Review: Bank of America Premium Rewards Credit Card

Bank of America doesn’t have many rewards credit cards worth writing about, but the Bank of America Premium Rewards Credit Card has been coming up on my radar quite a bit and I thought I’d cover it. For starters, it offers a 50,000 point sign-up bonus, which piqued my interest. But the card also has several other benefits worth considering if you’re in the market for a credit card that isn’t issued by the usual suspects (Chase, Amex, Citi). Below is a breakdown of the Bank of America Premium Rewards Credit Card and its perks:

Sign-Up Bonus

The sign-up bonus for the Bank of America Premium Rewards Credit Card is 50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening. The sign-up bonus is equivalent to $50 in rewards, which is a solid offer.

Category Bonuses

The Bank of America Premium Rewards Credit Card offers 2x on travel and dining purchases, as well as 1.5 points per $1 on everything else. That’s actually pretty generous because not all rewards credit cards offer 2x on travel and there are very few cards offer 1.5 points per $1 spent.

In addition, Bank of America Preferred Rewards clients get 25% – 75% rewards bonuses on every purchase. That equates to 3.5 points per $1 spent on travel and dining and 1.25 – 2.62 points per $1 spent everywhere else. That’s incredibly generous! Imagine earning 2.6% cash back on all your everyday spending. And 3.5% on travel and dining? Those types of bonuses are usually reserved for premium credit cards. The Bank of America Premium Rewards Credit Card gets a huge thumbs up for category bonuses.

Annual Fee

The annual fee for the Bank of America Premium Rewards Credit Card is $95 and, unfortunately, it isn’t waived the first year. That’s actually not a huge bummer, considering the very respectable sign-up bonus and added perks.

Travel Benefits

The Bank of America Premium Rewards Credit Card is not short on travel perks, especially considering the annual fee is just $95. Cardholders get up to a $100 Airline Incidental Statement Credit annually. This credit can be used for “qualifying purchases” like baggage fees, in-flight purchases, lounge passes, seat upgrades, etc. That alone negates the $95 annual fee and makes this card worth keeping long term.

However, that’s not all the Bank of America Premium Rewards Credit Card offers. Cardholders are also eligible for a $100 Global Entry/TSA PreCheck application fee credit every four years. So over a 4-year period, the card not only pays for itself with these benefits, cardholders actually come out ahead by $30.

Final Thoughts

Overall, the Bank of America Premium Rewards Credit Card offers tremendous value. If you’re a Bank of America Preferred Rewards client, the category bonuses alone are incredibly lucrative. Regardless of your status, though, you will come out ahead with this card. It more than pays for itself thanks to generous recurring benefits. The 50,000 points sign-up bonus makes it especially appealing. If you’re on the market for a new credit card from Bank of America, this Premium Rewards Credit Card is an excellent option.

 

[Image Source: Bank of America]

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