Bank of America Premium Rewards Credit Card

Quick Snapshot

• Annual Fee: $95
• APR: 19.99%–27.99% variable
• Rewards: 2X points on travel/dining, 1.5X on everything else
• Bonus: 60,000 points ($600 value) after $4,000 spend in first 90 days
• Best For: Premium travel benefits, Bank of America customers with Preferred Rewards
• Credit Needed: Good to Excellent (700+)

Overview

The Bank of America Premium Rewards Credit Card is a premium travel rewards card that competes directly with popular cards like the Chase Sapphire Preferred and Capital One Venture, but with a distinct advantage for Bank of America customers. Earn 2 points per dollar on travel and dining purchases, 1.5 points on everything else, plus valuable travel benefits including up to $100 in annual airline incidental credits and TSA PreCheck/Global Entry reimbursement.

What sets this card apart is the Preferred Rewards program. With qualifying combined balances at Bank of America and Merrill, you can earn an additional 25%–75% bonus on every purchase. For Platinum Honors members, this transforms the earning rates to an impressive 3.5X on travel/dining and 2.625X on everything else—rates that rival even ultra-premium travel cards costing $550+ per year, all for just $95 annually.

APR Breakdown

• Purchase APR: 19.99%–27.99% variable
• Balance Transfer APR: 19.99%–27.99% variable
• Cash Advance APR: 27.99% variable
• Penalty APR: Up to 29.99% variable (applies indefinitely if you make a late payment)

Note: No intro 0% APR offer. This card is designed for those who pay in full each month and focus on earning rewards rather than carrying balances.

Benefits Overview

Travel Benefits

• Annual Airline Incidental Credit: Up to $100 per year in statement credits for airline incidental fees including seat upgrades, airport lounge access, checked baggage fees, and in-flight food and beverage purchases (U.S. domestic carriers only, excludes Allegiant Air, Spirit Airlines, and Sun Country Airlines)
• TSA PreCheck/Global Entry Credit: Statement credit of up to $100 every 4 years for application fee
• No Foreign Transaction Fees: Use your card abroad without paying extra fees
• Travel and Emergency Assistance Services: 24/7 hotline for travel planning, emergency travel arrangements, and more
• Auto Rental Collision Damage Waiver: Secondary coverage for theft and collision damage when you decline the rental agency's insurance
• Lost Luggage Reimbursement: Coverage for checked or carry-on baggage
• Travel Accident Insurance: Coverage for accidental death or dismemberment while traveling

Everyday Benefits

• $0 Fraud Liability: You won't be held responsible for unauthorized charges
• Purchase Protection: Coverage for new purchases against theft or damage
• Extended Warranty Protection: Extends manufacturer's warranty by an additional year
• FICO Score Access: View your FICO credit score for free in Online Banking and the Mobile Banking app
• Contactless Cards: Tap to pay for a fast, easy and secure way to pay in-store
• Digital Wallet Compatibility: Add your card to your digital wallet for convenient payments
• EMV Chip Technology: Added security when you use your card at chip-enabled terminals

Lifestyle Benefits

• Visa Signature Concierge: Complimentary 24/7 concierge service for travel bookings, dining reservations, entertainment tickets, and gift assistance
• ShopRunner Membership: Complimentary membership for free 2-day shipping and free returns at participating online retailers
• Preferred Rewards Multiplier: Earn 25%–75% more points on every purchase with qualifying Bank of America/Merrill balances

Rewards & Cash Back

• 2 points per $1 on travel and dining purchases
• 1.5 points per $1 on all other purchases
• No caps or limits on earning
• Points never expire as long as your account remains open
• Points are worth 1 cent each when redeemed
• Redeem points for statement credits, travel, gift cards, or merchandise

Preferred Rewards Bonus Earning Rates

With Preferred Rewards membership, your earning rates increase significantly:

Gold Tier ($20,000+ combined balance):

• 2.5X points on travel and dining
• 1.875X points on all other purchases

Platinum Tier ($50,000+ combined balance):

• 3X points on travel and dining
• 2.25X points on all other purchases

Platinum Honors Tier ($100,000+ combined balance):

• 3.5X points on travel and dining
• 2.625X points on all other purchases

Redemption Options

• Travel statement credits: Redeem points to offset travel purchases at 1 cent per point
• Statement credits: Apply points to your account balance at 1 cent per point
• Direct deposit: Transfer cash value to your Bank of America checking or savings account
• Gift cards: Redeem for gift cards at various retailers
• Merchandise: Shop the rewards catalog
• Charity donations: Donate your points to participating charities

Key Insight: With Platinum Honors status, you're earning 3.5X on travel/dining and 2.625X on everything else—rates that exceed many ultra-premium cards, all for just $95 annually.

Welcome Bonus

Earn 60,000 online bonus points—a $600 value—after you make at least $4,000 in purchases in the first 90 days of account opening.

This is a strong welcome bonus that requires $4,000 in spending over three months, which translates to approximately $1,333 per month. The bonus alone offsets the annual fee for over 6 years.

