The Bank of America Premium Rewards Card is a solid choice for occasional travelers that want to build a good amount of Bank of America points. It offers several perks and bonuses that more than makes up for it's small annual fee, and it provides the best point earning opportunities to anyone that invests with Bank of America themselves, Merrill Lynch, and/or Merrill Edge.
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Bonus Categories
The Bank of America Premium Rewards Credit Card features two bonus categories that earn extra points. These bonus categories are travel and dining purchases. There is no limit to the amount of Bank of America Travel Reward Point you can earn spending on this card.
- 2x Travel
- Bank of America considers travel to be:
- Airlines
- Hotels
- Motels
- Timeshares
- Trailer parks
- Motor home and recreational vehicle rentals
- Campgrounds
- Car rental agencies
- Truck and trailer rentals
- Cruise lines
- Travel agencies
- Tour operators
- Passenger trains
- Buses
- Taxis
- Limousines
- Ferries
- Boat rentals
- Parking lots and garages
- Tolls and bridge fees
- Tourist attractions and exhibits
- Amusement parks
- Carnivals
- Aquariums
- Zoos
- Bank of America considers travel to be:
- 2x Dining
- Bars and taverns are included.
- 1.5x Non-Category
Perks & Benefits
The Bank of America Premium Rewards Card features a handful of benefits including an annual airline credit, Global Entry/TSA PreCheck credit, and the change to earn bonus points based on your relationship with Bank of America and their partners.
- $100 Airline Incidental Credit
- Qualifying triggers includes:
- Seat Upgrades
- Ticket Change & Cancellation Fees
- Checked Bag Fees
- In-Flight Entertainment & Food
- Airport Lounge Fees
- Qualifying triggers includes:
- Global Entry or TSA PreCheck Credit
- Global Entry is for speeding through customs when re-entering the states; also grants TSA PreCheck if approved.
- TSA PreCheck is for expedited screening through TSA checkpoints.
- Bank of America Account Bonus
- 10% point bonus if you have an active Bank of America checking, savings, or individual retirement account.
- Does not stack with Preferred Rewards Client Bonus.
- Applies to co-applicants.
- Does not apply to Bank of America business checking and savings accounts.
- Preferred Rewards Client Bonus
- Earn bonus points based on amount invested with BOA, Merrill Edge, or Merrill Lynch.
- Based on 3-month average across accounts.
- Qualifications:
- Gold - 25% Bonus - $20k to <$50k
- Platinum - 50% Bonus - $50k to <$100k
- Platinum Honors - 75% Bonus - $100k+
- Does not stack with Bank of America Account Bonus.
Sign Up Bonus
The standard Bank of America Premium Rewards Card sign up bonus is 50,000 Bank of America Points after spending $3,000 in purchases in the first 90 days of account opening. This is worth $500 in travel, cash or gift cards.
Fees
Annual Fee
The Bank of America Premium Rewards Card annual fee is $95. This is in-line with most basic reward cards. The card comes with an annual $100 airline credit, so that takes care of the annual fee if you're able to use it. Adding on Global Entry/TSA perk and the bonus categories, you should be able to easily justify this annual fee.
Authorized User Fee
The authorized user fee for the Bank of America Premium Reward Card is $0. If you have friends or family that spend in travel and dining, I would recommend adding them as authorized users on the card.
Foreign Transaction Fee
The Bank of America Premium Rewards Card does not have a foreign transaction fee. This means you can earn Travel Reward Points at the same great rate worldwide without being penalized for transactions outside of the United States.
Rewards Calculator
You can use the rewards calculator to calculate how many points, miles, or cash back you can earn based on your spend per category. This calculator will also give you the dollar value of the card based on the value of the rewards earned and how much each benefit is worth to you, minus the annual fees. You can click the Compare A Card button to compare this card side by side any other card featured on the site within the same calculator.
Note! All category spend entered in the primary card's column (first column when comparing cards) will carry over to all credit card calculators on the site. This means you will not have to re-enter the same information again and again when browsing during the session.
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