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Travel Smart with the Bank of America Premium Rewards Card

Looking for a credit card that can earn you generous travel rewards? The Bank of America Premium Rewards credit card is one option that might meet your needs.

In this article, well provide an overview of the card and discuss who might benefit from getting one.

Overview of the Bank of America Premium Rewards Credit Card

The Bank of America Premium Rewards credit card is a travel rewards credit card that offers flexible redemption options. Cardholders earn 2X points on travel and dining purchases and 1.5X points on all other purchases.

The card also offers a sign-up bonus of 50,000 points after spending $3,000 in the first 90 days.

Benefits of the Card

One of the biggest benefits of the Bank of America Premium Rewards credit card is its earning potential. With 2X points on travel and dining purchases, you can quickly accumulate rewards that you can use towards travel expenses.

Additionally, the card offers a sign-up bonus of 50,000 points after spending $3,000 in the first 90 days, which can put you well on your way towards a free flight or hotel stay. The Bank of America Premium Rewards card also has a Preferred Rewards program that allows you to earn additional rewards if you have an eligible Bank of America checking or savings account.

If you have an account with a balance of at least $20,000, you can earn a 25-75% rewards bonus on your credit card purchases. This bonus can add up quickly, especially if you use your card for everyday expenses and pay off your balance in full each month.

Another benefit of the card is its travel benefits, including access to TSA PreCheck or Global Entry. As a cardholder, you also wont be charged foreign transaction fees when using your card for purchases made in other countries.

Finally, the card has a variety of transfer partners, including major airlines and hotel chains, that allow you to transfer your rewards to their loyalty programs.

Drawbacks of the Card

One of the main drawbacks of the Bank of America Premium Rewards credit card is its annual fee. The card has an annual fee of $95, which is higher than some other mid-range travel credit cards.

However, the earning potential and travel benefits of the card may justify the fee for frequent travelers. Another potential drawback of the card is that its transfer partners are somewhat limited compared to other travel credit cards.

While the card does offer transfer options with major airlines and hotel chains, it may not have as many options as other cards, such as those offered by Chase, American Express, Capital One, and Citi. Who Should Get the Bank of America Premium Rewards Credit Card?

The Bank of America Premium Rewards credit card is a good choice for frequent travelers who are looking for a travel rewards credit card with flexible redemption options. The cards earning potential and travel benefits make it a solid choice for those who want to earn rewards quickly and use them towards travel expenses.

If you also have an eligible Bank of America checking or savings account, the Preferred Rewards program can give you an additional rewards bonus on your purchases, which can help you earn free travel even faster. However, if you are looking for a card with more transfer partners and a wider range of travel benefits, you may want to consider other options, such as those offered by Chase, American Express, Capital One, or Citi.

In Conclusion

Overall, the Bank of America Premium Rewards credit card is a good option for frequent travelers who want a credit card that can earn them generous travel rewards. The cards benefits make it a solid choice, but its annual fee and limited transfer partners may not be the right fit for everyone.

If you are considering applying for the card, be sure to evaluate your travel needs and compare it to other options before making a decision. Card Basics: Key Features and Benefits

The Bank of America Premium Rewards credit card offers several key features and benefits that can make it an attractive option for frequent travelers.

Here are the most important features and benefits of the card:

Welcome Offer: The Bank of America Premium Rewards credit card offers a welcome bonus of 50,000 points after you spend $3,000 within the first 90 days of opening your account. These points can be worth up to $500 when redeemed for travel.

Bonus Earning: The card earns 2x points per dollar spent on travel and dining purchases and 1.5x points per dollar spent on all other purchases. This means that you can quickly accumulate rewards, especially if you use your card frequently for travel and dining expenses.

Redemptions: The Bank of America Premium Rewards credit card offers flexible redemption options. You can redeem your points for travel purchases, cash back, or gift cards.

Each point is worth 1 cent when redeemed for statement credits, travel purchases, gift cards, and deposits into eligible Bank of America accounts. Redeeming your points for travel can yield better value as you can redeem them for up to 1.5 cents per point.

Airline Incidental Statement Credit: The Bank of America Premium Rewards credit card offers a $100 credit every four years for airline incidental fees, such as baggage fees and in-flight purchases. You can also use the airline incidental statement credit towards TSA PreCheck or Global Entry application fees, which can save you money and hassle at the airport.

TSA PreCheck or Global Entry: As a cardholder, you can receive a statement credit of up to $100 towards the application fee for TSA PreCheck or Global Entry. These programs can save you time and hassle at the airport by allowing you to go through a separate security line and skip the need to remove your shoes, belt, and liquids for screening.

