and purchase protections: The menu has an extensive set up of protections that can aid if anything goes incorrect with travel or products that yous purchase. The travel protections include coverage for trip delays, cancellations, interruptions, baggage delays, and lost baggage. Purchase protections include coverage for damage or theft and extended warranty coverage.
No foreign transaction fee: You lot're safe to utilize your bill of fare internationally without that pesky 3% fee many other cards have.
Alternatives to consider
- If you want a travel card with no annual fee: You can save the annual fee and get many of the same benefits with the Banking concern of America® Travel Rewards credit carte. It offers 1.5 points per $1 on purchases, and since it'southward a Bank of America credit carte du jour, Preferred Rewards clients get extra rewards on their spending. This menu is also splendid for financing purchases, because it has a long 0% intro April.
- If you aren't a Bank of America Preferred Rewards customer: The Majuscule Ane Venture Rewards Credit Menu could exist a better choice since it earns an unlimited 2 miles per $i on purchases. You lot can redeem rewards at $0.01 per mile or transfer them to Capital Ane's travel partners.
As of May. 17, 2022
| | |
| Bank of America® Travel Rewards credit carte | Capital One Venture Rewards Credit Card |
| Rating image, 5.00 out of 5 stars. five.00 stars We desire your coin to work harder for y'all. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.50 out of v stars. 4.50 stars Nosotros want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
| Use Now for Bank of America® Travel Rewards credit card On Bank of America's Secure Website. | Apply Now for Upper-case letter One Venture Rewards Credit Card On Majuscule One'due south Secure Website. |
| Read Full Review | Read Full Review |
| Credit Rating Requirement: Good/Excellent (670-850) | Credit Rating Requirement: Expert/Fantabulous (670-850) |
| Welcome Offer: 25,000 points | Welcome Offering: 75,000 miles |
| Rewards Program: ane.v points per dollar | Rewards Plan: 2x miles |
| Intro April: Purchases: 0%, xv billing cycles Balance Transfers: N/A | Intro APR: Purchases: N/A Balance Transfers: Due north/A |
| Regular April: xiv.24% - 24.24% Variable | Regular APR: 16.24% - 24.24% Variable |
| Annual Fee: $0 | Annual Fee: $95 |
| Highlights:
| Highlights:
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| Use Now for Bank of America® Travel Rewards credit carte On Bank of America's Secure Website. | Apply At present for Majuscule 1 Venture Rewards Credit Carte On Upper-case letter One's Secure Website. |
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What could be improved
Better travel redemptions: Despite the multiple redemption options you'll have with this card, I'd similar to run across Bank of America offer a higher fixed rate for travel redemptions, such as the $0.0125 to $0.015 per point you get with Chase's travel rewards cards.
0% intro APR: Unfortunately, the Bank of America® Premium Rewards® credit carte du jour has no 0% intro APR offers for purchases or remainder transfers. You'll demand to expect at other cards if that's what you're after.
Find the best credit carte for your needs
Compare credit card rewards, fees, APRs, and more than using our side-by-side comparison tool.
Suggested credit score
To apply for the Banking company of America® Premium Rewards® credit carte, you should accept expert to excellent credit, which coincides with a FICO® Score of 670 or higher. This isn't a hard-and-fast rule, but it gives you a much better chance of success. Reports indicate that it tin also help your application when you lot have a banking or investment business relationship with Depository financial institution of America.
Is the annual fee worth information technology?
The $95 annual fee is well worth it based on all the value you can become from the Depository financial institution of America® Premium Rewards® credit card.
If you can apply the $100 airline incidentals credit every year, so that already covers more than what you pay for the almanac fee. The $100 Global Entry credit is as well worth $xx per year, raising this card'south yearly value to $120.
There'due south also the value of the rewards yous earn. Yous'll exist up $500 after getting the sign-upward bonus. For every $ane,000 you spend on eligible travel and dining, you're earning $20 in rewards. The aforementioned amount spent on other purchases will get you $15 in rewards. Even with modest spending, your almanac rewards will likely total much more than $95.
This card is right for you lot if:
If you lot're in the Preferred Rewards program, then the Bank of America® Premium Rewards® credit card is without a doubt the carte for you. With that program's bonuses added in, the carte du jour's rewards rates will be besides adept to refuse.
And what about for everyone else? The Bank of America® Premium Rewards® credit card is one of the better credit cards out at that place, whether yous're interested in travel benefits or cash back. Yous should consider applying if you prefer the simplicity of fixed-rate point redemptions and a card that earns a solid rewards rate on your eligible spending.
FAQs
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The minimum credit limit for the Bank of America® Premium Rewards® credit carte is reported to exist $five,000. Cardholders often receive loftier credit limits with this menu, with some reporting credit limits of over $50,000. Banking concern of America sets your credit limit based on your income, credit profile, and other financial information.
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The Banking company of America® Premium Rewards® credit card is a metal credit carte du jour. Bank of America started making it with a metal cadre in 2021 after previously issuing information technology in plastic. (For a catamenia of fourth dimension, some users may still become the plastic version while the company rolls out the metallic cadre version).
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The Banking concern of America® Premium Rewards® credit card can be hard to get. There are reports that approval requirements are strict for this card. You tin raise your approval odds by having good to excellent credit, and it also helps if you have a cyberbanking or investing relationship with Banking company of America.
Source: https://www.fool.com/the-ascent/credit-cards/bank-of-america-premium-rewards-credit-card/
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