Fees Summary

• Annual Fee: $95 (not waived the first year)
• Foreign Transaction Fee: $0 (no foreign transaction fees)
• Balance Transfer Fee: Either $10 or 3% of the amount transferred, whichever is greater (contact issuer to confirm)
• Cash Advance Fee: Either $10 or 5% of the amount, whichever is greater (contact issuer to confirm)
• Late Payment Fee: Up to $40
• Returned Payment Fee: Up to $40

Who This Card Is Best For

Ideal For

• Frequent travelers who want premium travel benefits without a high annual fee
• Bank of America customers who can leverage Preferred Rewards bonuses
• Dining enthusiasts who spend heavily on restaurants
• Those seeking airline credits to offset the $95 annual fee
• Platinum Honors members who can earn 3.5X on travel/dining
• International travelers who need a card with no foreign transaction fees
• Those wanting TSA PreCheck/Global Entry reimbursement
• Bank of America/Merrill clients with significant combined balances

Not Good For

• Budget travelers who can't maximize the $100 airline credit
• Non-Bank of America customers who can't access Preferred Rewards
• Balance carriers (high APR with no intro 0% offer)
• Points transferers seeking airline/hotel transfer partners
• Those wanting airport lounge access (no Priority Pass or lounge membership)
• Budget-conscious users unwilling to pay $95 annual fee
• Low spenders who won't earn enough to offset the annual fee

Key Pros & Cons

Pros

• Strong 60,000 point welcome bonus worth $600
• Competitive 2X earning rate on travel and dining
• Solid 1.5X rate on all other purchases
• Up to $100 annual airline incidental credit for seat upgrades, lounge access, checked bags
• Up to $100 TSA PreCheck or Global Entry credit every 4 years
• No foreign transaction fees
• Preferred Rewards bonuses can dramatically boost earning rates
• With Platinum Honors, earn up to 3.5X on travel/dining and 2.625X on everything else
• Points are straightforward to redeem at 1 cent per point
• Annual fee of $95 is lower than many premium travel cards
• Complimentary ShopRunner membership for free 2-day shipping
• Visa Signature Concierge services included

Cons

• $95 annual fee is not waived the first year
• Airline incidental credit only applies to U.S. domestic carriers and excludes Allegiant, Spirit, and Sun Country
• Airline credit doesn't cover airfare, only incidental fees
• Higher APR with no intro 0% period
• Penalty APR can be high (up to 29.99%) and applies indefinitely
• To maximize value, you need Preferred Rewards status
• Points redemption options are more limited compared to transferable points programs
• No bonus categories for groceries or gas
• No airport lounge access membership included
• Base earning rates without Preferred Rewards are just average

Alternatives to Consider

Card	Best For	Annual Fee	Rewards	Credit Needed
Chase Sapphire Preferred®	Transfer partners + 5X travel portal	$95	5X Chase Travel, 3X dining/travel, 1X else	Good+
Capital One Venture	2X unlimited + transfer partners	$95	2X unlimited	Good+
Citi Premier®	3X broad travel/dining/gas/groceries	$95	3X travel/dining/gas/groceries, 1X else	Good+
American Express® Gold Card	4X dining/groceries (with credits)	$250	4X dining/groceries, 1X else	Good+

How the Rewards Add Up

Example Annual Value (Without Preferred Rewards)

If you spend $20,000 per year on typical expenses:

Category	Annual Spend	Reward Rate	Earned Value
Travel	$4,000	2X ($0.01/pt)	$80
Dining	$3,000	2X ($0.01/pt)	$60
All other purchases	$13,000	1.5X ($0.01/pt)	$195
Welcome bonus	—	—	$600
Airline incidental credit	—	—	$100

Total First Year Value: $1,035
Less Annual Fee: -$95
Net First Year Value: $940

Ongoing Annual Value (years 2+): $335 in rewards + $100 credit = $435
Net Ongoing Value: $435 - $95 = $340/year

Example Annual Value (With Platinum Honors - 75% Bonus)

Same spending pattern with Platinum Honors tier:

Category	Annual Spend	Reward Rate	Earned Value
Travel	$4,000	3.5X ($0.01/pt)	$140
Dining	$3,000	3.5X ($0.01/pt)	$105
All other purchases	$13,000	2.625X ($0.01/pt)	$341.25
Welcome bonus	—	—	$600
Airline incidental credit	—	—	$100

Total First Year Value: $1,286.25
Less Annual Fee: -$95
Net First Year Value: $1,191.25

Ongoing Annual Value (years 2+): $586.25 in rewards + $100 credit = $686.25
Net Ongoing Value: $686.25 - $95 = $591.25/year

Key Insight: With Platinum Honors status, you earn an extra $251 per year on $20K spending—making this card an exceptional value that rivals ultra-premium cards costing $550+.

Should You Get This Card?

You Should Get It If…

• You're a frequent traveler who can maximize the $100 airline incidental credit
• You spend heavily on travel and dining throughout the year
• You're a Bank of America or Merrill customer with Preferred Rewards status
• You want premium travel benefits without a high annual fee
• You're a Platinum Honors member looking for 3.5X on travel/dining
• You need TSA PreCheck or Global Entry and can use the $100 credit
• You travel internationally and need a card with no foreign transaction fees
• You value Visa Signature concierge services and ShopRunner membership
• You can justify the $95 annual fee with your spending patterns

You Should Skip It If…

• You rarely pay airline incidental fees and can't maximize the $100 credit
• You don't have Bank of America accounts and can't access Preferred Rewards
• You prefer transferable points to airline/hotel partners
• You want airport lounge access included with your card
• You're looking for a no annual fee travel card
• You carry balances month-to-month (high APR makes this expensive)
• You don't spend enough on travel/dining to justify the annual fee
• You want higher earning rates on groceries and gas
• You prefer cards with more comprehensive travel insurance

Apply Now

Apply for Bank of America Premium Rewards Credit Card

---

Information accurate as of December 2025. Terms and conditions apply. Please visit the issuer's website for the most current information.