Bank of America® Premium Rewards® Credit Card

Our Two Cents: Bank of America® Premium Rewards® Credit Card Review

Oh, look who decided to be fashionably late to the premium rewards credit card party. We’re  glad you came. We’re no strangers to love and while a 50,000 bonus point offer may make it look like this card showed up wearing the same outfit as the Sapphire Preferred, a closer look will reveal some major differences. In addition to the standard sign-up bonus, the Premium Rewards card also comes with a $100 credit for incidental fees on airlines, as well as a $100 credit for Global Entry or PreCheck, setting it apart in the premium rewards card space. Additionally, you’ll earn 2x points on travel and dining with 1.5 points on everything else. Good. Now that you know the rules and so do I, let’s take a deeper look at the card.


Counting Your Pennies - How To Earn Rewards with the Premium Rewards® Credit Card

The basics on this one are simple. 2x points on dining and travel, 1.5 points on everything else. Points are good for a penny a piece when you redeem for a statement credit.  A full commitment’s what we’re thinking of when it comes to this card though. Existing customers that carry balances in their checking, savings, or investment accounts will enjoy accelerated awards based on the tiers below. You wouldn't get this from any other bank.  The real sweet spot here is if you have money invested with Merrill Lynch. It’s hard to justify keeping any amount of money in a Bank of America savings account. As of 9/21, the rate on a Bank of America savings account is .01%, where industry standard is closer to 1%.

BOA Preferred Rewards

Spend Category Base Level

$0 - $19,999

Gold

$20,000-$49,999

Platinum

$50,000 - $99,999

Platinum Honors

$100,000 +

Dining22.533.5
Travel22.533.5
Everything Else1.51.8752.252.625


Who Should Get It?

We just want to tell you how we’re feeling. This card is good at its base tier and we gotta make you understand it is great if you are able to hit the Platinum Honors tier. Bank of America is all about loyalty with this card. You've known each other for so long and it is time that the relationship pays off. It’s also good for those that prefer cash back over redeeming points with airlines or hotels. Bank of America has a flat cash back rewards system that is easy to use and pretty fool proof.


Who Shouldn’t Get it?

Your heart's been aching but you're too shy to say it. It’s okay. You are a hardcore traveler. Inside we both know what’s been going on. For you, one of the ultra premium cards like the Sapphire Reserve or Citi Prestige will be a better work horse in your wallet. Don’t be embarrassed. You know the game and you’re gonna play it. Those without a Bank of America relationship might also look elsewhere if you don’t travel often. In that case, a flat 2% rewards card without an annual fee like Blispay might suit your needs better.


Final Thoughts

If you ask us how we’re feeling, the Bank of America Premium Rewards card is a breath of fresh air in the premium card space. Don't tell us you're too blind to see it offers a $100 travel credit that easily justifies the annual fee AND offers a competitive rewards structure that is straightforward for cash back statement credits.  If you’ll use the $100 airline credit each year, this card is a no-brainer. If you bank with Bank of America and have over 100k in assets with them you’ll earn 2.625 cents per dollar on every purchase, which is a best in class earn rate. There are few instances where this card will do you wrong. In conclusion this is a good card, and we’re never gonna give it up, never gonna put it down. Never gonna charge around and churn you. Also, you have been Rick Rolled. Boom.


Bank of America® Premium Rewards® Credit Card Highlights

  • 50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening. That’s $500 worth of rewards.

  • $100 Airline Incidental Statement Credit -  Get up to a $100 Airline Incidental Statement Credit annually for qualifying purchases.

  • Preferred Rewards customers get an additional 25%-75% rewards bonus on every purchase.

  • Get up to a $100 Airport Security Statement Credit toward TSA PreCheck or Global Entry application fee, every four years.