Bank of America Premium Rewards Review: Big Bonuses for B of A’s Best Customers

Solid rewards that can get even better

With the Bank of America® Premium Rewards® credit card, you'll earn 2 points back on travel and dining and 1.5 points back on everything else. There is no limit to the rewards you can earn, and your points never expire.

Keep in mind that Bank of America® has one of the broadest definitions of "travel" of any credit card issuer. It includes not just the usual airlines, hotels and car rental agencies, but also attractions like museums, carnivals, amusement parks and zoos, as well as common transportation expenses like passenger trains, buses, taxis, parking lots and garages, tolls and bridge fees. So you have ample opportunities to earn 2X rewards on weekend outings, staycations and even your morning commute.

Plus, the Bank of America® Premium Rewards® credit card boosts your rewards by 25% to 75% if you're a member of the Bank of America Preferred Rewards® program, open to those with at least $20,000 in combined balances in Bank of America®, or eligible Merrill accounts:

Bonuses and credits

Despite its name, the Bank of America® Premium Rewards® credit card doesn't give you perks on the level of premium cards such as the Chase Sapphire Reserve®. But it doesn't charge an annual fee of $550 or more, like those cards do. For a fraction of the fee, it gives you plenty of value on top of its rewards rates:

• A big sign-up bonus gives you a head start on 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. The bonus alone will cover your annual fee for the first six years.

• Up to $100 in statement credit each year to cover incidental airline fees such as for checked bags, seat upgrades, ticket changes, lounge access or in-flight refreshments or entertainment.

• A statement credit of up to $100 every four years for the Global Entry or TSA Precheck application fee.

• No foreign transaction fees.

Cardholders have access to the Visa Signature Luxury Hotel Collection and get perks like room upgrade when available, late checkout, complimentary WiFi and daily breakfast, and a $25 food or beverage credit.

You can't transfer points

The points you earn on the Bank of America® Premium Rewards® credit card are worth a penny apiece, and you can't convert them to points in airline or hotel loyalty programs. The Chase Sapphire Preferred® Card, by contrast, allows you to transfer points on a 1:1 basis with a number of programs, including United, Southwest, Marriott and Hyatt. It charges an annual fee of $95. You earn bonus rewards in a variety of popular spending categories, including dining and travel. Points are worth 1.25 cents apiece when redeemed for travel booked through Chase. There's also a great sign-up bonus: Get up to $1,050 in Chase Travel℠ value. Earn 60,000 bonus points after $4,000 in purchases in your first 3 months from account opening. That’s worth $750 when redeemed through Chase Travel. Plus, get up to $300 in statement credits on Chase Travel purchases within your first year.

You may want simpler rewards

The Capital One Venture Rewards Credit Card earns 2 miles per dollar on most purchases. Miles are redeemable for credit against any travel purchase — just book travel however you want, then use your miles to "erase" the charge. Plus, like the Chase Sapphire Preferred® Card, you can also transfer points to a number of loyalty programs. This card has an annual fee of $95 and comes with a solid sign-up bonus: Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.