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Bank of America Premium Rewards Credit Card — Full Review [2023]

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Jarrod West
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Jarrod West

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Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in o...
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Bank of America® Premium Rewards® credit card

Bank of America® Premium Rewards® credit card

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
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  • 50,000 points

  • $95

  • 18.24% - 25.24% Variable

  • Good to Excellent (670-850)

Bank of America® Premium Rewards® credit card

The Bank of America Premium Rewards card is a great travel rewards card for those looking for a simple approach to earning and redeeming rewards.

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
4

The Bank of America® Premium Rewards® credit card is a great option for anyone looking for a travel rewards card with a simple approach to how you earn and redeem your rewards.

From travel and purchase protections to airline incidental and Global Entry credits, there is plenty to love about the Bank of America Premium Rewards card.

Plus, those that hold status in the Bank of America Preferred Rewards program can get even more value from the card by boosting their rewards by 25% to 75%!

Card Snapshot

Welcome Bonus & Info

  • Receive 50,000 online bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening.
  • Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases.
  • If you’re a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means you could earn 2.5-3.5 points on travel and dining purchases and 1.87-2.62 points on all other purchases, for every $1 you spend.
  • No limit to the points you can earn and your points don’t expire.
  • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center.
  • Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.
  • No foreign transaction fees.
  • Low $95 annual fee.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Pros

  • 2x points per $1 on travel and dining purchases
  • 1.5x points per $1 on all other purchases
  • Up to $100 annual airline incidental statement credit
  • Global Entry/TSA PreCheck statement credit
  • No foreign transaction fees
  • Travel protections
  • Purchase protections
  • Boost your rewards rate with the Bank of America Preferred Rewards program

Cons

  • $95 annual fee
  • Points are worth a fixed 1 cent per point, so it isn’t possible to get outsized redemptions via airline and hotel transfer partners

Great Card If

  • You want an all-around travel rewards card
  • You want a card with a simple rewards and redemption structure
  • You have status in the Bank of America Preferred Rewards program

Don’t Get If

  • You want a card that earns transferable rewards
  • You want a card that offers premium benefits

Bank of America Premium Rewards Card — Is It Worth It?

If you’re looking for an all-around travel rewards card that is easy to earn points with and offers a simple approach when it comes time to redeem your rewards, then the Bank of America Premium Rewards card might be a perfect option for you.

The card has a very reasonable fee of $95. With that, you receive benefits like a $100 annual airline incidental credit, Global Entry credit, trip delay insurance, rental car insurance, return protection, and much more.

Further, the card is practically a no-brainer for those with Bank of America Preferred Rewards status who are able to earn an additional 25% to 75% more rewards on all of their card spend.

Bank of America Premium Rewards Card Top Benefits

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.

SCROLL FOR MORE
Status LevelAssets RequiredRewards BonusIncreased Earnings
Gold$20,000+ in assets25% 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 assets50% 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 assets75% 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.

Travel Benefits

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.

Best Ways To Earn and Redeem Your Premium Rewards Points

To earn as many points as possible, you’ll want to use your card for as many purchases as you can, especially since it earns 2x points per $1 on travel and dining purchases and 1.5x points per $1 on all other purchases.

That said, you can really take your rewards earning to the next level by gaining status in the Bank of America Preferred Rewards program, as doing so allows you to boost the number of points you earn on purchases by 25% to 75% depending on your status level.

The Bank of America rewards program is a fixed rewards program, allowing you to redeem all of your points through its own travel portal at a set rate of 1 cent per point. While there isn’t an opportunity to get outsized value here, the good news is that you can redeem points towards any travel purchase, including flights, hotels, rental cars, and more.

Alternative Cards to the Bank of America Premium Rewards Card

Chase Sapphire Preferred® Card

POPULAR FIRST CARD
Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

A fantastic travel card with a huge welcome offer, good benefits, and perks for a moderate annual fee.

Learn More(at Chase's secure site)

Chase Sapphire Preferred® Card

A fantastic travel card with a huge welcome offer, good benefits, and perks for a moderate annual fee.
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
60,000 points
$1,200
$95
21.49%-28.49% Variable
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent (670-850)

The Chase Sapphire Preferred® card is one of the best travel rewards cards on the market. Its bonus categories include travel, dining, online grocery purchases, and streaming services, which gives you the opportunity to earn lots of bonus points on these purchases.

Additionally, it offers flexible point redemption options, no foreign transaction fees, and excellent travel insurance coverage including primary car rental insurance. With benefits like these, it’s easy to see why this card is an excellent choice for any traveler.