Preferred Rewards Program: If you have an eligible Bank of America checking or savings account, you can enroll in the Preferred Rewards program to earn additional rewards. The program offers three tiers of rewards bonuses that can increase your earnings on the Bank of America Premium Rewards credit card.

The rewards bonuses range from 25% to 75% and are based on the combined balances in your Bank of America banking and/or Merrill investment accounts. Foreign Transaction Fees: The Bank of America Premium Rewards credit card has no foreign transaction fees, which can make it a great option for frequent international travelers.

Drawbacks to the Bank of America Premium Rewards Credit Card

While the Bank of America Premium Rewards credit card has many benefits, there are also some drawbacks that you should consider before applying for the card. Here are some of the potential downsides to keep in mind:

Annual Fee: The Bank of America Premium Rewards credit card has an annual fee of $95.

This may give some potential cardholders pause, especially those who are not sure if theyll be able to earn enough rewards to offset the cost of the fee. However, the airline incidental statement credit, TSA PreCheck or Global Entry statement credit, and earning potential of the card can make the annual fee worth it for frequent travelers.

Transfer Partners: The Bank of America Premium Rewards credit card has fewer transfer partners compared to other travel rewards credit cards. While the card does offer transfer options with major airlines and hotel chains, it may not have as many options as other cards, such as those offered by Chase, American Express, Capital One, and Citi.

If you have specific travel goals, its important to make sure that the transfer partners offered by the Bank of America Premium Rewards credit card align with your needs. Preferred Rewards Threshold: While the Preferred Rewards program can be a great way to earn additional rewards on your Bank of America Premium Rewards credit card, the rewards thresholds may be high for some cardholders.

Depending on the amount of your combined Bank of America banking and/or Merrill investment account balances, you may need to maintain a very high balance to qualify for the programs rewards bonuses. Rewards Credit Cards: Finally, its important to remember that the Bank of America Premium Rewards credit card is just one option in a crowded field of rewards credit cards.

Depending on your specific travel goals and spending habits, you may be able to find a card that offers better earning potential, more transfer partners, or lower fees than the Bank of America Premium Rewards credit card.

In Conclusion

The Bank of America Premium Rewards credit card offers a range of benefits and earning potential that can make it a great option for frequent travelers. However, its important to weigh the cards annual fee, transfer partners, and other potential drawbacks against your specific travel needs and goals to determine if the card is the right fit for you.

Earning and Redeeming Points with the Bank of America Premium Rewards Credit Card

One of the biggest draws of the Bank of America Premium Rewards credit card is its earning potential and redemption options. In this section, well take a closer look at how to earn and redeem points with the card.

Earning Potential and Rates

The Bank of America Premium Rewards credit card offers generous earning rates on travel and dining purchases. You can earn 2 points per dollar spent on travel and dining, which includes purchases made at airlines, hotels, motels, timeshares, tourist attractions, cruise lines, travel agencies, car rental agencies, discount travel sites, campgrounds, and restaurants.

For non-travel and dining purchases, you can earn 1.5 points per dollar spent. This includes everything else you buy with your card, such as groceries, gas, clothing, and electronics.

As a Preferred Rewards member, you can earn additional rewards on your credit card purchases. Depending on the combined balances in your Bank of America banking and/or Merrill investment accounts, you can qualify for a rewards bonus of 25%, 50%, or 75%.

This bonus can be a significant boost to your earning potential.

Point Valuation

The value of your Bank of America Premium Rewards points can vary depending on how you redeem them. If you use them for statement credits, travel purchases or gift cards, each point is worth one cent.

However, when you redeem your points for travel purchases through the Bank of America Travel Center, the value of your points can increase to 1.5 cents per point. For example, redeeming 50,000 points through the Bank of America Travel Center could get you $750 towards your travel purchase, which is 50% more than the value youd get by redeeming them for a statement credit or gift card.

Best Ways to Earn and Redeem Points

The Bank of America Premium Rewards credit card is best suited for those who travel frequently or dine out regularly. To maximize your earning potential, use the card for all your travel purchases, such as flights, hotel rooms, rental cars, and cruises.

You can also use the card to pay for meals at restaurants, cafes, bars, and other dining establishments. If you are a Preferred Rewards member, you can earn even more points on your purchases.

Be sure to enroll in the program and keep an eye on your balance to see if you qualify for a higher tier rewards bonus. When it comes to redeeming your points, youll get the most value when you use them to book travel through the Bank of America Travel Center.

