Bank of America Preferred Rewards Point Boost
The best way to take your Bank of America Premium Rewards Elite card to the next level is by holding status in the Bank of America Preferred Rewards program. This is because doing so allows you to boost the number of points you earn with your card anywhere from 25% to 75% depending on your level within the program.
Here is a look at what you need to qualify 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
|
Travel and Lifestyle Benefits
$300 Annual Airline Incidental Credit
Cardholders receive $300 each year in airline incidental statement credits to offset purchases made with airlines on expenses such as seat upgrades, baggage fees, inflight services, and airline lounge fees.
$150 Annual Lifestyle Credit
You’ll also receive a $150 credit each year towards lifestyle expenses such as streaming services, food delivery, fitness subscriptions, and rideshare services.
Priority Pass Lounge Access
With your card, you and up to 2 traveling companions can access over 1,300 Priority Pass airport lounges worldwide where you can enjoy free food and drinks, along with a spot to relax before your flight. This benefit is also extended to authorized users of the card.
20% Value Boost on Flight Redemptions
When you redeem your points towards any international or domestic airfare through the Bank of America Travel Center, you’ll receive a 20% bonus to their value, making your points worth 1.2 cents per point. This means that you could redeem 50,000 points towards $600 in airfare with any carrier!
Global Entry/TSA PreCheck Credit
While this benefit is offered on many cards, it can be a game-changer for those that don’t have it already. In comparing the 2, 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. That said, you’re best off opting for Global Entry as that membership includes TSA PreCheck as well, but TSA PreCheck alone does not include Global Entry.
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 of up to $500 per ticket for you and family members for reasonable expenses if a covered trip is delayed for more than 6 hours
- Trip cancellation insurance provides coverage up to $2500 for non-refundable passenger fares if your trip is canceled or cut short by sickness or other covered situations
- Baggage delay insurance provides coverage of up to $100 per day (towards essential items such as clothing), for up to 5 days, when your bags are delayed for more than 6 hours
- Lost luggage insurance covers you for the cost of items, up to $3,000, in your luggage if it is lost or stolen due by the carrier
- Rental car insurance provides primary coverage for up to $75,000 towards damage to the rental car due to collision or theft
- Purchase protection provides coverage 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 for up to $10,000 per claim, and up to $50,000 per cardholder
- Extended warranty coverage doubles the time period of the manufacturers’ warranty, up to 1 additional year, for eligible items purchased with your card
- Return protection is offered if you’ve purchased an item up to 90 days ago and the retailer will not accept the return; you can receive coverage of up to $300 per eligible item and up to $1,000 annually