Pros

  • 5x points on all travel booked via the Chase Travel portal
  • 5x points on select Peloton purchases over $150 (through March 31, 2025)
  • 5x points on Lyft purchases (through March 31, 2025)
  • 3x points on dining purchases, online grocery purchases, and select streaming services
  • 2x points on all other travel worldwide
  • $50 annual credit on hotel stays booked through the Chase Travel portal
  • 6 months of complimentary Instacart+ (activate by July 31, 2024), plus up to $15 in statement credits each quarter through July 2024
  • Excellent travel and car rental insurance
  • 10% annual bonus points
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs like United MileagePlus and World of Hyatt

Cons

  • $95 annual fee
  • No elite benefits like airport lounge access or hotel elite status
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠.
  • Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel℠. For example, 60,000 points are worth $750 toward travel.
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
  • Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
  • Member FDIC

Financial Snapshot

  • APR: 21.49%-28.49% Variable
  • Foreign Transaction Fees: None

Card Categories

Rewards Center

Chase Ultimate Rewards

The Chase Sapphire Preferred card is another great starter travel rewards card option. With it, you’ll earn 5x Ultimate Rewards points per $1 on travel purchased through the Chase travel portal, 3x points per $1 on dining, online grocery purchases, and select streaming services, plus 1x point per $1 on all other purchases.

You’ll receive many of the same travel and purchase protections as the Bank of America Premium Rewards card, but you’ll also have access to Chase transfer partners, and your points are worth 1.25 cents per point when redeemed through the Chase travel portal.

See how these 2 cards compare here: Bank of America Premium Rewards card vs. Chase Sapphire Preferred card.

Capital One Venture Rewards Credit Card

Capital One Venture Rewards Credit CardTerms Apply / Rates & Fees

Capital One Venture Rewards Credit Card

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

Get 2x miles plus some of the most flexible redemptions offered by a travel credit card!

Capital One Venture Rewards Credit Card

Get 2x miles plus some of the most flexible redemptions offered by a travel credit card!
Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.
75,000 miles
$1,350
$95
19.99% - 29.99% (Variable)
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent Credit (670-850)

The Capital One Venture Rewards Credit Card is one of the most popular rewards cards on the market. It’s perfect for anyone in search of a great welcome offer, high rewards rates, and flexible redemption options.

Frequent travelers with excellent credit may benefit from this credit card that offers a lot of bells and whistles. And it offers easy-to-understand rewards earning and redemption.

Pros

  • 5x miles per $1 on hotels and rental cars booked through Capital One Travel
  • 2x miles per $1 on all other purchases
  • Global Entry or TSA PreCheck application fee credit
  • No foreign transaction fees (rates & fees)
  • Access to Capital One transfer partners

Cons

  • Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
  • Earn unlimited 2X miles on every purchase, every day
  • Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
  • Enrich every hotel stay from the Lifestyle Collection with a suite of cardholder benefits, like a $50 experience credit, room upgrades, and more
  • Transfer your miles to your choice of 15+ travel loyalty programs

Financial Snapshot

  • APR: 19.99% - 29.99% (Variable)
  • Foreign Transaction Fees: None

Card Categories

Rewards Center

Capital One Miles

With the Capital One Venture card, you’ll earn 5x Capital One miles per $1 on hotels and rental cars booked through Capital One Travel, and an unlimited 2x miles per $1 on all other purchases — making it one of the few travel rewards cards to offer such a high rewards rate for non-bonused purchases.

Plus the card offers 2 free visits to a Capital One Lounge or Plaza Premium Lounge each year, Hertz Five Star status, a Global Entry credit, and access to Capital One travel transfer partners.

The information regarding the Capital One Venture Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Bank of America® Premium Rewards® credit card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.

Frequently Asked Questions

Is the Bank of America Premium Rewards card worth it?

If you’re looking for a travel rewards card with a straightforward earning structure and easy point redemption process, that also offers solid card protections, then the Bank of America Premium Rewards card would be a great option for you.

What are the benefits of the Bank of America Premium Rewards card?

There are many benefits of the Bank of America Premium Rewards card. Namely, you’ll receive up to $100 annual airline incidental credit and Global Entry credit, along with travel and purchase coverage protections. Plus, those in the Bank of America Preferred Rewards program can boost their card rewards 25% to 75%.

Does the Bank of America Premium Rewards card have rental car insurance?

Yes, the Bank of America Premium Rewards card offers rental car insurance, but it is secondary to your primary auto insurance coverage.

What credit score do you need to be approved for the Bank of America Premium Rewards card?

There is no set credit score that will guarantee your approval for the Bank of America Premium Rewards card, as there are other factors taken into consideration like your years of credit history and the amount of credit that may already be extended to you. That said, if you have a credit score of 700 or higher, you should have reasonably high approval odds for the card.

Does the Bank of America Premium Rewards card have travel insurance?

Yes, the Bank of America Premium Rewards card has trip delay insurance, trip cancellation insurance, baggage delay insurance, lost luggage insurance, and rental car insurance.

Does the Bank of America Premium Rewards card have an annual fee?

Yes, the Bank of America Premium Rewards card has a $95 annual fee.

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About Jarrod West

Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in outlets like The New York Times.

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