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Key takeaways
- The Bank of America® Premium Rewards® credit card may not be the strongest option for travel enthusiasts, but it benefits existing Bank of America customers in the Preferred Rewards program.
- The card has a $95 annual fee and offers unlimited 2X rewards on travel and dining purchases.
- Preferred Rewards members can earn additional bonuses of up to 75 percent on rewards.
Choosing the right travel credit card can be a serious decision. The best cards on the market have desirable benefits to round out your travel adventures, both near and far, but selecting just one isn’t always easy. If you’re currently wondering whether you should get the Bank of America® Premium Rewards® credit card, then you’re in the right place.
The long and short of it is that the Bank of America® Premium Rewards® credit card doesn’t offer much for travel enthusiasts — except for existing Bank of America customers in the Preferred Rewards program. However, before you scratch it off your list, let’s break down key features to show who could benefit from having this card.
Bank of America Premium Rewards Credit Card highlights
-
Rewards rate:
- Earn unlimited 2 points for every $1 spent on travel and dining purchases.
- Earn unlimited 1.5 points for every $1 spent on all other purchases.
-
Welcome offer:
- Receive 60,000 online bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of account opening.
- Annual fee: $95
- Regular APR: 20.24% – 28.24% Variable APR on purchases and balance transfers
The card’s top benefits and perks
One of the best perks of the Bank of America Premium Rewards card is that you have multiple redemption options for your points. You can use your Premium Rewards points for travel booked through the Bank of America Travel Center, gift cards or — one of the more unique options — as cash back in the form of a statement credit or a deposit into an eligible Bank of America or Merrill account.
Cardholders also enjoy several other perks with this card:
- Up to $120 credit for Global Entry or TSA PreCheck. This credit covers your application fee for either program every four years.
- Up to $100 incidental airline credit. This annual credit covers eligible costs like baggage fees, seat upgrades, changes to your flight, lounge access or in-flight purchases like food and beverages.
- Access to the Visa Signature Luxury Hotel Collection. When you stay at a hotel in this collection, you can get perks like automatic room upgrades (when available), late checkout, complimentary Wi-Fi and breakfast and VIP Guest status, as well as a $25 food and beverage credit.
However, this card lacks additional protections and perks usually found in other travel cards. It has no extended warranty coverage, purchase protection, travel cancellation/delay insurance or rental car coverage. The lack of travel partners for transferable points is another disappointing omission.
When should you get the Bank of America Premium Rewards card?
You occasionally travel outside the U.S.
With unlimited 2X rewards points on all travel dining purchases, this card is a strong option for those who only occasionally travel or specifically travel out of the U.S., thanks to its lack of a foreign transfer fee.
The chip and PIN features make [the Bank of America Premium Rewards card] a great card for international travel. It’s my go-to card when I leave the country or need to make purchases that don’t fit into a bonus category.
— Ryan Flanigan, Bankrate credit cards writer
You’re already a member of the Preferred Rewards program
This card takes on a different meaning if you’re part of the Bank of America Preferred Rewards program, which is an invite-only incentive program of Bank of America and its investment arm, Merrill. There’s no fee to join, and you stand to earn an additional 25 percent to 75 percent more in rewards for each dollar you spend on your Premium Rewards card.
The only requirement? Maintain a high balance in your checking, savings or investment account with the bank to qualify.
I had an old 401(k) that I rolled over into a traditional IRA with Merrill Lynch. I didn’t have a preference for the custodian, so it was an easy and automatic way to reach Platinum Honors status, which supercharges all the card’s earnings. I use my rewards for statement credits and to buy stocks in a separate Merrill Lynch brokerage account.
— Harlan Vaughn, Bankrate credit cards senior editor
There are additional benefits to being in the program, including savings boosters and discounts on loan products and brokerage services based on the tier you fall into. Below we’ll break down how to qualify for each tier:
| Tier | Balance required | Bonus |
|---|---|---|
| Gold | $20,000 to $49,999 | 25% |
| Platinum | $50,000 to $99,999 | 50% |
| Platinum Honors | $100,000 to $999,999 | 75% |
| Diamond Honors | $1,000,000 and up | 75% |
Although you need to maintain a significant amount of money on deposit with the bank, you’ll find it can really boost your earnings with the Premium Rewards card. At the highest tier, you could earn up to 3.5X points on travel and dining purchases and up to 2.62X points on your everyday spending categories that don’t fit into the card’s bonus categories of dining and travel.
Unsure if you can become a Preferred Rewards Member? The $100 yearly statement credits for airline incidentals are also a desirable perk that can offset the annual fee.
When should you not get the Bank of America Premium Rewards card?
This card doesn’t compete as well with similar mid-tier travel cards in terms of earning and redeeming rewards. Additionally, the card perks and benefits are slim compared to its mid-tier counterparts.
The biggest reason to avoid this card is if you’re absolutely opposed to paying an annual fee. However, the card’s welcome offer is strong and recoups the annual fee for several years.
— Harlan Vaughn, Bankrate credit cards senior editor
The Bank of America Premium Rewards card is undoubtedly more valuable if you’re a Preferred Rewards member, which at least lets you earn a boosted rewards rate on your spending in select categories.
But even then, the redemption options are not as valuable as other cards with boosted redemptions for general travel and travel partner transfers, such as the:
The bottom line
While the Bank of America Premium Rewards credit card may not be the top choice for travel enthusiasts, it still offers a generous welcome bonus and decent rewards for travel and dining. Plus, its value is significantly boosted for those who are already Bank of America Preferred Rewards members.
If you are looking for a mid-tier travel credit card, this card may be worth considering, but keep in mind its limitations and the potential need for a Preferred Rewards membership to maximize its benefits.
Frequently asked questions about the Bank of America Premium Rewards card
*Iformation about the Bank of America® Premium Rewards® Elite Credit Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the issuer.
The Bank of America content in this post was last updated on August 15, 2025.
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