The Bank of America® Premium Rewards® Credit Card is a versatile travel and lifestyle card that blends competitive rewards, luxury benefits, and real cash value. With a solid 2X points on travel and dining, statement credits for travel services, and access to higher rewards tiers through Bank of America’s Preferred Rewards® program, it’s designed for customers who want everyday flexibility with premium touches — without a luxury-level annual fee.
What Is the Bank of America® Premium Rewards® Credit Card?
This card is a mid-tier travel rewards credit card that earns points on everyday purchases, offers statement credits, and includes travel protections commonly found on higher-end cards. With an annual fee of $95, it strikes a strong balance between value and benefits.
If you’re a Preferred Rewards member, you can increase your earning rate by up to 75%, making this card one of the most rewarding options for Bank of America clients.
Key Features and Benefits
2X Points on Travel and Dining
Earn 2 points per $1 spent on travel and dining purchases, including airfare, hotels, car rentals, and restaurants.
1.5X Points on All Other Purchases
Earn 1.5 points per $1 spent on everything else — no caps, no categories, and no expiration on points.
50,000 Point Welcome Bonus
Receive 50,000 online bonus points (worth $500 in travel or statement credit) after you make at least $3,000 in purchases in the first 90 days of account opening.
$100 Annual Airline Incidental Statement Credit
Get reimbursed up to $100 annually for airline incidentals like seat upgrades, baggage fees, in-flight purchases, or airport lounge day passes.
Global Entry / TSA PreCheck® Credit
Receive up to $100 in statement credit every 4 years for Global Entry or TSA PreCheck application fees when charged to your card.
Preferred Rewards Bonus (Up to 75%)
If you’re enrolled in Bank of America’s Preferred Rewards program, you’ll earn a bonus of:
- 25% for Gold (starting at $20K in assets)
- 50% for Platinum
- 75% for Platinum Honors or higher (starting at $100K+)
This can boost your 2X categories up to 3.5X points, and 1.5X categories up to 2.62X — one of the best earning potentials in its class.
Flexible Redemption Options
Points can be redeemed for:
- Travel purchases (flights, hotels, car rentals)
- Statement credits
- Gift cards
- Deposits into eligible Bank of America or Merrill accounts
Travel and Purchase Protections
Includes Visa Signature-level benefits such as:
- Trip Delay Reimbursement
- Trip Cancellation and Interruption Insurance
- Lost Baggage Reimbursement
- Emergency Evacuation and Transportation
- Purchase Security and Extended Warranty
- Rental Car Collision Damage Waiver (Primary)
No Foreign Transaction Fees
Use your card abroad freely — there are no foreign transaction fees, making it a strong option for international travelers.
Annual Fee and Requirements
- Annual Fee: $95
- Authorized User Fee: $0
- Credit Score Required: Good to Excellent (typically 700+)
- Foreign Transaction Fees: $0
- APR: Variable (typically between 20.24%–27.24%)
How to Apply
- Visit bankofamerica.com/credit-cards/premium-rewards
- Review current welcome offer and Preferred Rewards eligibility
- Fill out the secure application form with personal and financial information
- Submit and receive an instant or near-instant decision
- If approved, receive your card by mail in 5–7 business days
Conclusion: Is the Premium Rewards® Card Worth It?
The Bank of America® Premium Rewards® Credit Card is a compelling option for travelers and Bank of America clients looking for:
- Consistent, flexible rewards
- Valuable statement credits
- Strong travel and purchase protections
- Scalable rewards through the Preferred Rewards® program
With a moderate annual fee and premium-level perks, it delivers exceptional value, especially for those already banking or investing with Bank of America or Merrill.
This is a card designed to reward loyalty, simplify travel, and maximize value — all in one well-rounded package.
