Bank of America’s answer to the Chase Sapphire Preferred Card is the Bank of America® Premium Rewards® Credit Card, a premium piece of plastic that rewards dining and travel purchases above all else.
In some respects, it’s better than Sapphire Preferred. In others, it falls short. All in all, it’s a better deal — a really good deal, actually — for loyal Bank of America customers who have at least $100,000 in Bank of America deposit accounts and Merrill Lynch investment accounts.
Take a few minutes to review the Bank of America Premium Rewards card’s key selling points and decide whether it’s right for you.
What Is the Bank of America Premium Rewards Credit Card?
The Bank of America Premium Rewards Credit Card is a premium travel rewards credit card that earns 2 points per $1 spent on eligible travel and dining purchases. All other eligible purchases earn 1 point per $1 spent.
The Bank of America Premium Rewards card has some other notable benefits for frequent travelers, including up to $100 in statement credits each year against qualifying airline incidental fees. That’s enough to offset the card’s $95 annual fee when fully utilized.
What Sets the Bank of America Premium Rewards Credit Card Apart
The Bank of America Premium Rewards Card has three key benefits that set it apart from other high-end travel credit cards:
- Solid Baseline Rewards Rate. This card earns 1.5x points per $1 spent on all eligible purchases other than dining or travel. That in and of itself isn’t an amazing rate of return, but it’s a good baseline given that this is first and foremost a travel and dining card.
- Fantastic Value for BofA Preferred Rewards Members. Preferred Rewards members can earn up to 75% more points on purchases, depending on their loyalty tier. That bumps the base earn rate to 2.625x and the bonus earn rate to 3.5x.
- Unusually Flexible Redemption Options (Not Just Travel). Bank of America’s association with Merrill Lynch is a key benefit here. You can redeem your rewards points not just as a statement credit to your card or a deposit to your Bank of America checking account, but as a deposit to your Merrill Lynch investment account (including eligible 529 plans) as well.
Key Features of the Bank of America Premium Rewards Credit Card
These are the most important features of the Bank of America Premium Rewards card, for better or worse. Note the excellent sign-up bonus, travel- and dining-focused rewards program, value-added travel benefits, and rewards boosts for BofA Preferred Rewards members.
Sign-up Bonus
Earn 50,000 online bonus points (a $500 value when you redeem for gift cards, statement credits, and more) after you make at least $3,000 in purchases within 90 days of your account opening date.
Earning Rewards
Earn unlimited 2 points (2x points) for every $1 you spend on eligible dining and travel purchases.
Earn 1.5 points (1.5x points) for every $1 spent on all other eligible purchases.
Your points won’t expire as long as your account remains open and in good standing. There’s no cap on the number of points you can earn overall.
Redeeming Rewards
You can redeem your accumulated points for:
- Statement credits directly to your Preferred Rewards account (this is the quickest and probably easiest option for most users)
- Deposits to a qualifying linked Bank of America account (only useful if you’re a Bank of America banking customer)
- Deposits to a qualifying linked Merrill Lynch investment account, including eligible 529 plans (again, useful mainly if you’re a customer)
- Gift cards, travel purchases, and other items through the Bank of America rewards center
Bonus Points for Preferred Rewards Members
One of the most appealing features of the Bank of America Premium Rewards card — and actually all Bank of America cards — is its favorable treatment of loyal Bank of America customers.
Cardholders with at least $20,000 on deposit with Bank or America and/or invested with Merrill Lynch qualify for the Preferred Rewards loyalty program. Among other perks, they’re entitled to bonus points on Premium Rewards card purchases, starting at 25% and going all the way up to 75%.
| Regular User | Gold Preferred | Platinum Preferred | Platinum Honors + | |
| Multiplier | No bonus | 25% bonus | 50% bonus | 75% bonus |
| Travel/Dining | 2x points | 2.5x points | 3x points | 3.5x points |
| Other Spending | 1.5x points | 1.875x points | 2.25x points | 2.625x points |
Bottom line: If you already have substantial assets in the Bank of America ecosystem, this card is a no-brainer.
Up to $100 in Airline Incidental Fee Statement Credits Each Year
Another great benefit of the Bank of America Premium Rewards card is its airline incidental fee statement credit perk, which is worth up to $100 annually. Eligible fees include but aren’t limited to:
- Baggage fees
- Seat selection and upgrade fees
- In-flight entertainment purchases
- In-flight food and beverage purchases
- Airline lounge fees
Take full advantage of this credit to maximize your card’s value (and more than offset its annual fee).
Up to $100 in Airline Security Statement Credits Every 4 Years
You’ll also qualify for a statement credit up to $100 against qualifying airline security fees — specifically, Global Entry or TSA PreCheck. If you can spare the time for the background check and interview, there’s no reason not to make the investment.
