Bank of America® Premium Rewards® credit card
- Intro Offer
-
60,000 points 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
- APR
- 20.24% – 27.24% Variable APR on purchases and balance transfers
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
-
670 – 850
Good – Excellent
- Rewards rate
-
1.5x – 2x 2 points for every $1 spent on travel and dining purchases; 1.5 points for every $1 spent on all other purchases
If you have your sights set on traveling more this year or want flight upgrades without hurting your wallet, the Bank of America® Premium Rewards® credit card* can help.
To start, you can earn 60,000 online bonus points -- a $600 value welcome bonus -- when you spend $4,000 in the first 90 days of opening an account. This rewards card has a $95 annual fee like its main competitors, but offers slightly lower rewards rates. But its boosted rewards program and additional travel credits are attractive incentives that may make it a good fit for your wallet.
Here’s what the Bank of America® Premium Rewards® credit card has to offer and how it stacks up against other rewards credit cards.
Rewards and redemption
With the Bank of America Premium Rewards credit card, you’ll earn 2X points on travel and dining and 1.5X points for all other purchases with no spending caps. If you sign up for the Bank of America Preferred Rewards® program, you can earn 25% to 75% extra in rewards.
You can redeem your points toward gift cards and purchases from the Bank of America Travel Center. Or you can choose a statement credit, get a deposit into your Bank of America checking or savings account or have rewards sent to an eligible Merrill investment account -- usually worth $0.01 per point. There aren’t any blackout dates or restrictions when earning or redeeming your points.
Depending on your travel preferences, the Premium Rewards credit card can be a good fit for your wallet, but if you want to earn more rewards on travel and dining without keeping track of an additional rewards program, like Bank of America, other rewards credit cards may offer better rewards and perks for the same annual cost, such as the Chase Sapphire Preferred® Card.
Welcome offer
The Premium Rewards credit card has a generous welcome bonus of 60,000 online bonus points when you spend at least $4,000 in purchases within the first 90 days of account opening (roughly $1,334 each month.) For context, 60,000 points are worth $600. This welcome bonus is on par with other similar rewards cards, although some card issuers offer a higher welcome bonus if you spend more.
Intro APR
The Bank of America Premium Rewards does not have an introductory APR for new purchases or balance transfers. The card has a variable APR of 20.24% to 27.24% and a balance transfer fee of 4% of the amount of each transaction.
If you’re planning a bigger purchase and want to space out the payments or need to transfer a balance, another option like the Wells Fargo Reflect® Card for qualifying balance transfers and the Chase Slate Edge℠* may be better.
Other perks
Even though the card has a $95 annual fee, the up to $200 in travel statement credits can offset this fee. Here’s what you’ll get:
- Up to $100 in airline incidental statement credits: The credit can cover seat upgrades, baggage fees, in-flight services and airline lounge fees. The funds are automatically applied to your card’s statement annually.
- Up to $100 in airport security statement credits: This can be used toward TSA PreCheck® or Global Entry application fees every four years.
Other cardholder perks include:
- Travel insurance protections in case of trip delays, cancellations, lost luggage and more
- Purchase protection for up to 90 days on new purchases (up to $10,000 per claim)
- Visa Signature® Luxury Hotel Collection benefits, including room upgrades (when available), complimentary in-room Wi-Fi (when available) and VIP guest status
- Visa Signature® concierge service
- 24/7 roadside assistance
Comparable cards
Chase Sapphire Preferred® Card
If you’re a frequent traveler or dine out often, the Chase Sapphire Preferred® Card may suit your spending habits better than the Bank of America Premium Rewards card. The Sapphire Preferred offers 5X points on travel booked through Chase Travel℠ and 3X points on dining at restaurants, including eligible delivery services, takeout and dining out -- a higher rate than the Bank of America Premium Rewards card. You’ll also earn 3X points on online grocery purchases (excluding Target, Walmart and wholesale clubs) and select streaming services, 2X points on other travel purchases and 1X points on all other purchases.
