Bank of America® Premium Rewards®

Quick Snapshot

• Annual Fee: $95
• APR: 19.24%-29.24% variable
• Rewards: 2 points per $1 on travel and dining, 1.5 points per $1 on everything else
• Bonus: 60,000 bonus points after $4,000 in purchases in 90 days
• Best For: Bank of America customers who want travel rewards with Preferred Rewards boosting
• Credit Needed: Good to Excellent (670+)

Overview

The Bank of America Premium Rewards card bridges the gap between no-annual-fee cash back cards and ultra-premium travel cards. For a $95 annual fee, you earn 2 points per dollar on travel and dining purchases and 1.5 points per dollar on everything else. Points are worth 1 cent each when redeemed as cash, making this effectively a 2%/1.5% cash back card.

The card includes a $100 airline incidental credit each year, which covers baggage fees, seat upgrades, and in-flight purchases. Combined with TSA PreCheck or Global Entry credit (up to $100 every four years), the annual fee effectively pays for itself. Preferred Rewards members get a 25%-75% boost on points earned, pushing the top rate to 3.5 points per dollar on travel and dining.

Travel protections are solid and include trip cancellation and interruption insurance, lost luggage reimbursement, and auto rental collision damage waiver. For Bank of America customers who want more than basic cash back but do not need a $400+ premium card, this hits a strong middle ground.

APR Breakdown

• Purchase APR: 19.24%-29.24% variable
• Balance Transfer APR: 19.24%-29.24% variable
• Cash Advance APR: 29.99% variable
• Penalty APR: 29.99% variable

Note: This card does not offer a 0% introductory APR. Your APR will vary with the market based on the Prime Rate.

Benefits Overview

Points Earnings

• 2 points per $1 spent on travel and dining
• 1.5 points per $1 on all other purchases
• No caps on points earned
• Points worth 1 cent each for cash redemption

Travel Credits

• $100 annual airline incidental credit
• Up to $100 credit for TSA PreCheck or Global Entry every four years
• Credits applied automatically for eligible purchases

Travel Protections

• Trip cancellation and interruption insurance
• Trip delay reimbursement
• Lost luggage reimbursement
• Auto rental collision damage waiver
• No foreign transaction fees

Rewards & Points

• 2x points per dollar on travel and dining
• 1.5x points per dollar on all other purchases

Points are redeemable for cash back, travel, gift cards, or statement credits. Preferred Rewards Platinum Honors members earn up to 3.5 points per dollar on travel and dining and 2.625 points everywhere else.

Welcome Bonus

Earn 60,000 bonus points after spending $4,000 in purchases within the first 90 days of account opening. That is worth $600 in cash back or travel statement credits, making it one of the more generous bonuses for a $95 annual fee card.

Fees Summary

• Annual Fee: $95
• Balance Transfer Fee: 3% (min $10)
• Cash Advance Fee: Either $10 or 5% of the amount, whichever is greater
• Foreign Transaction Fee: $0
• Late Payment Fee: Up to $40
• Returned Payment Fee: Up to $29

Who This Card Is Best For

Ideal For

• Frequent diners and travelers who want 2x on their top spending categories
• Bank of America Preferred Rewards members who can boost points by up to 75%
• Moderate travelers who value the $100 airline credit and Global Entry reimbursement
• International travelers who need a no foreign transaction fee card

Not Good For

• Low spenders who may not earn enough to justify the $95 annual fee
• Non-BofA customers who miss out on Preferred Rewards boosting
• Premium card seekers who want lounge access and luxury hotel perks

Key Pros & Cons

Pros

• 60,000-point sign-up bonus worth $600 in cash
• 2x points on travel and dining with no caps
• 1.5x points on all other spending is above average
• $100 annual airline incidental credit
• TSA PreCheck or Global Entry credit up to $100 every four years
• No foreign transaction fees
• Preferred Rewards can boost rates up to 3.5x on travel and dining
• Solid travel insurance and purchase protections
• Points do not expire
• Effectively pays for itself with credits alone

Cons

• $95 annual fee is not waived for the first year
• No airport lounge access
• Points are worth a flat 1 cent each with no transfer partners
• Airline credit is limited to incidental fees, not ticket purchases
• No 0% intro APR offer
• Best value locked behind Preferred Rewards membership
• 2x rate on travel and dining is competitive but not market-leading
• No cell phone protection or extended warranty

Alternatives to Consider

How the Rewards Add Up

Example Annual Value

First-year total value: $1,105 ($600 bonus + $405 rewards + $100 airline credit). Minus the $95 fee, net value is approximately $1,010.

Should You Get This Card?

You Should Get It If...

• You are a Bank of America Preferred Rewards member
• You spend significantly on travel and dining
• You want the $100 airline incidental credit to offset the fee
• You travel internationally and need no foreign transaction fees
• You prefer a mid-tier annual fee card over ultra-premium options
• You want a straightforward points system without transfer complexity

You Should Skip It If...

• You do not bank with Bank of America
• You prefer transferable points with airline and hotel partners
• You want airport lounge access included with your card
• You spend less than $10,000 per year on this card
• You value a 0% intro APR on a new card

Apply Now

Apply for Bank of America® Premium Rewards®

Information accurate as of May 2026. Terms and conditions apply. Please visit the issuer's website for the most current information.