Bank of America Premium Rewards Credit Card: Welcome to our full review of the Bank of America Premium Rewards Credit Card! In this Article
, we take a closer look at everything this card has to offer, from rewards programs and travel benefits to discounts and eligibility requirements. If you’re considering a new credit card and want to see if it fits your lifestyle, you’ve come to the right place.
Reward program
The Bank of America Premium Rewards Credit Card offers a simple and flexible rewards system:
- 2 points per dollar: Earn on travel and restaurant purchases.
- 1.5 points per dollar: earned on all other purchases.
These points can be redeemed for cashback, travel credits or statement credits, giving you the flexibility to use your rewards however you see fit. Additionally, points do not expire as long as your account is open and in good standing.
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Food for travel
This card offers great travel benefits, including:
- Up to $100 per year in unexpected airline credits – use them to pay for baggage or in-flight purchases.
- $100 TSA PreCheck or Global Entry Credit every four years: Organize your airport experience and save time.
- No international transaction fees – ideal for frequent travelers abroad.
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Choice Bonus
If you’re a Bank of America customer enrolled in your preferred rewards program, you can earn up to a 75% bonus on your rewards points, depending on your account status. This is a significant increase for loyal Bank of America customers.
Potential disadvantages
Despite the great advantages, the card also has some disadvantages that should be considered:
- Annual Fee: The card has an annual fee of $95, which is waived for the first year.
- Better rewards elsewhere: Other credit cards can offer better rewards on dining, travel or everyday purchases.
- Limited value for non-travellers: If you don’t travel often or take advantage of benefits like TSA PreCheck or airline credits, the value of the card may decrease.
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Was this card created for you?
The Bank of America Premium Rewards Credit Card is best for:
- Frequent Travelers: People who regularly spend money on travel and dining and are eligible for travel benefits.
- Bank of America Customers: Preferred Rewards customers can significantly increase their earnings.
If you don’t travel often or spend a lot of money on dining and travel, consider a card with no annual fee or high rewards for everyday purchases.
Final thoughts
The Bank of America Premium Rewards Credit Card is a great choice for anyone who values travel benefits and wants flexibility in redeeming their points. The annual fee can be offset if you use TSA PreCheck and airline credit. However, you should ask yourself if the benefits of the card match your spending habits.
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