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Bank of America® Premium Rewards®

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

Oh, look who decided to roll in fashionably late to the premium rewards card party. We’re glad you came, Bank of America. While Bank of America has already been in the travel rewards market for quite some time with their Bank of America Travel Rewards card, Premium rewards is a superior product at a reasonable $95 annual fee price point. It's a nice addition to a crowded field of premium rewards credit cards which often carry annual fees north of $400.

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 Chase Sapphire Preferred, a closer look will reveal some major differences. In addition to the standard 50,000 point new customer 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. As long as you're able to use the $100 annual airline credit, then you're effectively paid $5 to carry this card, which Sapphire Preferred cannot say. 

In addition to the welcome bonus and other ongoing card perks, 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 why this is one of our favorite travel rewards credit cards.


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 7/4/18, the rate on a Bank of America savings account is .03%, where industry standard is closer to 1.75%.

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 at a cash back card with no annual fee if travel isn't on the agenda. 


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 an easy win. 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 not many 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.


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Chase Sapphire Preferred® Card


  • Transfer points to eligible airline and hotel partners
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. 
  • Points are worth 1.25 cents each when redeeming through Chase Ultimate Rewards.
  • The perfect complimentary card to the Chase Freedom Unlimited.
  • Annual Fee is $0 for the first year, then $95

Bank of America® Travel Rewards Credit Card


The Bank of America Travel Rewards credit card is a reliable no annual fee credit card, that can make a solid staple in the right wallet. Customers will earn 1.5 points per dollar spent on all purchases, all the time, with no earning caps or categories to keep track of.

Uber Credit Card


  • 4% Cash Back on Dining
  • 3% Cash Back on Hotel and Airfare
  • 2% Cash Back on Online Purchases (Including Uber)
  • 1% Cash Back on everything else
  • No Annual Fee