The Sapphire Preferred card offers up to $50 in statement credits annually for hotel stays booked through the Chase Travel portal. It also offers similar travel perks, as well as purchase protection, but its purchase protection has a smaller threshold per claim than the Premium Rewards Card. Both have the same annual fee -- $95 -- but the Chase card also comes with a complimentary six-month Instacart+ subscription (activate by July 31, 2024) and one year of DashPass (activate by December 31, 2024).
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card* is another good choice if you’re planning a few trips this year. Similar to the Sapphire Preferred, you’ll earn 5X miles on hotels and rental cars booked through Capital One Travel. With the Venture Rewards card, you’ll also earn unlimited 2X miles on all other purchases.
The card has a 75,000-mile welcome bonus when you spend $4,000 within the first three months. It’s the same spend requirement as the Bank of America card but for 15,000 more miles. You can redeem Capital One miles for merchandise, including Amazon.com purchases and PayPal, miles for travel through Capital One Travel or be reimbursed for past travel expenses. Like the Bank of America Premium Rewards card, the Venture Rewards card also has a $95 annual fee, offers up to a $100 statement credit you can use towards Global Entry or TSA PreCheck and good to excellent credit is recommended for approval.
Even though the Premium Rewards card comes with up to $100 in airline incidental statement credits annually, the Venture Rewards Card has a few other special perks to upgrade your road trip or flight. You’ll get two free visits to Capital One Lounges or partner lounges per year, automatic Hertz Five Star status and access to Capital One Entertainment, which includes presale tickets, and exclusive access to sports, dining and more.
How Bank of America® Premium Rewards® credit card compares to other cards
Bank of America® Premium Rewards® credit card
- Intro Offer
-
60,000 points 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
- APR
- 20.24% – 27.24% Variable APR on purchases and balance transfers
- Intro Purchase APR
- N/A
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- Good – Excellent
- Rewards rate
-
1.5x – 2x 2 points for every $1 spent on travel and dining purchases; 1.5 points for every $1 spent on all other purchases
- Intro Offer
-
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Travel℠.
- Annual fee
- $95
- APR
- 21.49% – 28.49% Variable
- Intro Purchase APR
- N/A
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- Good – Excellent
- Rewards rate
-
1x – 5x 5x on travel purchased through Chase Travel℠.; 3x on dining, select streaming services and online groceries.; 2x on all other travel purchases.; 1x on all other purchases.
- Intro Offer
-
60,000 Membership Rewards® Points Earn 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership.
- Annual fee
- $250
- APR
- See Pay Over Time APR
- Intro Purchase APR
- N/A
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- Good – Excellent
- Rewards rate
-
3x – 4x Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S.; Earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).; Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
FAQs
A rewards credit card offers cash back, points or miles when you make purchases. Some rewards cards offer these incentives when you spend within certain categories, while others might offer a flat rate on all purchases.
For example, you may earn 2X points on your groceries or gas. Depending on the card issuer, you can redeem your rewards toward travel, merchandise, a statement credit, mailed check or deposit to your checking or savings account. Some credit cards have spending caps for rewards -- meaning after you spend a certain amount, you may earn fewer rewards within that category.
Card issuers usually don’t have a limit on how many credit card rewards you can earn, though some cards have spending caps for higher-rate rewards. When using a rewards credit card, it’s best to only charge what you can afford to pay back in full each month. Otherwise, the interest you accrue may offset the rewards you earn.
As long as you remain a cardholder your credit card rewards typically don’t expire -- but there are some exceptions. Some credit card issuers may require you to redeem or use your rewards within a specific timeframe. Before opening a new credit card, it’s best to review your card issuer’s terms and conditions to find out how you can earn and redeem rewards, and how long you have to use them.
*All information about the American Express Gold Card, Capital One Venture Rewards Credit Card, Chase Slate Edge, and Bank of America Premium Rewards credit card has been collected independently by CNET and has not been reviewed by the issuer.
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