If youre not planning on traveling anytime soon, you can also redeem your points for statement credits, cash back, or gift cards.

Bank of America Premium Rewards Credit Card FAQs

Here are some of the most frequently asked questions about the Bank of America Premium Rewards credit card:

What is the annual fee for the Bank of America Premium Rewards credit card? The annual fee for the Bank of America Premium Rewards credit card is $95.

What credit score do I need to be approved for the Bank of America Premium Rewards credit card? The Bank of America Premium Rewards credit card is designed for people with good to excellent credit scores (typically 670 or higher).

What interest rate will I be charged if I carry a balance on my Bank of America Premium Rewards credit card? The interest rate youll be charged on your Bank of America Premium Rewards credit card will depend on your creditworthiness.

Currently, the variable APR for purchases and balance transfers ranges from 15.99% to 22.99%.

In Conclusion

The Bank of America Premium Rewards credit card offers generous earning potential and flexible redemption options that can make it a great option for frequent travelers and diners. To maximize your rewards, be sure to use the card for all your travel and dining purchases, and consider enrolling in the Preferred Rewards program to earn even more.

Remember to redeem your points for travel purchases through the Bank of America Travel Center to get the most value out of them. As always, be sure to carefully weigh the benefits and drawbacks of the card against your specific needs and goals before making a decision.

Other Cards to Consider

While the Bank of America Premium Rewards credit card has many benefits, its important to consider other credit card options to determine if they better meet your needs and goals. Here are some other cards to consider:

Chase Sapphire Preferred Card

The Chase Sapphire Preferred card is a popular travel rewards credit card that offers a generous sign-up bonus and high earning potential on travel and dining purchases. The card offers 2X points per dollar spent on travel and dining purchases and 1X point per dollar spent on everything else.

Additionally, the card offers a 60,000-point sign-up bonus after you spend $4,000 on purchases in the first three months after opening your account. You can redeem your points for travel purchases through the Chase Ultimate Rewards program, transfer your points to Chases airline and hotel partners, or redeem them for cash back or gift cards.

One advantage of the Chase Sapphire Preferred card is that it has more transfer partners than the Bank of America Premium Rewards credit card, including major airlines and hotel chains. However, the card also has an annual fee of $95, which is the same as the Bank of America Premium Rewards card.

Capital One Savor Cash Rewards Credit Card

The Capital One Savor Cash Rewards credit card is a great option for those who prefer cash back rewards instead of travel rewards. The card offers unlimited cash back on dining, entertainment, and grocery purchases, as well as 1% cash back on all other purchases.

For new cardholders, the Capital One Savor card offers a $300 cash back bonus after you spend $3,000 on purchases within the first three months of opening your account. The card also has no foreign transaction fees.

One advantage of the Capital One Savor card is its cash back rewards, which can be more flexible than travel rewards. However, if youre someone who prefers to travel and earn rewards for your travel expenses, then the Bank of America Premium Rewards or Chase Sapphire Preferred cards may be better options.

Earning Rates

When comparing credit cards, its important to take a close look at the earning rates for each card. The Bank of America Premium Rewards card offers 2X points per dollar spent on travel and dining purchases and 1.5X points per dollar spent on all other purchases.

The Chase Sapphire Preferred card offers 2X points per dollar spent on travel and dining and 1X point per dollar spent on everything else. The Capital One Savor card offers unlimited 4% cash back on dining and entertainment, 2% cash back at grocery stores, and 1% cash back on all other purchases.

Its important to assess your spending habits and determine which earning rates align with your needs and goals to decide which card is right for you.

In Conclusion

The Bank of America Premium Rewards credit card is a great option for frequent travelers who are looking for a travel rewards credit card with flexible redemption options. However, its important to consider other options, such as the Chase Sapphire Preferred or Capital One Savor card, to determine which card best meets your needs.

By weighing the benefits and drawbacks of each card against your specific spending habits and travel goals, youll be able to choose the card that earns you the most rewards and offers the most value. In conclusion, the Bank of America Premium Rewards credit card offers many benefits, including generous earning potential, flexible redemption options, and travel benefits such as TSA PreCheck or Global Entry access.

However, its important to consider other credit card options, such as the Chase Sapphire Preferred or Capital One Savor, to determine which card best meets your needs. By carefully weighing the benefits and drawbacks of each card against your spending habits and travel goals, youll be able to choose the card that offers the most value and rewards for you.

Whether you choose the Bank of America Premium Rewards credit card or another option, using a rewards credit card strategically can help you earn rewards and save money on your travel expenses.

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