The Bank of America® Premium Rewards® Credit Card is a high-end credit card designed for those who want to earn premium rewards on their everyday purchases while enjoying exclusive benefits.
With its rich rewards structure and luxury travel perks, this card caters to individuals who travel frequently or want to earn significant rewards for their dining, travel, and other expenses.
This premium card offers 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases.
Moreover, it offers a sign-up bonus of up to 50,000 online bonus points, which can be redeemed for $500 in travel statement credits after making $3,000 in purchases within the first 90 days of account opening.
About Bank of America
Bank of America is one of the largest financial institutions in the United States, serving millions of customers across the country and offering a wide range of banking products, including credit cards, mortgages, savings accounts, and investment services.
Known for its reliable customer service, innovative banking solutions, and strong digital banking platform, Bank of America has established itself as a leader in the financial industry.
The Premium Rewards® Credit Card is part of Bank of America’s suite of rewards credit cards, designed to appeal to affluent customers who seek high-value rewards and exclusive benefits.
Who Is This Card For?
The Bank of America® Premium Rewards® Credit Card is ideal for:
- Frequent travelers: With 2 points per dollar on travel and dining, this card is perfect for individuals who spend a lot on travel-related expenses, such as flights, hotel stays, and dining out.
- Affluent consumers: If you are looking for a premium credit card that offers luxury travel perks, elite status benefits, and special privileges, the Premium Rewards® Credit Card is an excellent option.
- Individuals who want flexibility in redeeming rewards: Whether you prefer travel credits, cash back, or gift cards, this card provides plenty of redemption options to cater to your preferences.
- Consumers who value exclusive benefits: From airport lounge access to travel insurance and concierge services, this card offers a range of benefits that are ideal for those who seek extra value in their credit card rewards.
This card is well-suited for anyone who wants to earn premium rewards on their purchases, especially if you enjoy traveling, dining out, and earning points that can be used for luxury experiences.
Card Benefits
The Bank of America® Premium Rewards® Credit Card comes with a host of exclusive benefits that set it apart from other cards. Here are the key features:
- 2 Points per Dollar on Travel and Dining: This card offers 2 points per dollar on travel purchases, including flights, hotel stays, and rental cars, as well as 2 points per dollar on dining, including restaurants, cafes, and takeout. These bonus categories are ideal for frequent travelers and diners.
- 1.5 Points per Dollar on All Other Purchases: For every purchase that doesn’t fall into the travel or diningcategories, you’ll earn 1.5 points per dollar, allowing you to still earn rewards on everyday spending.
- 50,000 Online Bonus Points: When you make $3,000 in purchases within the first 90 days of opening your account, you will earn a 50,000 online bonus points, which can be redeemed for $500 in travel statement credits. This is an excellent opportunity to jumpstart your rewards balance.
- Annual Fee: The annual fee for the Bank of America® Premium Rewards® Credit Card is $95. However, it’s important to note that this fee is waived for the first year, making it an excellent option for those looking to try out a premium credit card without the initial cost.
- Unlimited Points: There’s no limit to the amount of points you can earn with the Premium Rewards® Credit Card, so you can continue to earn rewards at your own pace without worrying about reaching a cap.
- Travel Benefits: The Bank of America® Premium Rewards® Credit Card comes with a range of travel perks, such as airport lounge access through the Priority Pass™ Select program. Cardholders can enjoy complimentary access to more than 1,000 airport lounges around the world, making travel more comfortable and convenient.
- No Foreign Transaction Fees: This card comes with no foreign transaction fees, which is perfect for international travelers. You can use your card abroad without having to worry about additional charges on foreign purchases.
Fees and charges
Late Payment: Up to $40;
● APR: 20.24% - 28.24%;
● Balance Transfer Fee: 4% of the amount of each transaction;
● Cash Advance: 4% of the amount of each transaction.
Expert review
The Bank of America® Premium Rewards® Credit Card is an excellent choice for those seeking a premium rewards card.
With 2 points per dollar on travel and dining, and 1.5 points on other purchases, it offers solid rewards.
It also provides $200 online cash rewards as a welcome bonus.
However, the card has a $95 annual fee and the points redemption options may not be as flexible as some competing cards.
Still, it’s a strong contender for travelers and foodies.
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+Positive points
- 2 points per dollar: Earn 2 points on travel and dining purchases, which are high-reward categories.
- 1.5 points on other purchases: Get 1.5 points for all other purchases, making it a good all-around card.
- Welcome bonus: Earn $200 online cash rewards after making at least $1,000 in purchases in the first 90 days.
- No foreign transaction fees: Perfect for international travelers with no additional charges on foreign purchases.
- Travel perks: Enjoy premium benefits such as trip cancellation insurance and concierge services.
- Negative points
- $95 annual fee: There is an annual fee, which may not be ideal for those looking for a fee-free card.
- Limited rewards categories: While the 2 points per dollar on travel and dining are great, other categories offer only 1.5 points.
- High spending requirement: The welcome bonus requires a $1,000 spend in the first 90 days, which could be difficult for some users.