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Bank of America® Premium Rewards® credit card is a great option for people with excellent credit who spend at least $1,334 per month and like to travel as well as dine out. And it’s especially attractive for people with a Bank of America checking or savings account or a Merrill investment account. Having a big balance in such an account makes a rewarding credit card even more lucrative.
It all starts with a
60,000-point initial bonus – worth $600 – for spending at least
$4,000 within
90 days of opening an account. That covers the card’s
$95 annual fee for more than six years. And the rewards keep coming. You get at least
1.5 points / $1 spent, up to as much as 3.5 points / $1 on certain purchases for certain cardholders.
Below, you can find all the details you’ll need to determine whether you should apply for the Bank of America Premium Rewards credit card.
- Big Initial Bonus: At 60,000 points for spending $4,000 within 90 days, the Bank of America Premium Rewards card’s initial bonus is about 2.5 times larger than the average points-based bonus. And given that it’s redeemable for $600, Bank of America Premium Rewards gives you nearly twice as much value as the average cash-based bonus. Needless to say, it’s right up there with the best rewards bonuses available right now.
- At Least 1.5 points / $1 Spent: For context, the average points card offers 1.25 points per $1. Furthermore, 1.5 points / $1 is just Bank of America Premium Rewards’ base earn rate. You’ll earn 2 points / $1 on all purchases categorized as travel or dining. Since points are worth a penny apiece, that means you’re earning the equivalent of 1.5% to 2% back on every purchase.
- Extra Points for Preferred Rewards Clients: You’re eligible to join Bank of America Preferred Rewards® if you have at least $20,000 in a Bank of America checking account, a Bank of America savings account or a Merrill investment account. And membership certainly has its perks, namely at least 25% more points on every purchase you make. And that bonus could be as high as 75%, depending on your banking or investment account balance.
- $100 Annual Air Travel Credit: You’ll automatically receive statement credits for the first $100 in air travel incidentals charged to your card each year. This includes fees for checked bags and seat upgrades as well as entertainment and refreshment purchases. The expenses just have to be separate purchases from your airfare and charged directly by an airline.
- Up to $100 for Expedited Airport Screening: If you want to apply for Global Entry or TSA PreCheck®, pay with the Bank of America Premium Rewards card and you’ll automatically receive a statement credit for the application fee. That’s $100 for Global Entry and $85 for TSA PreCheck®. This benefit is available once every four years.
- No Foreign Transaction Fee: Wherever in the world you travel (or shop from the comfort of your home), you won’t have to worry about paying an international surcharge. The average card charges 1.56% of every purchase processed abroad.
- $95 Annual Fee: Yes, Bank of America Premium Rewards is nearly 4 times more expensive than the average credit card, based on its annual fee alone. But you have to judge a rewards card based on the complete package. And even when you factor in the fee, Premium Rewards still is an elite offer for big-spenders.
Before you apply for the Bank of America Premium Rewards credit card, make sure you have the excellent credit needed to qualify. You can check your latest credit score for free on WalletHub to get a sense of your approval odds. For your reference, a 750+ credit score should give you a good chance
