Bank of America Preferred Rewards Point Boost
One of the best benefits of the Bank of America Premium Rewards card is the ability to boost your credit card rewards through the Bank of America Preferred Rewards program.
The Bank of America Preferred Rewards program is the bank’s loyalty program that offers increased perks, benefits, and credit card rewards for those who meet certain asset thresholds in eligible Bank of America accounts.
Here is a look at what you need to quality for, and the credit card rewards boost you receive, at each status level.
|Status Level||Assets Required||Rewards Bonus||Increased Earnings|
|Gold||$20,000+ in assets||25% rewards bonus|
- 2.5x points per $1 spent on all travel and dining purchases
- 1.875x points per $1 spent on all other purchases
|Platinum||$50,000+ in assets||50% rewards bonus|
- 3x points per $1 spent on all travel and dining purchases
- 2.25x points per $1 spent on all other purchases
|Platinum Honors and above||$100,000+ in assets||75% rewards bonus|
- 3.5x points per $1 spent on all travel and dining purchases
- 2.625x points per $1 spent on all other purchases
While it requires a substantial level of assets on deposit with Bank of America, the ability to earn an uncapped 3.5x points per $1 on travel and dining and 2.625x points per $1 spent on all other purchases is pretty stellar.
Up to $100 Annual Airline Incidental Credit
Each year, you’ll receive up to $100 in airline incidental statement credits towards purchases with airlines like seat upgrades, baggage fees, inflight services, and airline lounge fees. This benefit alone can easily help you offset the card’s $95 annual fee.
Global Entry/TSA PreCheck Credit
Cardholders also receive a $100 Global Entry/TSA PreCheck credit every 5 years. For those unfamiliar, TSA PreCheck provides an expedited security experience at U.S. airports, while Global Entry helps you speed through customs when you return to the U.S. from abroad.
We recommend you opt to use your credit for Global Entry as it includes TSA PreCheck.
Travel and Purchase Protections
The card also offers a plethora of travel and purchase protections to help keep you covered.
- Trip Delay Insurance: Provides coverage for you and family members for reasonable expenses if a covered trip is delayed for more than 12 hours.
- Baggage Delay Insurance: Coverage towards essential items like clothing when your bags are delayed for more than 6 hours.
- Lost Luggage Insurance: Covers you for the cost of items in your luggage if it is lost by the carrier or stolen.
- Trip Cancellation Insurance: Receive coverage for non-refundable passenger fares if your trip is canceled or cut short by sickness or other covered situations.
- Rental Car Insurance: Provides reimbursement for damage to your rental car due to collision or theft, but the coverage is secondary to your primary auto insurance.
- Purchase Protection: If an item purchased with the card is stolen or damaged within 90 days of purchase, you can receive coverage towards a repair or replacement.
- Extended Warranty Coverage: Extends the time period of the manufacturers’ warranty for eligible items purchased with your card.
- Return Protection: If you’ve purchased an item up to 90 days ago, and the retailer will not accept the return, you can receive coverage.