Bank of America
Bank of America® Premium Rewards® Credit Card
Key Features
| Annual Fee | $95.00 |
| Sign-up Bonus | 60,000 bonus points |
| Rewards Rate | 1.5x-2x Points |
| Intro APR | None |
| Regular APR | Standard APR 19.74% - 27.74% variable |
| Other Fees | Balance Transfer Fee 5% of each transaction |
| Network | Visa |
About this card
The Bank of America® Premium Rewards® Credit Card earns an excellent overall rating due to its very strong rewards program, especially for Bank of America Preferred Rewards members, and a fee structure that effectively negates the annual cost for many users. The card's generous sign-up bonus of 60,000 points (a $600 value) is a compelling draw, and its base earning rates of 2 points per dollar on travel and dining, and 1.5 points per dollar on all other purchases, are solid. What truly elevates its value are the annual travel credits – up to $100 for airline incidentals and up to $100 for TSA PreCheck or Global Entry – which effectively offset the $95 annual fee. For Preferred Rewards members, the earning potential becomes truly exceptional, making it one of the most rewarding flat-rate cards available. The absence of foreign transaction fees further enhances its appeal for travelers, complemented by valuable travel and purchase protections. However, a significant drawback is its high regular APR, which ranges from 19.74% - 27.74% variable, coupled with no introductory APR period. This makes the card a poor choice for those who carry a balance, as interest charges would quickly erode any rewards earned. The 5% balance transfer fee is also notably high. Despite these APR-related weaknesses, for cardholders with very good credit who pay their statements in full each month (its likely target audience), the card offers an outstanding value proposition, effectively providing premium travel benefits and high rewards with a net zero annual fee. Its strengths for responsible transactors and Bank of America loyalists are substantial enough to place it firmly in the 'Excellent' category, while acknowledging the critical limitation for revolvers.
Pros & Cons
What's great
- Generous sign-up bonus
- High rewards rate on common spending categories
- No foreign transaction fees
- Valuable travel and purchase protections
- Flexible reward redemption options
Things to consider
- Annual fee applies
- No intro APR period
- High regular APR
- High balance transfer fee
What this card offers
Sign-up bonuses
- 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
- 60,000 online bonus points offer — a $600 value
Rewards
- 2 points per $1 spent on travel purchases
- 2 points per $1 spent on dining purchases
- 1.5 points per $1 spent on all other purchases
Other features
- Get up to $200 in travel statement credits
- Get up to $100 in Airline Incidental Statement Credits annually for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees - automatically applied to your card statement
- Get up to $100 in Airport Security Statement Credits for TSA PreCheck or Global Entry application fees, every four years
- No foreign transaction fees
- No limit to the points you can earn and points don't expire as long as the account remains open.
- Flexibility to choose how you redeem your points – redeem for cash back as a deposit into eligible Bank of America checking or savings accounts, for credit to eligible Merrill accounts including 529 accounts, as a statement credit to your credit card, or for gift cards and purchases at BofA Travel.
- Achieve more with BofA Rewards – starting with a rewards bonus on every credit card purchase.
- Travel protections: Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delays, lost luggage and emergency evacuation and transportation.
- Purchase protections: Warranty Manager Service, Return Protection and Purchase Security.
- Automotive protections: 24/7 Roadside Dispatch Program and Auto Rental Collision Damage Waiver.
- Visa Signature Luxury Hotel Collection: Enjoy a premium set of benefits when you use your Premium Rewards card to book through the Visa Signature Luxury Hotel Collection.
- Concierge Service: The Visa Signature concierge service gives you access to concierges who can help with travel planning, restaurant recommendations and event reservations.
- Stay Protected: We block potential fraud if abnormal patterns are detected and let you know if we suspect fraudulent activity. Plus, you always get a $0 Liability Guarantee for fraudulent transactions.
- Balance Connect for overdraft protection: An optional service to help prevent declined purchases, returned checks or other overdrafts when you link your eligible Bank of America checking account to your credit card. No transfer fees. Other fees may apply.
- Paperless Statement Option
- Digital Wallet Technology: Apple Pay, Google Pay or Samsung Pay.
- Online & Mobile Banking: Pay your credit card bill online, transfer funds, check available credit and more.
- Account Alerts: Choose from several types of customer email or text alerts and let your phone tell you when payments are due and paid.
Additional Notes
Note: minimum payments are applied to lower-interest balances first. Additional payments are applied to higher-interest balances first.