Bank of America Premium Rewards credit card Review | CompareCredit

Bank of America® Premium Rewards® credit card Review

By Thomas Donaldson, November 20, 2020

A huge sign up bonus and generous rewards rate makes this a solid travel credit card for anyone looking for flexible rewards.

Bank of America® Premium Rewards® credit card

(12 reviews)

CURRENT OFFER
50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening
  • 2 points for every $1 spent on travel and dining purchases 1.5 points per $1 spent on all other purchases
  • 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening
  • Get up to $200 in combined airline incidental and airport expedited screening statement credits
  • $95
  • Excellent, Good
Product Details
  • Click "APPLY NOW" to apply online
  • Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening
  • Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
  • If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase
  • No limit to the points you can earn and your points don't expire
  • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center
  • Get up to $100 in Airline Incidental Credits annually and TSA Pre✓®/Global Entry Statement Credits of up to $100, every four years
  • No Foreign Transaction Fees
  • Low $95 annual fee
  • Contactless Cards - The security of a chip card, with the convenience of a tap

Our Expert Review

Why We Like It


Offer Rating

4/ 5

By Our Editorial Team

Key Benefit

The points keep coming with this lucrative sign up bonus and rewards rate

Editor

The sign up bonus on this premium travel rewards card from Bank of America is certainly an eye-catcher. With the Bank of America® Premium Rewards® credit card new cardholders get 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening. But the big bonus is just the beginning of what this card has to offer.

For ongoing rewards you earn 2 points for every $1 spent on travel and dining purchases 1.5 points per $1 spent on all other purchases. With that lucrative rewards rate, points can add fast and before you know it, you'll be ready for a big redemption. The points you earn don't expire and there's no limit to how many you can earn. Plus, redeeming your points is easy with options like a statement credit, gift cards and more.

To top it off, the Bank of America® Premium Rewards® credit card comes with up to $200 in combined airline incidental and airport expedited screening statement credits. There are no foreign transaction fees, but there is an annual fee of $95.

Pros & Cons

Pros

  • A top-tier sign up bonus with a $500 value
  • Extra travel perks like airline credits and no foreign transaction fees
  • Flexible redemption options and your points don't expire

Cons

  • The annual fee isn't waived the first year
  • There's no intro APR on purchases or balance transfers

pros explained

  • A top-tier sign up bonus with a $500 value: This bonus is a great way to kick start your rewards earning and get you on your way to your first rewards redemption with this travel credit card.
  • Extra travel perks like airline credits and no foreign transaction fees: You won't have to worry about getting hit with extra fees when using this card overseas, and can get reimbursement credits for certain travel expenses.
  • Flexible redemption options and your points don't expire: You can redeem points for purchases with any airline or hotel and won't have to worry about your points expiring.

cons explained

  • The annual fee isn't waived the first year: Some cards offer a $0 annual fee for the first year as a way to entice new customers.
  • There's no intro APR on purchases or balance transfers: We don't recommend carrying a balance on this card. If you only make the minimum payment, the interest charges can pile up quick and be very costly!

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