Bank of America Premium Rewards annual fee: The Bank of America Premium Rewards Credit Card is a mid-sized option in the Bank of America lineup that offers travel rewards and exclusive benefits. With a $95 annual fee** (waived the first year), this card is designed for consumers and high net worth individuals who bank with Bank of America or Merrill Lynch. Let’s take a deeper look to find out if this card is worth the annual fee.
Registration Bonus
One of the key features of the Premium Rewards card is the 50,000 point sign-up bonus you get when you spend $3,000 in the first three months of account opening.
- Points are valued at 1 cent per point, so bonuses can be up to $500.
- While this is a competitive advantage for a mid-range card, it doesn’t stand out in any way from other options on the market.
Bank of America Premium Rewards Credit Limit
Collect points
The rewards structure of the card offers:
- 2 points per $1 on travel, airfare, hotels, cruises, car rentals and more.
- 2 points per $1 on dining.
- 1.5 points per dollar on all other purchases.
These earning rates increase significantly for Bank of America Preferred Rewards members:
- Gold Level ($20,000 to $49,999): 1,875 earn 2.5 points per dollar.
- Platinum Level ($50,000 to $99,999 managed): **Earn 2.25 to 3 points per $1 **.
- Platinum Honor Level (over $100,000 managed): Earn 2625 at 3.5 points per dollar.
For Preferred Rewards members, these fees make the card extremely attractive and provide good value for your everyday spending.
Bank of America Premium Rewards Elite benefits
Redeem points
Points earned on the Premium Card can be exchanged for:
- Cashback in the form of a deposit into a Bank of America checking or savings account.
- Credit Statement for your credit card.
- Credit to the appropriate Merrill Lynch account.
- Gift Card.
- Travel Reservations through Bank of America Travel Center.
This flexibility ensures that users can maximize rewards as per their needs.
Review of the Bank of America Premium Rewards Elite Card
Benefits and Advantages
The Premium Rewards card offers several benefits that help justify the $95 annual fee:
- $100 Airline Incident Credit: Covers expenses such as seat upgrades, baggage fees and airline lounge access.
- Global Entry/TSA PreCheck Credit: Earn a $100 credit every four years.
- NO FOREIGN TRANSACTION FEE: A valuable feature for international travelers.
- Visa Signature Luxury Hotel & Resort Collection: Enjoy benefits like daily breakfast for two, spa credits and room upgrades.
- Complete Travel Protection:
- Trip delay and cancellation insurance.
- Trip interruption insurance.
- Refunds for delayed and lost baggage.
- Car rental insurance.
Bank of America Premium Rewards Credit Card – Full Review
Who should consider this card?
Bank of America Premium Rewards Credit Card Ideal for:
- Bank of America Rewards Preferred Members: Improved earning rates make the card a strong contender for those with large Bank of America or Merrill Lynch account balances.
- Bank of America Loyalist: Those who prefer to manage all their banking and lending needs within the Bank of America ecosystem.
For people who aren’t Preferred Rewards members or don’t have a Bank of America bank account, the card’s earning potential appears low. In such cases, options like Chase Sapphire Preferred, Citi Premier or Amex Gold Card can offer more flexibility, points value and redemption options.
The Bank of America Premium Rewards Credit Card provides solid value for users who can take advantage of its rewards structure and benefits, especially for Preferred Rewards members. For others, the $95 annual fee may not be enough compared to competing cards.
Is this card worth the annual fee for your needs? Share your thoughts and explore your options to find the best credit card for you.