Additional Card Benefits
Other notable benefits of the Bank of America Premium Rewards card include:
- Basic travel insurance coverage, including trip interruption and cancellation, baggage delay, and lost luggage, subject to limitations and exclusions
- 24/7 roadside dispatch
- Rental car collision and theft insurance when you decline the rental car company’s offer of coverage
- 24/7 Visa Signature concierge service
- Special benefits at properties in the Visa Signature Hotel Collection, including welcome gifts, hotel/resort credits, and flexible checkout times
Important Fees
The most important fee here is the $95 annual fee, which applies from the first year. There’s no foreign transaction fee. Other fees may apply.
Credit Required
This card requires excellent credit. If your FICO credit score is much below 740, you may have difficulty qualifying.
Advantages of the Bank of America Premium Rewards Credit Card
These are the top advantages of the Bank of America Premium Rewards card.
- Excellent Earning Potential for Bank of America Preferred Rewards Members. Bank of America Preferred Rewards members earn up to 75% more points on eligible purchases, depending on their loyalty tier. The top eligible rate is 3.5x on travel and dining purchases, better even than super-generous competitors like the Chase Sapphire Reserve Card.
- Decent Baseline Earn Rate (1.5x). This card has a good baseline earn rate: 1.5x points on all eligible purchases (and higher for Preferred Rewards members). That’s a better return than most competing travel and dining cards, which earn a more standard 1x rate on non-favored purchases.
- Excellent Sign-up Bonus. This card’s sign-up bonus is worth up to $500, depending on how it’s redeemed. That’s in line with other top travel and dining cards, if not quite category-leading.
- Up to $100 in Airline Incidental Fee Statement Credits Every Year. This is more than enough to offset the annual fee when fully utilized. If you fly two to three times per year and check a bag each time, that shouldn’t be a problem.
- Solid Hotel and Travel Benefits. This card has some solid value-added travel benefits, including resort/amenity credits and welcome gifts at high-end hotels and an array of generous travel insurance protections.
- No Foreign Transaction Fees. This card has no foreign transaction fees. It’s a great fit for people who regularly travel abroad.
Disadvantages of the Bank of America Premium Rewards Credit Card
Consider these drawbacks before applying for the Bank of America Premium Rewards Credit Card.
- Has a $95 Annual Fee. The Bank of America Premium Rewards card has an unavoidable annual fee ($95) beginning in the first year. If you don’t spend heavily enough to offset this fee through rewards (and ideally through the airline incidental fee credit as well) then this isn’t the card for you.
- No Travel Transfer Partners. Unlike the Chase Sapphire and Capital One Venture cards (Venture Rewards and Venture X), BofA Premium Rewards doesn’t let you transfer points to its travel partners. (Because it apparently doesn’t have any.) This is a great way to multiply your return on those other cards and thus a big omission here.
- No General Travel Credits. Despite the above-average travel benefits and the airline incidental fee credit, the Bank of America Premium Rewards card doesn’t offer any general travel credits a la the $300 annual travel credits that both Venture X and Sapphire Reserve cardholders can look forward to each year.
- Rewards Potential Capped at 2x for Non-Preferred Rewards Users. If you’re not a Preferred Rewards member, your earn rate tops out at 2x here — lower than Sapphire Preferred’s 5x on travel booked through Chase and 3x on eligible dining, online grocery, and streaming purchases.
How the Bank of America Premium Rewards Credit Card Stacks Up
Before you apply for this card, consider how it stacks up against another very popular travel and dining credit card from a big U.S.-based bank: the Chase Sapphire Preferred Card.
| BofA Premium Rewards | Chase Sapphire Preferred | |
| 5x Rewards | None | Eligible travel purchases made through Chase |
| 3x Rewards | None | Dining, online grocery purchases, streaming purchases |
| 2x Rewards | Travel and dining | Other eligible travel |
| Base Rewards | 1.5x on all other purchases | 1x on all other purchases |
| Point Value at Redemption | Up to $0.01 | Up to $0.125 |
| Travel Transfer Partners | None | About 15 |
| Annual Hotel Credit | None | $50 |
| Airline Incidentals Credit | $100 | None |
| Loyalty Bonus | Up to 75% | None |
| Annual Fee | $95 | $95 |
Final Word
The Bank of America Premium Rewards Credit Card is one of the best credit cards from Bank of America and one of the top 15 or so best travel rewards credit cards (though there’s a lot of competition in that category). It’s in the top 10 (or so) best dining credit cards too.
Does that mean it’s the best Bank of America and/or travel credit card for you? Should you rush to apply for it so you don’t waste another reward-less day?
If you don’t already have a go-to travel or dining credit card, my vote is yes. You should apply for this credit card, and soon — if you’ve considered the alternatives and decided it’s the best fit for you.
You’re much more likely to feel that way — that the Bank of America Premium Rewards Credit Card is the best travel and dining card for you — if you’re an existing BofA client with at least $20,000 (and preferably at least $100,000) in the bank and/or market. If not, this is still a good card, but not quite the slam-dunk value it is for higher-level Preferred Rewards members.